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Two useful statistics for measuring the health of the local market, particularly the private sale one, are the number of days a dwelling is on the market for and the amount the vendor discounts the property over the course of the advertising campaign.
A review of those metrics for the Melbourne private sale market for houses shows that time on market is approaching the lows of 2010 and 2007 but that vendors expectations are less likely to be matched by the market.
In July the time on market was 44 days compared to 62 days a year ago and above the 36 days in September 2009. It’s worth noting that 36 days was the lowest recorded since the series begun in 2005.
If the market continues to strengthen as suggested by recent consumer confidence data then this will also fall, as long as vendors’ price expectations remain in line with the market.
A similar pattern is evident when looking at the level of discounting. It is commonly understood that unlike an auction, homes that sell through private sale do so for less than their advertised price, but the lower the difference the stronger the market.
In July the average vendor discount was -6.5% compared to -7.5% a year ago and above the -4.7% in January 2008.
The improving trend is backed up by more recent preliminary data but does not change the underlying message that the current market is better than a year ago but still below its strongest.
Buyers between now and Christmas will face more competition but still have negotiating power.

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Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
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Victorian market still below its best: RP Data

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Auction volumes were boosted last week due to the AFL Grand Final and were met with more buyers resulting in a preliminary clearance rate of 76.9% compared to 72.5% last week. This result is based on 862 auctions with more to be collected over the week. Whilst strong this is still lower that the 79.7% in the week ending June 2 from 867 auctions.
The underlying health of the market is highlighted by the fact there have now been eight consecutive weeks with a clearance rate in excess of 70%.
In the private sale market indicators were stable with time on market for houses remaining at 40 days and the average vendor discount for houses increasing from 6.2 to 6.3%.
The number of new listings being prepared for the market continues to rise with Victoria leading the nation with a 7.9% rise over the past month in seasonally adjusted terms.
Next week there are only 80 auctions in Victoria.
 
<hr>
 Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
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Melbourne auctions get in early to avoid AFL grand final clash: RP Data

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There is a general assumption that home owners wait for spring to sell up and as a result, this then creates a busy few months, particularly for Victoria’s auctioneers. But is it really true and what will it mean for spring this year?

Recent analysis by RP Data shows that it is true; however the extent of the change differs from year to year.
Over the last five years there has been an average of 29% more homes listed for auction in spring than in the preceding three months in Melbourne.
Some years have been bigger than others. For instance in 2009, there were 54% more auctions in spring than previously, however in 2010, it was only 12%. These differences simply reflect changing economic circumstances that have a direct effect on the market. In this case, it was the impact of higher interest rates, the GFC and then market stimulus in response to the GFC.
Despite these yearly differences the theme is clear; that there are more sellers and more choice for buyers in spring.
This is certainly shaping to be the case this year with the lead up to spring featuring higher listing volumes than was the case in each of the last five years with the exception of 2010.
It is also the case that the increase in stock this year is being matched by more buyers resulting in a more buoyant market, increased competition and higher prices.
The question of whether this is representative of the private sale market, where there are more sales will be the subject of another article.
 <img src="/images/stories/2013/09/19/larocca_sept_20_one.png" width="470" height="159" alt="larocca_sept_20_one">

<hr>
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>.
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How big really is spring? Robert Larocca

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People are generally very familiar with median sale prices, they are the middle value when all sale prices are arranged from highest to lowest in a suburb. They allow you to compare demand in an area but do so by reference only to the homes actually sold.
Another useful metric for buyers and sellers is median value. The median value is middle value when the estimated valuation of all properties are arranged from highest to lowest.
Because the median value is based on the value of all properties it is a more stable measure than the median sale price. Median sale prices can be quite volatile due to the small number of sales – particularly in small suburbs and also due to differences in the actual homes sold.
A good example is the market for houses in inner city Fitzroy. Its median sale price in the 12 month ending June was $818,375 and this was based on 82 sales. This compares to its median value from the RP Data Suburb Scorecard of $873,033, based on the 2,347 house in the suburb.
For buyers and sellers this suggests that sale prices have been at a discount over the last year which is a reflection of the market being below its peak, and also an indication value can be found.
Now like all property data its very informative but it won’t tell you what a home will actually sell for because that is ultimately set by the market – what the sellers are willing to pay and the buyer willing to accept.

<hr>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
 
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What median sale values can really tell you: Robert Larocca

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This week’s preliminary clearance rate for Melbourne was 73.6% compared to last week’s final of 74.7%. This result is based on 871 auctions of residential homes with 641 selling and 230 being passed in.

The spike in listings this week was a test for the auction market and it recorded a pass mark by continuing the trend of the last month and a half. The most recent interest rate reduction came at the start of August and has clearly encouraged a few more buyers into the market and helped keep the clearance rate above 70%.

Across both methods of sale listings are rising with a 6.5% increase over the last month in Victoria on seasonally adjusted terms. Buyers conservative position is however still evident with a 3.5% fall in local activity in the mortgage market.

Melbourne continues to track below the very strong Sydney auction market which recorded an 84.3% clearance rate this week.


<hr>
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/">RP Data</a>.
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Rate reduction has encouraged buyers into the market: Robert Larocca

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The changes to first home buyer assistance announced by the Victorian state government on the weekend continues the trend set the by previous Labor government of using financial incentives to modify buyer choices. This scenario is not uncommon across Australia.
With around nine separate changes made to first home buyer assistance over the past five years in Victoria, most planning to buy a new home would be right to be a little confused and wondering what will happen next. Many will have to save more; some will try and bring purchases forward.
A visit to the SRO website clearly shows policies for first home buyers are constantly changing. In the past few years, we have seen a variety of approaches to helping first home buyers, including:
<ul>
<li>those buying an existing home for less than $600,000 received direct assistance of $17,000 but faced full stamp duty bills (late 2008-mid 2009);</li>
<li>those buying an existing home in regional Victoria for less than $600,000 received direct assistance of $36,500 but faced full stamp duty bills (mid 2009-late 2009);</li>
<li>those buying any home for less than $600,000 received $7,000 in direct assistance and a stamp duty cut of between 20 and 40 per cent (last two years);</li>
<li>those buying an existing home in Melbourne for less than $600,000 received direct assistance of $18,000 but faced full stamp duty bills (first half of 2010).</li>
</ul>
Over the same time, and in response to these changes, we have seen the share of loans taken out by first home buyers be as high as 31.6% and as low as 16.3%. In February, it was 17.5%, lower than the 20-year average of 21.9%.
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Not only has the overall number of first home buyers changed, but so too has their choice of dwelling. Before governments provided higher assistance for those buying new homes, the share of grants for new homes comprised 20% of all purchases. In response to very high levels of assistance just for new homes, this share rose to around 56%. Most recently, it has been 30%.
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Source: SRO, REIV
Governments know that first home buyers are very price-sensitive and they will respond to financial incentives. Indeed, in the short term, we expect a rise in the number of first home buyers who seek to avoid losing the $7,000 grant on established homes.  This happened last year in Victoria when the ‘builders bonus’ ended and in New South Wales as well.
Each of the changes has an impact on the market and forces first home buyers to reevaluate their position. From the REIV’s perspective, it really is time that the government stopped tinkering with first home buyer assistance.
The REIV called for, and strongly supported, the introduction of stamp duty cuts as they are an efficient and easily understood way of helping first home buyers. They recognize that the single biggest transactional expense when buying your first home is stamp duty. Indeed, many first home buyers must feel like they spend years saving to pay stamp duty (it makes sense to reduce this impost because first home buyers just don’t have the equity that those buying their second or third home do).
The progressive introduction of the stamp duty cuts was also very sensible as it didn’t provide any shock to the market.
This latest change, where the majority of first home buyers will be worse off, should be the stimulus for a reassessment of how first home buyers are assisted by governments. There seems to be little point of working to make housing more affordable through ensuring adequate levels of supply if, at the same time, the net levels of financial assistance are reduced.
The changes, as they apply to established homes, effectively reverse most of a 25 point cut in interest rates, seemingly running counter to the monetary policy decisions of the Reserve Bank.
With that in mind, surely the simplest and most efficient option for governments would be to charge first home buyers no stamp duty whilst ensuring adequate levels of supply.
Robert Larocca is policy and public affairs manager at the<a href="https://www.reiv.com.au/" target="_blank" rel="nofollow"> Real Estate Institute of Victoria.</a>
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It's time to stop tinkering with first-home buyer assistance: Robert Larocca

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Some new suburbs are regularly appearing on the REIV list of those with million dollar medians.
The <a href="https://www.reiv.com.au/Property-Research/Median-Prices/Million-dollar-suburbs" target="_blank">REIV maintains a listing</a> of the most expensive suburbs in Melbourne on its website. This list is updated every month and reflects sales over the preceding 12 months.
The latest list of 39 suburbs with median house prices over $1 million in the year ending February 28 contains many of the suburbs that would typically be expected to appear; those in the inner east, inner south east and north east.
In addition to those are <a href="https://www.propertyobserver.com.au/victoria/kangaroo-ground-among-little-known-%241-million-melbourne-suburbs-reiv/2013031259842" target="_blank">some new suburbs</a> that share few characteristics with the likes of <a href="/news">East Melbourne</a> and <a href="/news">Brighton</a>. These are <a href="/news">Kangaroo Ground</a>, <a href="/news">Warrandyte South</a> and <a href="/news">Red Hill South</a>. Whilst they differ from the other 36 suburbs with million dollar medians they do have a number of factors in common.
Each is on the edge of the metropolitan area meaning that proximity to the CBD is not a factor underpinning their high prices. As suburbs on the edge of the city they share quiet bush settings and low density.
Buyers are making a lifestyle choice to live here as for the same purchase price they could live much closer to the CBD.
In addition to location their homes have other features not found in most of the most expensive inner city locations.
The dwellings are large, with four- to five-bedroom houses being the average, clearly to take advantage of the other common factor: larger bush blocks. These two factors will contribute to the higher values as large blocks. In Kangaroo Ground, for instance, the average size is 14 acres.
This four-bedroom Italianate estate (pictured below) in <a target="_blank" href="https://www.realestate.com.au/property-house-vic-kangaroo+ground-111753543">Bellbird Lane, Kangaroo Ground</a>, has been listed by Fletchers Eltham with price hopes of $1.75 million.
<img alt="kangaroogroundapril2one" height="351" width="470" src="/images/stories/2013/04/kangaroogroundapril2one.jpg">
The residents in these burgeoning suburbs are on average less diverse than the metropolitan area and older with a median age of at least 40. The higher average age underpins very high levels of home ownership at between 41%  to 52% compared to the city wide average of 33%.
Due to their relatively small size these suburbs have a low volume of sales which is why they do not appear in the quarterly median price series.
This trend will likely continue. As the city becomes more dense suburbs in green wedges such as these will become comparatively more scarce, desirable and expensive.
<table style="border-collapse: collapse; border-spacing: 0px; margin: 1em 0em; color: #4a4a4a; font-family: Arial, Verdana, Helvetica, sans-serif; font-size: 13px;"><tbody><tr style="background-color: #f2f2f0; background-position: initial initial; background-repeat: initial initial;">
<td style="margin: 0px; padding: 10px;">
<a target="_blank" href="/news">EAST MELBOURNE</a> <a target="_blank" href="/news">TOORAK</a> <a target="_blank" href="/news">CANTERBURY</a> <a target="_blank" href="/news">DEEPDENE</a> <a target="_blank" href="/news">RED HILL SOUTH</a> <a target="_blank" href="/news">BRIGHTON</a> <a target="_blank" href="/news">ARMADALE</a> <a href="/news">MALVERN</a> <a href="/news">MAIN RIDGE</a> <a href="/news">ST KILDA WEST</a> <a href="/news">KEW</a> <a href="/news">PARKVILLE</a> <a href="/news">HAWTHORN</a> <a href="/news">CAMBERWELL</a> <a href="/news">WARRANDYTE SOUTH</a> <a href="/news">EAGLEMONT</a> <a href="/news">ELWOOD</a> <a href="/news">MIDDLE PARK</a> <a href="/news">CAULFIELD NORTH</a> <a href="/news">ALBERT PARK</a> <a href="/news">CAULFIELD</a> <a href="/news">BALWYN</a> <a href="/news">PORTSEA</a> <a target="_blank" href="/news">SOUTH YARRA</a> <a target="_blank" href="/news">HAWTHORN EAST</a> <a target="_blank" href="/news">IVANHOE EAST</a> <a target="_blank" href="/news">GLEN IRIS</a> <a target="_blank" href="/news">HAMPTON</a> <a target="_blank" href="/news">MONT ALBERT</a> <a target="_blank" href="/news">ELSTERNWICK</a> <a href="/news">SANDRINGHAM</a> <a href="/news">PRINCES HILL</a> <a href="/news">SURREY HILLS</a> <a href="/news">MALVERN EAST</a> <a href="/news">KANGAROO GROUND</a> <a href="/news">KEW EAST</a> <a href="/news">BLACK ROCK</a> <a href="/news">BRIGHTON EAST</a> <a href="/news">ALPHINGTON</a>
</td>
<td style="margin: 0px; padding: 10px;">$2,540,000 $2,212,500 $1,800,000 $1,751,000 $1,687,500 $1,667,500 $1,600,000 $1,550,000 $1,533,750 $1,437,500 $1,380,000 $1,360,000 $1,350,000 $1,345,000 $1,325,000 $1,315,500 $1,290,000 $1,281,000 $1,271,500 $1,270,000 $1,258,750 $1,251,000 $1,250,000 $1,250,000 $1,215,500 $1,210,000 $1,188,500 $1,162,500 $1,160,000 $1,135,000 $1,110,000 $1,100,000 $1,095,000 $1,076,250 $1,062,500 $1,060,000 $1,055,000 $1,022,500 $1,015,000</td>
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Robert Larocca is <a href="https://www.reiv.com.au">REIV</a> policy and public affairs manager.
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Melbourne's million dollar suburbs as fringe hotspots come to the fore: Robert Larocca

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With the exception of a few auctions – half of which are on the Mornington Peninsula – March is largely complete and there are clear indications that the market has moderately improved.
The clearance rate for March is currently 67%, which compares favourably to the 60% recorded in 2012. The clearance rate has come down from 72% in February this year, but given there were 60% more auctions in March, that is a reasonable outcome.
From the perspective of transactions, both auction and private sale, the REIV estimates a 9% lift in sales. Comparing sales volumes in March can often be complicated by when Easter falls and, as it occurred in April last year, it may have overstated the market in March.
This is a very healthy improvement as it shows overall market activity is higher as more people are actively buying and selling.
The improvement is also clear when the financial volume is considered. Last weekend saw $932 million in sales reported. Not only is that higher than any weekend in March last year, it’s the highest since the middle of April in 2010 when there were $936 million in sales.
Incidentally, the first quarter in 2010 saw three weekends with more than $950 million worth of homes transacted.
After Easter, auction volumes will be reduced, with around 500 in the first weekend of April and 550 in the second weekend.
Robert Larocca is communications manager of the <a rel="nofollow" href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
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Clear signs of improvement in Melbourne property market: Robert Larocca

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It may be popular to say that first-home buyer incentives don’t work or are inflationary but it’s simply not supported by the data in Victoria.

Not only is this not supported by the data but it is also a position which, from a policy perspective, is inequitable for one simple reason: stamp duty.
The REIV believes that <a target="_blank" href="http:/www.propertyobserver.com.au/first-home-buyers/first-home-buyer-grant-schemes-simply-don-t-work-terry-ryder">first-home buyers</a> deserve a better deal from governments because they have to compete with second- and third-home buyers who enter the market with equity built in earlier transactions. This would be less of an issue if not for stamp duty.
There is no rational reason why a first-home buyer should be subject to a wealth tax such as stamp duty to the same level as someone who has actually generated personal wealth from property.
How is a first-home buyer supposed to compete with other buyers? They have to save for a considerable amount of time to build the deposit, only to see it evaporate when they receive their stamp duty bill.
This is a far more significant issue than the standard debate about affordability for first-home buyers suggests. It is concerning that many who argue for more affordable property don’t also argue for lower wealth taxes on first-home buyers.
The First Home Buyers Grant, now a paltry $7,000 (the equivalent of one 25 point cut in interest rates), pales into insignificance against most stamp duty bills in Australia. Despite that fact, many commentators and organizations take pride in arguing against this form of assistance.
While governments continue to levy large stamp duty bills this is no more than an argument for wealth taxes on those who don’t have any. This position is supported by the findings in the report on Housing Supply and Affordability Reform by the Supply and Affordability Reform (HSAR) Working Party of COAG.
In its report, it found that “the FHOG does provide some help to potential first homebuyers in competing against existing homeowners, who have typically benefitted from capital gains from previous property price growth”.
In the Victorian context, there is plenty of evidence of incentives for first-home buyers being both equitable and delivering on their aims.
The first example is the First Home Owners Bonus, or builder’s bonus as it became known. When the Global Financial Crisis hit Victoria, it had a growing population that was not matched with an increase in supply. The National Housing Supply Council pointed to a supply shortfall which was translating into rapidly increasing prices.
In response, governments responded with significant grants – up to $36,500 for a new home in regional Victoria – to both increase activity in the housing market and, more pointedly, get the builders building more homes.
This policy was also part of the stimulus package aimed at generating employment for builders and related trades.
It worked. First-home buyers flocked to the market and the builders built more homes. The increased incentives came into effect on October 14, 2008 and within 12 months the number of first-home buyers in Victoria increased from 2,420 a month to 4,448. Over the last decade first home buyers have comprised 20% of all buyers; this share increased by 50% with targeted government incentives.  Those incentives achieved their aim by increasing the construction of new dwellings and addressing the supply shortfall.
These incentives also seemed to transcend politics as they were commenced under a Labor government, continued by a Coalition one and then, when they were clearly no longer needed, ended.
All home buyers benefited because housing became more affordable as there was less of an imbalance between supply and demand.
So much for suggestions that the incentives don’t work.
The second example is of the cuts to stamp duty in Victoria.
The REIV campaigned for cuts to stamp duty for all first-home buyers because we believe that it is, firstly, unfair to tax first home buyers’ precious deposits, and secondly, inefficient for governments to take with one hand and give with the other. This should not be taken as a lack of support for the grant; first-home buyers need all the help they can get and the moves by NSW, Queensland and South Australia will only make it harder for first home buyers.
As a result of our advocacy and support from the Victorian Government, by the 15th of September next year most first-home buyers will benefit from a 50% cut to stamp duty. Depending on the home you are buying, that is effectively a doubling of the $7,000 grant. This assistance has not had an immediate noticeable impact on the market nor did the REIV ever expect it to; after all it has been progressively introduced, rising from 20% in 2012 to 50% in 2014.
It may not have had the immediate impact of the builders’ bonuses but that was never the point. It was simply to reduce the inequities faced by first home buyers trying to get a start in the market. If this sort of policy is not more widely adopted, then governments are saying that they are happy for first-home buyers to spend years saving to pay a tax.
How does that help anyone?
Robert Larocca is Real Estate Institute of Victoria (<a target="_blank" href="https://www.reiv.com.au/">REIV</a>) policy and public affairs manager
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Why should first home buyers spend years saving to pay stamp duty? Robert Larocca

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What does the start of the auction year tell us?
With around 950 auctions expected, it goes without saying that this weekend is a significant test for the Melbourne residential market. By the end of it we will have a clear indication of market sentiment in 2013.
Indications are already positive. This year has commenced better than the last one ended, and that was also better than it started. The overall picture is of slowly improving demand.
Critically, Victorian consumers are more confident than they were a year ago. While this continues to be the case it will be a positive boost for the market.
Last weekend the Melbourne clearance rate was 70%. To put that in perspective the last time we recorded a clearance rate that commenced with a seven in front of it Collingwood beat St Kilda at the grand final replay in 2010.
Click to enlarge
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How they year starts, however, does not provide a clear indication of how it will end in the auction market. In fact, over the past five years the weekend clearance rate has rarely been the same at the end of the year as it was at the start.
There are many reasons for this; the critical one, however, is the performance of the economy and how that impacts on consumers.
Last year it was stable over the year. The February clearance rate for Melbourne was 62%, and after reaching a high of 65% in October it ended at 60%. This represented a fairly minor spread of 2 points from start till end.
In 2011 the drop was more significant. In February it was 67%, and it dropped 12 points to 55% in December. This was due to a large number of vendors, buoyed by the 2010 market, listing for auction in early 2011.
From a price perspective the market peaked in 2010 but the clearance rate fell over the year, from 86% in February to 65% in December, a 21-point drop.
In 2009 the market rose, but with a spread of 6 points was stable compared to the years that followed. It started in February with 76% and ended with 82%. Volumes were, however, very low at the start of the year, consumer confidence was at a low ebb following the onset of the GFC in September.
Finally in 2008 the spread was 15 points as it fell from 77% in February to 62% in December. That year the market was particularly affected by the end of a cycle of increasing interest rates in the second quarter and then of course the GFC.
To find out what happens this weekend <a target="_blank" href="https://www.twitter.com/@REIVictoria">follow the REIV on Twitter</a> or visit <a target="_blank" href="https://www.reiv.com.au">reiv.com.au.</a>
Robert Larocca is communications manager of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>
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Indications positive for Melbourne auction property market in 2013: Robert Larocca

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Robert Larocca

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