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According to the RP Data Rismark June home value results released today, Melbourne dwelling values rose by 1.8% over June but are still lower over the quarter with a 2.4% fall. 
This further highlights some very short term variability against a stable background with a 2.9% rise over the first half of the year.
Melbourne is showing all the signs of a stable but shallow growth phase with a 14.2% rise over this cycle.
The market is well-placed for spring, well ahead of any of the previous three years.
The data shows that this is less of a roller coaster ride than the last two cycles in 2007 and 2010 and is therefore likely to be more sustainable.
House values rose by 1.7% in the month and by 3.3% this year compared to a rise of 2.7% for units which have shown zero growth this year.
The median sale price from settled sales in the quarter was $630,000 for houses and $468,000 for units.
Quite often, myths or commonly accepted facts about the property market can turn out to be incorrect when a review of the actual numbers is conducted.
Do people really buy and sell every seven years?
It’s often said that most home owners buy and sell every seven years, however, research shows that in Melbourne the average hold period for houses is 11.4 years and for units 9.5 years.
While the hold period differs from suburb to suburb, there are a number that match the commonly accepted seven years. 
In Melbourne these include <a href="/news">Pakenham</a>, <a href="/news">Narre Warren South</a>, <a href="/news">Burnley </a>and <a href="/news">St Kilda West</a>.  
Some of the shortest hold periods for property ownership are in the city’s newest suburbs such as <a href="/news">Lyndhurst</a>, <a href="/news">Doreen </a>and <a href="/news">Truganina </a>where the average hold period for a house is around four years. 
At the other end of the spectrum is <a href="/news">Vermont South </a>with a hold period of 18.2 years.
Is it true that houses double in value every decade?
The answer to this question highlights that sometimes timing is everything in real estate.
The RP Data Home Value index for houses in Melbourne shows values doubled in just over seven years between February 2003 and October 2010 however, the same scenario occurred over 11 years between February 2003 and May this year. 
Do rents always rise?
It seems that rents are often always rising when in fact they may not be. The reality is that it all depends on balance of demand and supply in the relevant suburb.
For instance, over the past five years advertised rents for houses in <a href="/news">Toorak</a>, <a href="/news">Doreen </a>and <a href="/news">Mernda</a> have decreased. While in <a href="/news">Clayton</a>, <a href="/news">Oakleigh</a> and <a href="/news">Eltham</a> they have risen by no more than 1% per annum.
There are many more that have risen over this time including the popular suburb of <a href="/news">Northcote</a> where rents have risen by 28% over five years.
Houses sell for more than the advertised cost – but do they?
A popular topic over dinner tables and in the press is the relationship between advertised prices for houses at auction and the sale price. The main view is that the sale price always exceeds the advertised price.Less often discussed is the fact that most homes sell for less than their advertised price.
 Around 70% of homes sell by private sale and are usually sold for around 6% below the initial advertised price.  
However, this does vary across the city with the discount being 8% in <a href="/news">Springvale</a>, and 4% in <a href="/news">Yarraville</a>.
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Melbourne property market myths v the hard facts

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A preliminary weighted average clearance rate of 68.1% was recorded this week across capital cities compared to 65.4% last week and 66.9% this time last year.
Based on the auctions conducted in the first six months of this year volumes have risen by a remarkable 38% since 2013. More people are selling homes by auction this year and this is a sign of a market that is performing well and delivering results for sellers and buyers.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3424" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Capital-city-580x425.jpg" alt="RP Data National Auction Comment" width="580" height="425"></a>
Sydney continues to see the highest rates of sale at auction. This week a preliminary clearance rate of 73.2% was recorded compared to 70.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Sydney.jpg" target="_blank"><img class="aligncenter size-large wp-image-3425" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Sydney-580x381.jpg" alt="RP Data Sydney Auction Comment" width="580" height="381"></a>
The improvements in the Melbourne market over the last few weeks have been sustained with a preliminary clearance rate of 69.3% recorded compared to 69.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3426" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Melbourne-580x382.jpg" alt="RP Data Melbourne Auction Comment" width="580" height="382"></a>
In Brisbane, a preliminary clearance rate of 43.9% was recorded compared to 32.2% last week.
Adelaide recorded a clearance rate of 66.7% compared to 59.7% last week.
In Canberra a clearance rate of 63.6% was recorded and in Perth there was a clearance rate of 50%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3427" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Brisbane-580x385.jpg" alt="RP Data Brisbane Auction Comment" width="580" height="385"></a>
 
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3428" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140629-Adelaide-580x385.jpg" alt="RP Data Adelaide Auction Comment" width="580" height="385"></a>
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Capital city auction numbers rise 38%: RP Data's national auction wrap

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Last year Melbourne saw 30.5% of sales by auction compared to 21.1% for the previous year.
The proportion of sales by auction tends to follow the market; rising when prices and demand increases and falling in soft markets.
Early indications this year are showing that new records are likely to be set. At the end of the March quarter, 30.6% of sales were by auction compared to 21% last year, and the previous high of 20.8% in 2010.
Due to a lack of auctions in January and a slow start to February, the proportion of sales by auction always rises as the year goes on.  The same will be the case this year, especially in light <a href="/expert-insights/buying/melbourne-auction-market-setting-records">of the records reached in May</a>.
This means we are likely to see a significant shift in selling methods towards auctions this year. This would be unprecedented because price growth and clearance rates are lower than in other years when this occurred.
The data points towards a shift in auctions as a selling method by Melbourne real estate agents, and one that vendors are clearly agreeing with.
This may be due to research which shows that even if you fail to find a buyer at the auction, there is a high likelihood you will within four weeks. The data shows that within four weeks of the auction, the proportion of homes sold rises to around 80% as sellers negotiate with buyers after the conclusion of the auction. This shows that the concentrated marketing and ‘sale date’ associated with an auction campaign helps ensure a timely sale.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne.jpg" rel="wp-prettyPhoto[g3410]"><img class="aligncenter size-large wp-image-3411" src="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne-580x522.jpg" alt="Proportion of sales by auction in Melbourne" width="580" height="522"></a>
Source: RP Data.
There are 728 auctions scheduled this week in Melbourne compared to 719 for the same time last year. The highest number of auctions are expected in the northern suburbs of Melbourne this week with 14 scheduled in <a href="/news">Preston</a> and 13 in neighbouring <a href="/news">Reservoir</a>.
The Melbourne auction market appears to be improving with the clearance rate being close to 70% last fortnight. That is compared to the clearance rate of 67.6% this year from 18,657 auctions whilst last year the comparative number was 68.45% from 14,226 auctions.
The average time on market for houses sold at private sale tightened from 35 to 34 days. Vendor discounting softened slightly over the week, to -5.6%, compared to -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 29 June: 69.1%</li>
<li>Melbourne auctions expected week ending 29 June: 728</li>
<li>Melbourne private sales time on market week ending 22 June: 34 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.8% higher in month ending 22 June (seasonally adjusted)</li>
</ul>
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Three out of 10 properties sold by auction: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 65.5% last week and 66% this time last year.
A medium term review of the national auction market shows stable performance after a period of appreciation in 2013 and the previous two years when the clearance rate was at comparatively soft levels of 44.7% in 2011 and 54.1% in 2012.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3393" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city-580x430.jpg" alt="RP Data - national auction comments" width="580" height="430"></a>
In the Sydney market a preliminary clearance rate of 71.9% was recorded compared to 69.3% last week. The stability present nationally is especially the case in Sydney where the clearance rate has shown little variance over the last three months with high of 76.1% and low of 67.3%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3394" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney-580x384.jpg" alt="RP Data: Auction comments, Sydney" width="580" height="384"></a>
In Melbourne there was a preliminary clearance rate of 69.1% recorded compared to 69.2% last week. Last week was the best result in three months and it has been matched this week as volumes remain strong.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3395" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1-580x384.jpg" alt="RP Data: Auction comments, Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 38.1% was recorded compared to 43.5% last week.
Adelaide recorded a clearance rate of 58.8% compared to 52.3% last week.
In Canberra a clearance rate of 65.4% was recorded and in Perth there was a clearance rate of 30%.
In Tasmania four homes sold from nine auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3396" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane-580x384.jpg" alt="RP Data: Auction comment, Brisbane" width="580" height="384"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3397" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide-580x383.jpg" alt="RP Data: Auction comments, Adelaide" width="580" height="383"></a>
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Auction market stable across capital cities: RP Data's national auction wrap

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Folklore says that people buy and sell every seven or so years. However, the truth does seem to be longer with the average hold period for all the homes sold in Melbourne in the year ending 31 March being 11.4 years, and 9.5 years for units.
What’s even more interesting are the suburbs whose owners seem to rarely sell; they cover a range of prices and locations in Melbourne.
Topping the list with the suburb for the longest period of ownership are the home owners of Vermont South. In Vermont South the average hold period is 18.3 years. If you really like the area and don’t want to wait that long, the average hold period in the more affordable Vermont is only 13.8 years.
The top 10 list also has three suburbs with million dollar house values, Ormond where the average hold period is 16.9 years, Caulfield North at 15.4 years and Parkville at 15.4 years.
At the more affordable end of the market is Tullamarine. Owners of houses there sell on average every 15.7 years.
The fact that the houses in Tullamarine are as tightly held as Ormond but under half the value suggests owners reasons for selling infrequently is not strongly related to their cost. Rather, there will be a range of other demographic reasons why people sell infrequently, which includes what stage of life they were at when they purchased, along with the actual age of the suburb.
One interesting and common factor is that each of the suburbs in the top 10 has a lower than average proportion of investors as owners. Vermont South for instance has less than 1 in 10 homes owned by an investor. In Wheelers Hill, which has an average hold period of 16.2 years, only 10.6 per cent of homes are owned by investors.
This factor alone does not explain the long periods of ownership in Tullarmarine in which investors own 16.2 per cent of houses. It is likely to be a special case due to its proximity to the major economic activity centre and employment generator, the airport.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/2014-06-17-melb-blog.jpg" rel="wp-prettyPhoto[g3381]"><img class="aligncenter size-full wp-image-3382" src="https://blog.rpdata.com/wp-content/uploads/2014/06/2014-06-17-melb-blog.jpg" alt="Suburbs where homes rarely come up for sale - RP Data" width="350" height="360"></a>
Melbourne Auction Market preview for week ending 22 June
There are 834 auctions scheduled this week in Melbourne compared to 820 for the same time last year.
Last week was the eleventh time this year that there were more than 1,000 auctions in a week. The latest data shows the use of auctions as a sales method is consistent with last year. In the first three months of this year 30.6 per cent of sales were by auction. This is consistent with last year but is expected to rise as data for April and May is compiled following the settlement of sales.
There was a rise of 7.9 per cent in new residential listings in Victoria over the last month with 9,616 homes being newly listed for sale.
The average time on market for houses sold at private sale remained stable and tight at 35 days. Vendor discounting improved slightly over the week, at -5.5 per cent, compared to -5.6 per cent over the previous week.
Key data
<ul>
<li>Clearance rate week ending 15 June: 69.2 per cent 
</li>
<li>Melbourne auctions expected week ending 22 June: 834 
</li>
<li>Melbourne private sales time on market week ending 15 June: 35 days (houses) 
</li>
<li>Melbourne vendor discounting market week ending 15 June: -5.5 per cent (houses) 
</li>
<li>Listings being prepared for market are 2.4 per cent higher in month ending 8 June (seasonally adjusted)</li>
</ul>
 
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Tightly held Melbourne suburbs: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 60.6% last week and 63.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3366" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city-580x426.jpg" alt="RP Data national auction comments - Capital cities" width="580" height="426"></a>
Sydney has returned a result consistent with its performance over the year and Melbourne has seen a strong week with another 1,000 plus weekend and a clearance rate above trend.
In the Sydney market a preliminary clearance rate of 71.7% was recorded compared to 67.3% last week.
<img class="aligncenter size-large wp-image-3367" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Sydney-580x381.jpg" alt="RP Data national auction comments - Sydney" width="580" height="381">
In Melbourne there was a preliminary clearance rate of 69.6% recorded compared to 62.4% last week. The traditional winter slowdown is more akin to the spring market in some recent years.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3368" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne-580x384.jpg" alt="RP Data auction comments - Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 44.7% was recorded compared to 37.3% last week.
Adelaide recorded a clearance rate of 50% compared to 59.4% last week.
In Canberra a clearance rate of 42.9% was recorded and in Perth there was a clearance rate of 25%.
In Tasmania three homes sold from 14 auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3369" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane-580x381.jpg" alt="RP Data auction comments - Brisbane" width="580" height="381"> </a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3370" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide-580x387.jpg" alt="RP Data auction comments - Adelaide" width="580" height="387"></a>
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Demand in Melbourne auction market rises: RP Data's national auction market wrap

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Research by RP Data comparing the level of property ownership between owner occupiers and investors at a suburb level in Melbourne reveals some clear and interesting trends.
The results show that ownership for investment purposes in the Melbourne detached housing market is strongest in the growth suburbs. In many of the cities growing outer suburbs investor ownership accounts for more than three in every 10 properties.
When ranked by level of ownership by investors, the top three suburbs are <a href="/news">Point Cook</a> which has 41.9% of all houses owned by investors, followed by <a href="/news">Tarneit</a> with 40.9% and <a href="/news">Truganina</a> at 39.8%.
In each case, median rents are below the Melbourne average of $444 per week and yields are in excess of the metropolitan average of 3.3%.
In Point Cook the median advertised rent is $380 per week and the indicative gross yield is 4.3%. In Tarneit the weekly rent is $315, the yield is 4.4% and in Truganina the rent is $320 per week and the yield is 4.7%. Clearly investors in these areas are motivated by the yield.
Only time will tell how these suburbs will fare from a capital gains perspective as they are still experiencing a high rate supply with many new properties being built and sold. Coupled with this is the short length of ownership making it difficult to draw strong conclusions on capital gains into the future.
At the other end of the spectrum are the areas with the lowest proportion of investor ownership and highest level of owner occupiers. RP Data’s research shows that less than one in 20 houses in the suburbs of <a href="/news">Narre Warren North</a>, <a href="/news">Wonga Park</a>, <a href="/news">Launching Place</a>, <a href="/news">Park Orchards</a> and <a href="/news">Montrose</a> are owned by investors. Like many other suburbs with a very low level of investor activity, these places tend to be in the outer eastern or north eastern suburbs.
In the unit segment of the market, the suburbs with the highest levels of investor ownership are often those with significant and large developments with suburbs such as <a href="/news">Travancore</a>, <a href="/news">Kingsville</a>, <a href="/news">Carlton</a>, <a href="/news">Elwood</a>, <a href="/news">Notting Hill</a>, <a href="/news">Hawthorn</a> and <a href="/news">Melbourne</a> topping the list. Each of these areas has more than seven in 10 units owned by an investor.
If you are looking at this data with a view to investing in residential property it is important to appreciate that just because investor concentration is high in these areas it does not mean these are the areas likely to deliver the best return on an investment. When making investment decisions, great care and attention to detail such as using the correct research is imperative.
There are 922 auctions scheduled this week in Melbourne compared to 868 for the same time last year.
Auction volumes remain high despite the season.
Based on settled sales in the first quarter of this year, the suburbs with the highest number of house sales were mainly in the growth areas, suburbs with a high supply of new homes, such as <a href="/news">Pakenham</a> with 185 sales, <a href="/news">Berwick</a> with 139 sales and <a href="/news">Frankston</a> with 134 sales. Whilst not a growth suburb, <a href="/news">Glen Waverley</a> was fourth at 117; largely the result of it being a large suburb.
We also saw a contraction in the average time on market for houses sold at private sale from 39 to 35 days. This was coupled with a rise in vendor discounting to – 5.6% from -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 8 June: 62.4%</li>
<li>Melbourne auctions expected week ending 15 June: 922</li>
<li>Melbourne private sales time on market week ending 8 June: 35 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.1% higher in month ending 8 June (seasonally adjusted)</li>
</ul>
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Investor activity high in growth suburbs: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 59.9% was recorded this week across capital cities compared to 66.4% last week and 61.4% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3346" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Capital-city-580x436.jpg" alt="RP Data National Auction Comment - Capital City" width="580" height="436"></a>
This is well below the year’s high of 76.2% recorded in late February, however comparatively low volumes this week reduce its value as an indicator to the state of the market.
In the Sydney market a preliminary clearance rate of 65.7% was recorded compared to 73% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Sydney.jpg" target="_blank"><img class="aligncenter size-large wp-image-3347" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Sydney-580x391.jpg" alt="RP Data auction comment - Sydney" width="580" height="391"></a>
In Melbourne there was a preliminary clearance rate of 61% recorded compared to 65.4% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3348" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Melbourne-580x386.jpg" alt="RP Data auction comment - Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 42.9% was recorded compared to 42.5% last week. Adelaide recorded a clearance rate of 63% compared to 55.3% last week. In Canberra a clearance rate of 50% was recorded and in Perth there was a clearance rate of 33.3%. In Tasmania four homes sold from 17 auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3349" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Brisbane-580x386.jpg" alt="RP Data auction comment - Brisbane" width="580" height="386"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3350" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140610-Adelaide-580x393.jpg" alt="RP Data auction comment - Adelaide" width="580" height="393"></a>
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Low auction volumes across capital cities: RP Data's national auction wrap

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The key differences between the past two property cycles and the current one has become much clearer following Monday’s release of the <a href="https://image.e.rpdata.com/lib/fe591570776d03757d17/m/7/2014-06-02--rpdata-rismark-home-value-index.pdf" target="_blank" title="Read media release">RP Data-Rismark Home Value Indices results for May</a>.
The May results showed that the value of a house dropped by 3.6% in May resulting in a rise of only 1.6% over 2014. Unit values also fell by 2.6% over the year following; a drop of 3.4% in the month.
After a new nominal peak in Melbourne house values was reached in March, there has been two consecutive months in which values have fallen ensuring buyers in winter and early spring won’t face rapid price rises. In fact, they are likely to see houses valued lower than they were in real terms in 2010. This result should also eliminate any concerns that the local market was locked into a cycle of unstainable growth in prices.
This upswing phase in house values started in May two years ago and is clearly more moderate than the 2007 and 2010 cycles due to better alignment between supply and population growth along with the fact that consumers remain cautious. Over the past two years, house values in Melbourne have risen by 13.1%  and are now only 0.7% higher than the October 2010 peak.
There are 303 auctions scheduled this week in Melbourne compared to 197 for the same time last year. Volumes are temporarily low due to the long weekend.
So far this year there have been 16,357 auctions and a clearance rate of 67.5% compared to 68.6% from 12,341 auctions this time last year.
The high volume of residential listings this year is having a positive impact for buyers. Home values have fallen for the second month in a row and auction clearance rates have remained in the 60’s.
The RP Data-Rismark May Home Value Index released this week showed that the value of a house dropped by 3.6% in the month resulting in a rise of only 1.6% over 2014. Unit values fell by 2.6% over the year following a drop of 3.4% in the month. It’s unlikely that buyers over winter and into spring will see their purchasing power diminished.
We also saw a small fall in the average time on market for houses sold at private sale from 41 to 39 days. This was coupled with a rise in vendor discounting to – 5.5% from -5.4% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 1 June: 65.4%</li>
<li>Melbourne auctions expected week ending 8 June: 303</li>
<li>Melbourne private sales time on market week ending 1 June: 39 days (houses)</li>
<li>Melbourne vendor discounting market week ending 1 June: -5.5% (houses)</li>
<li>Listings being prepared for market are 1.1% higher in month ending 1 June (seasonally adjusted)</li>
</ul>
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Melbourne house and unit values fall for two consecutive months: RP Data's Melbourne weekend auction preview

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There are 1,264 auctions scheduled this week in Melbourne compared to 867 for the same time last year.
The strong level of auction listings in the first five months of this year compared to 31.6% higher last year is a reflection of two things; firstly it shows the confidence of vendors where they are willing to sell for a reasonable price, and secondly, a preference by real estate agents for auctions as a method of sale in an improving market.
The strong volumes will also mitigate price growth as buyers’ bargaining power is increased.
We saw a small rise in the average time on market for houses sold at private sale from 40 to 41 days. Vendor discounting reduced to – 5.4% from -5.5% the previous week.
Key data:
<ul>
<li>§ Preliminary clearance rate week ending 25 May: 61.7%</li>
<li>§ Melbourne auctions expected week ending 1 June: 1,264</li>
<li>§ Melbourne private sales time on market week ending 25 May: 41 days (houses)</li>
<li>§ Melbourne vendor discounting market week ending 25 May: -5.4% (houses)</li>
</ul>
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Volume down on this time last year: RP Data's Melbourne auction preview

<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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