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There are 966 homes scheduled for auction across Melbourne this weekend up from the 255 held during Melbourne Cup weekend.
There were more auctions squeezed in the week before the cup than this week. The city saw roughly 1,400 auctions take place in the week preceding the event.
The Melbourne suburb of Mount Waverley is host to the highest volume of auctions this weekend, with 19 homes set to go under the hammer, according to CoreLogic.
Next busiest are Reservoir, set for 18 auctions, as well as Craigieburn and Glen Waverley, also in Melbourne, with 17 scheduled auctions each.
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 2,257 currently being tracked by CoreLogic, increasing from the 1,555 auctions held last week at final results.
Over the same week, last year a higher 2,386 auctions took place across the capital cities.
Sydney is also expected to see an increase in activity this week, with 887 homes scheduled for auction, increasing on the 843 auctions held last week.
Across the smaller auction markets, the number of homes scheduled for auction this week is lower across Adelaide and Brisbane, higher in Canberra and Perth, while Tasmania will host only 6 auctions.
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j.ballantyne1990-6AQqhLzZaK

Melbourne auction volumes bounce back following Melbourne Cup break

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EXPERT OBSERVATION
Lenders are reluctant to lend and buyers don’t want to buy when it comes to high-rise developments.
That’s according to RiskWise Property Research’s latest analysis of the construction industry which has been hit hard over recent months following the high-profile cases of the Mascot and Opal towers in NSW.
With cracks in both the Sydney towers, fears more will become apparent in other buildings and the need to replace combustible cladding in thousands of buildings throughout Australia, demand for units had dropped dramatically.
Lenders are proceeding much more cautiously too, and this includes non-bank lenders whose business model is to provide alternative solutions from the ADIs, and generally have a less conservative assessment of risk.
Add to that the issue of oversupply in many Danger Zone areas and there is very real risk for developers.
We have a situation now where lenders aren’t eager to lend and buyers don’t want to buy but we still have developers who are considering developing high rise.
Units in the pipeline for the next 24 months Australia-wide equate to 7.6 per cent of current stock. In Sydney there are 58,094 units in the pipeline or (9.5%) of current stock and in Melbourne there are 59,634 units in the pipeline or (8.1%) of current stock.
However, in the last three months to June 2019, only 8 per cent of stock sold in Sydney and in Melbourne, 12 per cent.
The high-profile issues around cladding and defects had created enormous ‘reputational damage’ across the entire industry and because of this, investors had lost interest in high-rise unit developments and were turning to “safer” house-and-land packages suitable for families.
And Sydney’s Mascot and Opal towers are not the only ones that have been hit with negative media coverage with a cladding fire taking hold in the 43-storey Melbourne building, Neo200, in February. In July, a development in Sydney’s Zetland was also forced to shut its doors on residents for eight months after reports of water damage and faulty fire prevention.
According to Knight Frank's Australian Residential Development Review, in Greater Sydney the value of sales of development sites suitable for high-density projects halved in the 2019 financial year, while average site values in both Sydney and Melbourne fell dramatically.
If you combine the recent quality issues with financial losses from investment in high-rise units, this could amount to a permanent structural change in demand.
In some cases developers, instead of assessing the true needs of the market, have developed large numbers of units and have needed to find ways to shift stock by using instrastate or overseas markets with high commissions that are often factored into the property price. A prime example of this type of poor risk management is the oversupply in the Brisbane unit market, as detailed in our case study of 2018, which resulted in lower valuations, rising defaults on settlements, heavy discounting and incredible incentives such as new cars.
We already have significantly reduced levels of demand due to restrictions on foreign investors, credit restrictions, banks refusing to loan to self-managed super funds and local investors looking elsewhere.
Add to that the high level of unit oversupply and it’s possible to see how structural changes could occur in a sense that the overall demand for off-the-plan dwellings shifts from units to house-and-land packages. Medium-density dwellings, such as townhouses, particularly in popular areas also enjoy higher demand.
Some developers were already struggling to meet pre-sales and / or sales targets in areas where there were high levels of stock and many had not proceeded to commencement. In other instances, according to recent media reports, development defaults were on the increase and many developers, such as the high-profile Ralan Group, had collapsed or were on the brink of failure.
 Without demand from investors, and other buyers, you don't have pre-sales or sales and the entire development is at risk. Obviously, an event of default is never planned by the developer. However, developers need to carefully assess the risk that they are taking the risk, and they need to be in a strong financial position to deal with the potential consequences and not be forced to do a fire sale.
Developers needed to do greater risk management and assess whether there was genuine demand for their product.
Demand for existing and off-the-plan properties, mainly units, began to lower with the introduction of APRA’s lending restrictions in 2017 followed by greater scrutiny of home loan applications.
However, with the addition of construction defects and cladding issues, greater government legislation within the industry and oversupply, demand had dropped even further and was now “extremely low” putting developers at higher risk of default if they did not do their due diligence.
DORON PELEG is the CEO of RiskWise
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High-rise units are a massive risk for developers: RiskWise's Doron Peleg

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The rental market in Mildura has been tight in recent years, with agents reporting very low vacancy rates, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
The report notes rents have been steadily increasing as a result. Gross yields of around 6% are typical for cheaper houses, in say the $225,000 to $275,000 range, stepping down to around 5% for more expensive houses in the $300,000 to $400,000 range.
"Investors who buy cheaper residential units can expect to get higher gross yields of up to 7%, however this has in the past been counterbalanced by reduced potential for longer term capital gain," the valuation firm said. 
"Investors also need to be mindful of the need for maintenance and eventual upgrading when buying older units or houses."
Demand for rental housing appears to come from a range of tenants and we regularly hear of families who move to Mildura for employment reasons (teachers, police officers etc.) having difficulty in finding suitable rental accommodation.
The growth in the areas planted to table grapes and citrus in the Mildura region has also created demand for seasonal workers and it is clear that there is a shortage of cheaper accommodation options for this sector.
Many older houses and cottages scattered throughout the surrounding rural area, together with a number of old motels are now generating comparatively strong rental returns as a result of being let to these seasonal workers.
"Our advice to investors is always to buy a property that you could imagine living in yourself. There are numerous examples of compact four-bedroom houses that have been built intentionally for the rental market and which have little if any verandah areas," the valuation firm said. 
"Mildura’s long hot summers are always more pleasurable when there is a covered outdoor area and we would expect tenant churn will be higher in the plainer homes that are not well suited to our climate.
"While yields are generally lower for newer homes and units, there will be lower maintenance costs and also the potential to claim depreciation allowances.
"We recommend any investors who would like to consider the option of claiming depreciation allowances contact our office for more details." 
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Rents steadily increasing in Mildura: HTW residential 

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The Bondi Pacific, Bondi Beach garden apartment of the managing partner of Johnson Executive Search, Jason Johnson, has been sold for $3,525,000 pre-auction.
Raine and Horne had been giving a $3.4 million price guide.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/8/winner%20%201.jpg" alt="">
The <a href="https://www.realestate.com.au/sold/property-apartment-nsw-bondi+beach-132220262" target="_blank">208/180 Campbell Parade</a> two-bedroom, two-bathroom unit comes with garage.
It was was a winner at the Australian Interior Design Awards in 2018. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/8/bondi%202%201.jpg" alt="">
Johnson had Amber Road Design undertake a $400,000 renovation.
It included rattan ceiling detail and polished rendered walls along with custom timber joinery.
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Australian Interior Design Award winner at Bondi Beach sold

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Penthouse apartments in Elizabeth Bay, with their outlook across the boat-laden harbour, are a popular catch.
The latest sale crowns the 1970s Onslow Avenue apartment complex Tradewinds.
The living spaces are wrapped in wall to wall windows and a balcony that spans the entire width of the building.
The apartment has three bedrooms and three bathrooms, including a Japanese-style main tub and monsoon shower in the main bathroom. A stone and stainless steel kitchen with European fitout joins the living spaces.
Since it last traded for $2.13 million in 2008, there's been an upper level architect-designed extension, comprising a study and second sitting room wrapped in glass which opens to the roof deck and surrounding gardens.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/Onslow%20penthouse%202.jpg" alt="">
BresicWhitney agents Shannan Whitney and Nick Gill had given a guide of $5.8 million, and they secured $4.85 million.
Last month a Manar, Potts Point apartment (below) resold for $3.75 million, a few weeks after its no-bid auction through Richardson &amp; Wrench agent Jason Boon.
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It had been sold last November at $4.1 million but the sale did not proceed to settlement.
Records show that it was bought in 2009 for $2.25 million from the former lawyer­ Russell Keddie.
In August Clint Ballard at Ballard Property secured the sale of the two level penthouse (below) crowning one of the more modern blocks on Elizabeth Bay's harbour front Billiard Avenue dress circle.
It was sold for $15 million by fund manager Michael Hill after having $14 million hopes.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/BKH%20Elizabeth%20Bay.jpg" alt="">
The apartment, atop the Burley Katon Halliday-designed block, dates back two decades. It has five bedrooms and six bathrooms across its 425 square metres of internal space.
It features 375 square metres of wrap around balconies and terraces.
The development was completed in the late 1990s after East Asia Property Group paid $8.5 million for Cardigan, the waterfront mansion of solicitor Cedric Symonds and his socialite wife Elizabeth.
They knocked down the home in 1996 and replaced it with a six apartment development with a pool and private jetty.
The Elizabeth Bay penthouse atop Darnley Hall fetched $9.75 million earlier this year when bought by Cyber security boss Mark Dowd and wife Olivia Ross.
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$1 million discount secures Elizabeth Bay penthouse sale

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Across the majority of the Clarence Valley region, yields are seen to play a relatively minor, albeit stable, role in residential investment decisions, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at the rental yields across the country to dissect where to find best returns in residential markets. 
The report notes beachside localities such as Yamba show particularly responsive seasonal yield changes and appeal to investors.
High summer or peak returns on capital investment remain far above that of the regions average for short term holiday rentals while in terms of long term rentals, there is a plethora of tenants seeking low maintenance, central, beachside rentals.
Further south and at the lower end of the spectrum, the number of recent sales of sub-$500,000 duplex or multi-unit flat buildings in Grafton has seen an increase.
With a traditionally high percentage of tenants versus owner- occupiers, Grafton comfortably fits within most yield investor checklists.
"Across the board, tenant demand remains particularly driven by condition or quality and proximity to infrastructure or amenities in the Clarence Valley," the valuation firm said. 
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Clarence Valley beachside localities show responsive seasonal yield changes: HTW residential 

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Given that residential rent levels in most regional centres and towns have improved over the past 12 months, common sense would indicate that the gross yields for residential property in the regional areas of Casino and Kyogle would be somewhat higher than the more expensive properties located on the coast, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at the rental yields across the nation to dissect where to find the best returns in residential market.
"Quite simply, the price level of residential housing (dwellings or units) in a regional area is generally going to be at a significantly lower base compared to a similar house type in a coastal area which helps the conversion of the rental into a higher gross yield (before expenses and debt servicing)," the valuation firm said. 
For example, imagine a four-bedroom, two-bathroom, modern brick clad dwelling with a double garage in Casino on a 700 square metre site with a value of between $400,000 and $450,000 and a rental value of around $450 to $500 per week.
This translates to a gross yield of approximately 5.5% for a single dwelling (based on a 50 week rental period with an allowance of two weeks vacancy).
"Get yourself a functional teleportation machine and convert those said improvements into an energy pattern (a process called dematerialisation) and beam them onto a similar sized parcel of land about 50 kilometres to the east coast near say Ballina or East Ballina. 
"From there, expect the price level for similar improvements to have a market value of around $700,000 to $750,000," the valuation firm added. 
Rental levels are tipped to be around $600 to $650 per week, thereby, translating to a gross yield of closer to 4.25%.
The figures sound even more tempting when considering that the demand for rental accommodation in Casino and Kyogle is relatively strong for properties at the lower end of the market value range.
There is always a need for accommodation and it is generally at the base or lower level of the market value range where we can see a boost to the gross yield rate, the report noted. 
There are examples of residential dwellings in Casino and Kyogle where the market value of the detached dwellings on a standard house site under $225,000 can fetch market rental rates of around $275 to $300 per week. This translates to a gross yield of around six to 6.50%.
Similar gross yield rates can be achieved by two- bedroom, one-bathroom, attached units with a single carport or garage, particularly within close proximity of the CBD in Casino or Kyogle – a favourite for the older generation tenant needing to be close to town services.
"Well...doesn’t that sound like a property investor’s dream come true! Especially when term deposit rates at the bank are at an all-time low (think 1.5% to 2%) and fixed mortgage rates are hovering around the mid-3%.
"However, within these regional areas such as Casino and Kyogle, the trade-off for reasonable gross yield rates is that capital gain is not expected to be overly significant within a short term time frame," the valuation firm said. 
It really needs to be a long term vision of possibly 10-plus years to see some significant capital gain.
Otherwise, if the property offers some added opportunity such as subdivision of excess land to create an additional lot or a revamp of the internal layout of a house or unit to create an additional bedroom in order to improve the property’s appeal and market value, then some capital gain could be realised in a shorter time frame.
In such circumstances, by selling excess land as a separate lot or title, the net proceeds could be used to reduce the overall principal debt which in turn reduces the overall outgoings and ultimately produces a better net yield for the remaining house on a smaller lot.
"What’s a net yield? Ah yes, the gross yield is the gross rental divided by the purchase or sale price, whereas the net yield is the gross income less all outgoings such as rates, insurance, water, sewerage and property management divided by the purchase or sale price. 
"That is the true test of investment attractiveness. If the net yield is higher than other investment vehicles, then this would seem appealing," the valuation firm said. 
However, this does not consider the effect of debt servicing.
Allowing for an 80% lend, the debt servicing associated with a principal and interest loan whittles down the net yield pretty quickly.
It really only benefits the high net worth individual who needs no loan and has a lazy $500,000 or more to park in real estate while the share market has a few shivers and the bank term deposits are barely two per cent.
"The situation does become slightly more attractive where the gross and net yields for a block of flats or units are higher than a detached house or a single unit," the valuation firm stated. 
A good example is for a block of five units on one title in Casino which recently sold for $700,000 with a gross rental of $50,000 per annum. This translates to 7.14% gross which would be around 5.5% net yield after outgoings.
However, once again, that does not include the effect of debt servicing. So, for an investor relying on an 80% lend to purchase the property, there would be the high likelihood that there would be a shortfall to be met, i.e. the rent would not cover all outgoings and debt servicing.
The cashed up investor would be much better placed to take advantage of these opportunities.
"In summary, if you are hunting for yields, consider it from a long-term perspective and be prepared to cover some of the shortfall out of your own pocket if debt servicing is required," the valuation firm concluded. 
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Gross yields in Casino and Kyogle regional areas higher than expensive coastal properties: HTW residential 

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Melbourne’s outer south-eastern suburbs continue to prove to be a popular region amongst buyers, according to the latest Herron Todd White (HTW) residential report. 
It's particularly the case for newly settled migrant families, young couples and first home buyers who are taking advantage of the affordable land prices in areas of the Casey and Cardinia districts.
The valuation firm took a look at rental yield across the country to dissect where to find the best returns in their residential markets.
The report suggests there are many estates to choose from in these fast-developing areas.
"House and land packages are attractive for first home buyers and young families as they allow flexibility in designing their own home to cater to their individual needs," the valuation firm said. 
In the ever-expanding Cardinia Shire municipality, the median house price is $552,385 and $396,469 for a unit respectively, according to Corelogic.
In recent years, Pakenham has become a major growth area for the outer south-eastern suburbs of Melbourne appealing to young families with its proximity to parks, shopping retail outlets, schools and child care centres.
In the suburb of Pakenham, statistics show that houses are priced at an average of $485,000, generating a weekly rent of $360 per week, yielding at a rate of 3.5% to 4%.
The HTW report provides two examples, including a house and a unit. 
A single storey house at<a href="https://www.realestate.com.au/sold/property-house-vic-pakenham-131806650" target="_blank"> 16 Jacaranda Way, Pakenham</a> (pictured below) has recently been sold for $595,000.
Set on a 645 square metre block, the house comprises four bedrooms plus study, two living areas, two bathrooms, double garage and alfresco.
The home is close to Heritage Springs shopping centre, primary school and Hippity Hop Child Care centre.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/pakenham%201.jpg" alt="">
A three bedroom unit at<a href="https://www.realestate.com.au/sold/property-unit-vic-pakenham-131609490" target="_blank"> 2/16-20 Honeysuckle Close, Pakenham</a> (pictured below) has been sold for $437,000.
The 174 square metre home comprises three bedrooms, two bathrooms, outdoor entertaining area and single car space. 
Overlooking parkland, the unit is within walking distance from the lakeside shops.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/pakenham%202.jpg" alt="">
"Whilst the rental yields in the outer south-eastern suburbs may not be as high as properties in the CBD and inner suburbs, homeowners and investors can experience an average annual capital growth of 9.3% a year for houses and 14.49% for units in these growth corridor areas," the valuation firm said, 
"This just shows that different investors have different strategies when it comes to investing in property and it all comes down to the individual’s end goal as some may look for properties that generate high yields and others look for higher capital growth."
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Melbourne South Eastern suburbs tipped for 9.3% annual capital growth: HTW residential 

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NAB's latest profit result showed a slowdown in the bank's home loan growth.
Its chief executive Phil Chronican called it out as a key weak spot, although there is some better activity coming through from the housing market recovery, with mortgage applications jumping 18 percent in recent weeks.
"This year has been very challenging, requiring significant actions for us to deal with past issues and make real changes aimed at earning trust with customers and the community," Mr Chronican said.
The results showed NAB's housing portfolio contracted in the September quarter.
There was also a small contraction in its net interest margin (NIM), which compares the cost of funds with what it charges for loans.
“Home loan growth in Australia is clearly an area of disappointment for us,” Mr Chronican said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/NAB%20lending.jpg" alt="">
Impaired loans more than 90 days behind in repayments rose, due to rising mortgage delinquencies.
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The ratio of 90+ days past due and gross impaired assets to gross loans and acceptances increased 22bps to 0.93 percent.
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National Australia Bank announced a full-year net profit of $4.8 billion, down 13.6 per cent on 2018, slightly below market expectations.
NAB has followed its rivals in slashing its final dividend, with shareholders to receive a fully franked 83 cents, down from 99 cents last year.
It noted over-the-counter branch transactions are down 30 percent.
Its call centre volumes are down 17 percent.
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NAB reports "disappointing" home loan growth 

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A top floor penthouse located within a boutique duplex in South Yarra has hit the market for the first time in 30 years.
It has been listed for sale with a price guide between $3 million to $3.25 million.
Positioned high on South Yarra Hill, the apartment at <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-132205506" target="_blank">2/63 Murphy Street </a>comprises three bedrooms, north-facing living room, kitchen, 2.5 bathrooms and study.
A separate west-facing dining room is wrapped in windows with views of the complex’s surrounding Paul Bangay designed gardens.
Both the dining zone and separate study extend to a private entertaining terrace.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/23/south%20yarra%202.jpg" alt="">
The three bedroom accommodation is set in a private wing.
The main bedroom suite comes with wardrobes, travertine ensuite and balcony overlooking leafy Murphy Street.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/23/south%20yarra%203.jpg" alt="">
Other features of the penthouse include central heating and air conditioning, powder room, laundry, large storeroom and two car garage.
The property is situated within a stroll of the Yarra River, Toorak Road, Fawkner Park and the Royal Botanic Gardens.
Nicole Gleeson and Nicky Rowe of Kay &amp; Burton have the listing. 
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South Yarra top-floor duplex penthouse on market for the first time in 30 years

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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

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