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<p><span>Australia’s longest running reality program, The Block, returns in its 16th season on Sunday, August 23 where five period homes from the 1910s, 20s, 30s, 40s and 50s, all in decrepit condition, have been transformed.</span></p>
<p><span>The houses at The Block's Brighton site are tipped to sell for $3.5 million plus by the Melbourne buyers agent Frank Valentic.</span></p>
<p><span>Valentic has bought eight properties on previous seasons of the show for cashed-up clients and is considered an expert in the area.</span></p>
<p>Celebrating 20 years on Australian television, host Scott Cam said, “Every year we aim to give viewers something new and I know that Australia will fall in love with our latest series as we step back in time to last century,” he said.</p>
<p>“Filmed during the onset of the pandemic, this season has more drama and emotion than we’ve ever seen."</p>
<p>COVID-19 actually caused the first ever shutdown of The Block this season giving audiences a front-row seat to how this seasons Block contestants dealt with the problem at hand.</p>
<p>A clear example of COVID-19's impact is that the plans and permits to put underground basements in were completely cancelled.</p>
<p>The five couples this season for The Block 2020 are:</p>
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<li>Harry (57) and Tash (32) – The first ever father and daughter renovation duo, an IT manager and a social media project manager from Melbourne</li>
<li>Sarah (27) and George (33) – Teacher and electrician from Sydney.</li>
<li>Daniel (35) and Jade (34) – Farmer and hairdresser from Wandearah in South Australia.</li>
<li>Luke (35) and Jasmine (36) – Chippy and teacher from Perth.</li>
<li>Jimmy (33) and Tam (31) – Plumber and bar manager from Brisbane.</li>
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<p><em>Image Source: Nine</em></p>
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The Block's Brighton homes are tipped to sell for $3.5 million plus

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<p><span><span><span>Melbourne’s preliminary auction clearance rate sat at 60.3 per cent from 123 reported results, when </span></span></span>Melbourne faced its first auction day under stage 4 restrictions at the weekend,</p>
<p>After the tough restrictions, buyers were unable to inspect homes in person on auction day, but there were 218 properties still scheduled to go under the hammer.</p>
<p>Some 56 were withdrawn from auction.</p>
<p><span>Buyers had previously about two weeks to view the properties in person at a private inspections before Melbourne’s stage 4 COVID-19 restrictions came into effect.</span></p>
<p>The top sale was $2.76 million at 12 Glenmore Crescent, Black Rock (pictured in title).</p>
<p>It was $360,000 more than the top end of its asking price range with just the two bidders.</p>
<p>There was a $1,751,000 sale of a four bedroom house, a likely redevelopment, at 8 Kangerong Rd, Box Hill.</p>
<p><span>There had been <span>$1,500,000 to $1,650,000 price </span></span>guidance.</p>
<p>REALas had <span>$1,609,000 value guidance.</span></p>
<p><span><span>A three-bedroom house at </span>39 Iffla Street, South Melbourne,<span> sold under the virtual hammer for $1,732,500 which was $157,500 above reserve.</span></span></p>
<p><span>Melbourne auctions must now be held at an auctioneer’s home, rather than at agency offices, which have been closed under the new rules.</span></p>
<p>With five weeks of the lockdown to go, agents are expecting a very quiet month.</p>
<p>Sydney’s preliminary auction clearance rate sat at 61.5 per cent from 328 reported results, Domain reported.</p>
<p><span><span>There were 577 properties scheduled to go under the hammer which was the busiest Saturday since mid-April.</span></span></p>
<p><span><span>Some 103 offerings were withdrawn from auction.</span></span></p>
<p><span>An six-bedroom, eight-bathroom house at </span>22 Llandillo Avenue, Strathfield fetched $6,305,000, the highest advised price.</p>
<p><span>The two-storey home attracted </span>seven registered bidders, with six getting to bid during the auction. </p>
<p><span>The 765 sqm building block last sold for $2.41 million in 2015. </span></p>
<p><span>There was an unreported sale of the three</span>-level house in Drummoyne at a private auction for an undisclosed price believed to be over $8.5 million.</p>
<p>The Burnell Street house was expected to sell for $7 million.</p>
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Melbourne weekend auction vendors secure lockdown sales

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<p>The Reserve Bank of Australia could stay on the sidelines as eastern states battle further outbreaks of COVID-19, according to the mortgage aggregating group Finsure.</p>
<p>John Kolenda, the managing director of Finsure, said the RBA looks set to keep its cash rate at an all-time low of 0.25 per cent for the rest of the year.</p>
<p>"Official rates will most likely be staying the same for the foreseeable future," Mr Kolenda said.</p>
<p>"The RBA reducing rates any further at the moment would have little impact on the economy and could do more harm than good."</p>
<p>Mr Kolenda added that, while not much activity is expected around official interest rates, home loan customers are still in a strong position with lenders offering a new round of rate cuts.</p>
<p>"If you have a home loan rate with a '3' in front of it talk to your bank, or better still seek expert assistance from a mortgage broker," he said.</p>
<p>"All owner occupiers should now be paying a rate in the low 'twos' and saving more than 1.0 per cent on a variable loan," he said. "On an average loan this saves hundreds of dollars a month."</p>
<p>Mr Kolenda said mortgage holders should not be afraid to seek a lower rate even if they have been on a six-month repayment holiday.</p>
<p>"Banks will offer a better deal if you are ready to resume repayments so don't be complacent about your interest rate as this can potentially cost you a lot of money," he concluded.</p>
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Reserve Bank looks to maintain 0.25% cash rate for foreseeable future: Finsure

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<p>Much like last month, with COVID-19 still present in Australia, it is quite difficult to pinpoint exactly what is going to happen with the Newcastle local property market, according to the July Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
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<p><span>The report first provided a COVID update.</span></p>
<p><span>"With restrictions around open houses and auctions being lifted, there has been an increase in potential buyers visiting properties for sale; however, we are still not seeing anywhere close to the sales volumes we would normally expect," the valuation firm said. </span></p>
<p><span>Agents in the area are reporting numbers of properties being listed are on the increase but they are down on the same period last year due to the ongoing pandemic. </span></p>
<p><span>The most recent weeks have seen widespread activity with properties still being sold and the savvy investor on the lookout for a bargain. </span></p>
<p><span>Across the Newcastle and Hunter region house prices have remained relatively flat across the board with the region proving to hold its own in light of recent global events.</span></p>
<p><span>"Now onto this month’s topic. </span>With our lazy $700,000 we’ve chosen to spend in the suburb of Woodberry NSW, and buy not just one, BUT TWO houses.</p>
<p>"Where is Woodberry you ask? Great question. Woodberry is located between two of the largest towns in the Hunter region, approximately 21kms south east of Maitland and 22kms north west of Newcastle,," the valuation firm said. </p>
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<p><span>The suburb is well serviced by shopping facilities and schools with the Stockland Greenhills major shopping centre located in East Maitland and a number of primary and secondary schools close by. Public transport is readily available with </span>a number of buses running the entire suburb and Beresfield Train Station just 1.5kms away.</p>
<p>Commuters to Newcastle are only a 20 minute train ride or 25 minutes by car or a short 15 minute train or car ride from Maitland.</p>
<p><span>Woodberry is also strategically located close to the new Maitland Hospital (approximately 10kms) which is currently under construction, and on track to open early 2022. </span></p>
<p><span>The new hospital will provide great employment opportunities within the area and meet the growing health service needs for the Hunter Valley, the report noted. </span></p>
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<p><span>"Now that we’ve established its strategic location close to major CBD’s, shopping, schools, hospital and transport. Let’s look at some stats!" the valuation firm said. </span></p>
<p><span>According to Corelogic the median sale price for houses in Woodberry NSW is $330,000 (for the 12 months to 31/03/2020).</span></p>
<p><span> Over the last 5 years the suburb has seen growth of 4.2% per annum and 3% per annum over 10 years. </span></p>
<p><span>The median sale price for houses in the Maitland LGA over the same period was $480,000; with growth of 4.6% per annum and 4.0% per annum over 5 years and 10 years respectively.</span></p>
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<p><span>The median rental yield in Woodberry is 5.7% gross with a median rent of $359 per week (for the 12 months to 31/03/2020). That sure beats a 1% return on a term deposit, the report noted. </span></p>
<p><span>The median rental yield in the Mailtand LGA over the same period was 4.6% gross.</span></p>
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<p><span>The HTW report provided some examples of recent sales and rentals in the area.</span></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-132856638" target="_blank">8 Curlew Crescent Woodberry </a>sold for $340,000 in March 2020 (pictured below).</p>
<p><span>The property was purchased by an investor and rented at settlement for $360 per week. Representing a gross yield of 5.50%.</span></p>
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<p><a href="https://www.realestate.com.au/sold/property-house-nsw-woodberry-133531378" target="_blank">16 Kookaburra Parade Woodberry</a> recently sold for $323,000 in May 2020 (pictured below).</p>
<p><span> The selling agent advises the property would rent for approximately $340 per week. Representing a gross yield of 5.47%.</span></p>
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What a lazy $700,000 can buy in Newcastle: HTW residential  

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<p>During the quarter, DomaCom continued with remote working arrangements due to COVID-19 and progressed the development of key products which are expected to drive future revenue growth.</p>
<p>The Company also saw a strong growth in Funds Under Management, which rose 11.2 per cent in Q4 FY20 to A$71.4 million. </p>
<p><strong>Product development ramps up</strong></p>
<p>During the quarter, the Company made progress across four products currently in development: Rent to Own, Essential Worker, Equity Mortgage, and Senior Equity Release. </p>
<p>Rent to Own: The Rent to Own product documentation was completed in the June quarter along with the acquisition of the first RTO property. The Company is now looking for its second property to be acquired in Sydney. This product uses the develop distribution margin to provide a discount to investors whilst gifting equity to tenants each year. </p>
<p>Essential Worker: DomaCom is progressing its Essential Worker affordable housing product with one of Australia's leading Community Housing Providers. This product aims to leverage the Government's affordable housing lending facility to deliver an RTO product for essential workers with a 25 per cent discounted rent. This product is expected to be attractive due to low vacancy risk stemming from the security of the tenants' employment (nurses, firefighters, teachers, police) in addition to the emotional impact of supporting essential workers at this time. The targeted launch period for this product is Q3 CY20. </p>
<p>Equity Mortgage: Work is ongoing to deliver a Shariah-compliant mortgage product that is targeting Australian Islamic communities who, in accordance with their religion, are prohibited from borrowing money. This product is believed to be less exposed to the current negative property environment as it is aiming to provide a method of obtaining leverage for those who wish to purchase a home but cannot borrow. </p>
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<p><span>Discussions are ongoing with a key B2C partner whilst the Company seeks regulatory approval for changes </span>this product requires. The targeted launch period for this product is between late 2020 and early 2021.</p>
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<p><span>Senior Equity Release: </span><span>Adviser accreditation for the Company’s Senior Equity Release (SER) product has progressed with a dozen advisers having completed accreditation. DomaCom has commenced a direct marketing campaign aimed at the retirees to help identify those needing equity from their homes. Covid-19s recent impact on self-funded retirees’ income has increased the market for this product and the Company is now seeking to obtain regulatory clarity on how the SER product works with the Government’s Downsizer legislation.</span></p>
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<p><strong>Corporate</strong></p>
<p><span>FUM increased from A$64.2 to A$71.4m in the quarter ended June, 30 2020.</span></p>
<p><span>Payment of remuneration to executive and non-executive directors and their related parties amounted to $184,000 during the quarter ended June 30, 2020.</span></p>
<p><span>As part of facilitating the completion of the Avery’s Green property development being carried out for a sub- Fund within the DomaCom Fund, DomaCom Australia paid a limited number of supplier invoices on behalf of the sub-Fund during the year ended June 30, 2020. In the 30 June quarter, these amounts were repaid by the DomaCom Fund resulting in a net inflow of $802,000 in the current quarter. DomaCom Australia, a subsidiary of DomaCom Limited, operates the DomaCom Fund. The DomaCom Fund is a separate legal entity with separate investors. It is designated a related party as DomaCom Australia is the Investment Manager.</span></p>
<p><span>DomaCom continued to carefully control costs during the quarter. Staff and administrative costs fell to $709,000 compared to $716,000 in the previous quarter. Advertising and marketing costs increased to $143,000 in the current quarter compared to $90,000 in the previous quarter as the Company introduced the market to new product offerings.</span></p>
<p><span>DomaCom’s cash position at the end of the June quarter was A$1.45m. The Company has refreshed its placement capacity via the EGM that was conducted 22 July 2020 and discussions are now progressing with an institution regarding a placement to top up the cash position.</span></p>
<p><span>DomaCom CEO Arthur Naoumidis said: </span><span>“While the current environment is a challenging one, we are pleased that several of our key products are starting to gain traction in this environment. In particular, the ability to complete our first RTO syndication in the middle of the pandemic is a promising result. Encouragingly, we have seen significant investor interest in further RTO syndications and we are currently assessing potential acquisitions in Sydney."</span></p>
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DomaCom completes first rent-to-own transaction

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<p>Following a five-week international design competition, award-winning Australian practice BVN has emerged as the winner to design the redevelopment of Sydney’s iconic 125-year-old City Tattersalls Club, located at 194 – 204 Pitt Street.</p>
<p>BVN’s innovative design was selected as the unanimous winner by a panel of six jurors after several weeks of careful consideration for what would respectfully integrate with the building’s heritage components and further improve Sydney’s city centre.</p>
<p>The winning design was commended for its well-considered podium that creates a sophisticated connection between the ground-floor Club facilities and the new tower above, resulting in a considered, elegant, and holistic overall composition to the project.</p>
<p>The scheme’s superior internal planning resulted in a highly effective floorplan, maximising the views and amenity of the apartments and hotel rooms, whilst drawing natural light deep into the tower’s public and common spaces. The apartment layouts resolve the complex structural requirements for building over the heritage Club whilst making wonderful places to live.</p>
<p>BVN’s proposed 49-storey tower produces a contemporary and calm facade that would add an elegant, landmark structure to Sydney’s iconic city skyline.</p>
<p>In their decision the jury noted the expressed intentions of BVN’s team to collaborate closely with FJMT, the nominated architect underseeing rejuvenation of the heritage components of the building, to ensure a rich integration of the tower with the existing structures below - an essential consideration of the site’s overall redevelopment.</p>
<p>When asked to comment on the winning BVN design, FJMT’s Design Director, Richard Francis-Jones, said, “This is a wonderful vision for the integration of city apartments, hotel, and the unique City Tattersalls Club in a sustainable and inspiring new urban complex. BVN's insightful concept for a tower characterised by lightness, floating above a more solid hotel podium will form a gentle back drop and transition with the landmark heritage buildings of Pitt Street. It is a great concept and we are looking forward to working with BVN to realise a project both of sensitivity and landmark quality.”</p>
<p>The design competition’s full shortlist of competing architects included five of Australia’s most renowned firms; Hassell, Bates Smart, SJB, BVN, Candalepas Associates, as well as leading international architecture practice DP Architects.</p>
<p>The City Tattersalls Club redevelopment is a joint-venture project undertaken by a consortium led by Singapore-based First Sponsor Group Limited and ICD Property – in collaboration with the City Tattersalls Club.</p>
<p>After a successful international design competition, the development group is now working towards finalising design details with BVN in preparation for submission of a Stage 2 DA later this year.</p>
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BVN wins international design competition for Sydney’s City Tattersalls Club

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<p>Rental homes are now more accessible in Melbourne as vacancy rates relaxed slightly in June, while the rental market tightened further in Regional Victoria.</p>
<p><span>The REIV recorded a healthy 3.0 per cent vacancy rate in Melbourne while Regional Victoria recorded a further tightening of the rental market with 1.8 per cent.</span></p>
<p><span>The slight increase in vacancy rate did not impact the median rents with Melbourne median rental prices for houses now at $473 per week, $13 more than the previous month.</span></p>
<p><span>Median rents for Metropolitan units have also increased, from $410 per week in May to $420 per week for June.</span></p>
<p><span>Rental prices in regional Victoria are holding firm, with median house rents remaining unchanged on $350 per week for the past six consecutive months, regional units are sitting at $300 per week, a $5 increase on May.</span></p>
<p><span>The relaxation of vacancy rates could be largely attributed to inner city areas as smaller properties move from short term rentals like Airbnb. Fall in visitors, international students has meant that more property owners are returning to the traditional rental market.</span></p>
<p><span>REIV President Leah Calnan </span><span>Melbourne’s rental market continue</span><span>s to grow.</span></p>
<p><span>“Melbourne’s </span><span>rental market is holding firm in the face of the Coronavirus pandemic creating </span><span>unique conditions.” </span><span>Ms Calnan said.</span></p>
<p><span>“</span><span>The relaxing of vacancy rates means there are more homes available for people to rent, and there has never been a more important time to have a roof over your head.</span><span>”</span></p>
<p><span>“Th</span><span>is rental data, combined with the annual growth shown in the June Quarterly Medians, demonstrates the strength and resilience of the Victorian property market</span><span>.”</span></p>
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Rents hold steady as vacancy rates relax in Melbourne

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<p>EXPERT OBSERVATION</p>
<p>The Queensland residential building industry remains on track to experience a significant downturn in building activity in the fourth quarter of the year.</p>
<p>Contrary to some observations that the Queensland building industry has remained relatively unscathed by the impact of coronavirus, detached house approvals issued for June reveal a drop of almost 16 per cent for the month.   </p>
<p>That takes the total drop in approvals since the crisis hit in April to 25.9 per cent” says Mr Roberts. This puts the number of approvals for the quarter 36.4 per cent lower than the April quarter in 2018.  </p>
<p>With the lead times involved in the construction of a new home the drop in approvals now will play out in the fourth quarter of the year with a corresponding drop in construction.</p>
<p>While the Federal Government’s HomeBuilder Scheme has generated significant interest in new home building, the delayed implementation of the scheme by the Queensland Government means the high level of interest is not being translated into actual contracts signed.  </p>
<p>Everyone is waiting for the Government to release the application rules because until they do no one really knows for sure if they will be eligible. The banks can’t confirm loans, consumers don’t know what is involved and the builders can’t confirm when they can actually start work. </p>
<p>It’s been almost two months since the HomeBuilder scheme was announced and builders and their clients are becoming extremely frustrated by the delays. Some clients are starting to lose interest in the idea of building a new home in this state.  </p>
<p>The question I keep being asked is ’why is it taking so long?’ How hard can it be to design the process and why aren’t we taking on board the process now in place in five other jursidctions?</p>
<p>As a proud Queenslander I do wonder why we seem to be running last on this issue. The Queensland Government was the last State to sign up to the HomeBuilder program and we are now the last State to release the application rules.</p>
<p>Queensland home buyers and home builders deserve more.</p>
<p><strong>MIKE ROBERS</strong> <em>is the HIA Queensland Executive Director</em></p>
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Time for Queensland to get moving on HomeBuilder: HIA's Mike Roberts

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<p><span>During these extraordinary times, NAB has taken the decision to publish aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play.</span></p>
<p><span> NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.</span></p>
<p><span>NAB’s latest Data Insights highlight a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y for the week ended July 18. Spending slowed in all states and territories (except SA/NT). It is now weakest in VIC (-0.7 per cent) with this result heavily influenced by lockdown in metropolitan Melbourne. NSW is also weakening faster than most. Relative to last year, overall spending growth slowed (or fell further) in all industries, but overall growth continues to be supported mainly by spending on Construction and Retail Trade.</span></p>
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<p>Source: NAB Group Economics.</p>
<p><span>Payment inflows across all industries were flat (0.1 per cent) in the 4-weeks to July 18 (4-week average terms). Inflows are still falling heaviest for corporates. By industry, they were down most in Mining, Transport and Hospitality, and were strongest in Agriculture, Manufacturing, Retail Trade and Professional, Scientific &amp; Technical Services.</span></p>
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<div class="column">NAB’s latest Data Insights point to a slowdown in consumption spending in recent weeks, with overall growth easing to 5.8 per cent y/y in the week ending July 18 (9.8 per cent in the previous week), but still roughly at levels seen in late-February.</div>
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<div class="column">Consumption spending eased in all states except SA/NT (8.9 per cent). It fell sharply in VIC, which is now the only state showing a negative result (-0.7 per cent). This spending hit was driven by sharp falls in lockdown areas (-3.6 per cent), with non-lockdown areas still growing by more than 8 per cent. Spending growth halved in NSW (6.1 per cent) compared to the previous week, and was strongest in the NT (19.6 per cent) and WA (12.5 per cent).</div>
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<div class="column">Relative to last year, overall spending growth eased (or fell faster) in all industries. But overall growth continues to be underpinned mostly by spending on Construction (albeit slowing to 19.6 per cent from 39.9 per cent in the previous week) and Retail Trade (which also eased to 18.3 per cent from 25.1 per cent in the previous week). Spending on Hospitality (the biggest sector of the economy) fell 14.6 per cent (down 10.1 per cent last week). Spending on Administration &amp; Support Services is still very weak (-70.9 per cent), with sizeable falls also persisting in Transport, Postal &amp; Warehousing (-43.0 per cent) and Education &amp; Training (-22.6 per cent). </div>
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<div class="column">Payment inflows (in year-on-year 4-week moving average terms) were basically flat (0.1 per cent) for the 4 weeks ending July 18 compared to the same time last year, but improved from the previous week (-2.9 per cent). By business size, inflows grew in both large (5.0 per cent) and emerging (2.7 per cent) firms. Inflows into corporates however fell for the fourth straight week (-6.4 per cent), with smaller falls of around 21⁄2 per cent in both medium and small firms.</div>
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<div class="column">By industry, payment inflows into Accommodation continue falling steeply (-16.5 per cent), although this was the slowest rate of decline seen since late-March. Inflows into Mining firms however turned down sharply (-26.9 per cent), with inflows into Transport, Postal &amp; Warehousing also still falling heavily (-16.6 per cent). Inflows into Education fell 4.6 per cent after falling 22.0 per cent in the previous week. Payment inflows were strongest into Agriculture (12.2 per cent), Manufacturing (11.4 per cent), Retail Trade (11.2 per cent) and Professional, Scientific &amp; Technical Services (10.0 per cent). </div>
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<div class="column">Source: NAB Group Economics.</div>
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Impacts of coronavirus on consumption based spending and business payment inflows: NAB

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<p>A total of 313,700 sqm of Premium and A-Grade projects in the past six months has given Melbourne’s CBD a new milestone of the largest CBD office market in Australia, according to JLL Research.</p>
<p>In Q2 2020, JLL Research found that the Melbourne CBD’s total office stock was 4,953,033 sqm. Now, with the practical completions of three new major developments this month, the Melbourne CBD reaches a new stock total of 5,107,840 sqm. Sydney’s total office stock for Q2 2020 was 5,024,240 sqm.</p>
<p><em>The three office completions crowning Melbourne as the largest office CBD in Australia include the following developments:</em></p>
<p>1. Cbus Property and Keppel REIT’s Victoria Police Centre at 311 Spencer Street, including 65,000 sqm of office space.</p>
<p>2. The Lendlease Two Melbourne Quarter at 697 Collins Street, including 46,350 sqm of office space.</p>
<p>3. Dexus 80 Collins Street, including 42,960 sqm of office space.</p>
<p>JLL’s Managing Director (Victoria) - Craig Shute said, “The completion of these three projects marks a real inflection point in the dynamics of Australian CBD’s.'</p>
<p>Melbourne is now the largest Australian city in terms of commercial office space and this status is unlikely to change. This rapid rise is testament to Melbourne’s balanced economic drivers and will result in an increase of national and global investment capital seeking a foothold or looking to expand their portfolios in the city."</p>
<p>"We are confident Melbourne will rebound relatively strongly as we recover from the current COVID-19 restrictions and re-open for business,” He added.</p>
<p>Other projects completed in the Melbourne CBD earlier this year include Mirvac and Suntec REIT’s Olderfleet building at 477 Collins Street (56,584 sqm), Charter Hall’s Wesley Place at 130 Lonsdale Street (55,000 sqm) and Cbus Property and ISPT’s Collins Arch at 447 Collins Street (47,517sqm).</p>
<p>Whilst a large amount of supply is being delivered to the market, there is very little vacancy, with 94% of the 313,700 sqm office stock being delivered in 2020 already pre-committed, according to JLL Research.</p>
<p>JLL’s Senior Research Director (Victoria) - Annabel McFarlane said, “JLL has been tracking office stock in Melbourne’s CBD office market since 1970, when the size of the market was just 1.45 million sqm."</p>
<p>"The most significant contribution to this growth has been Docklands as a new CBD precinct, delivering just over 1 million sqm of new, high quality office stock and pushing Melbourne to now Australia’s largest CBD office market, just larger than Sydney’s CBD office market,” she said.</p>
<p>Ms McFarlane continued, “Significant momentum and strong demand throughout the last 20 years has supported office market development. Melbourne’s CBD office market has accounted for 40% of all CBD net absorption (1.7 million sqm) in the six CBD markets we track. This compares to Sydney (739,900 sqm), Canberra (647,600 sqm), Brisbane (542,850 sqm), Perth (293,700 sqm) and Adelaide (291,300 sqm).”</p>
<p>Melbourne and Sydney’s CBD office markets are comparable in size to several major international CBD office markets including Madrid which stands at 6.5 million sqm, Barcelona at 4.9 million sqm and Berlin at 4.5 million sqm.</p>
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Melbourne takes crown as the largest CBD office market in Australia: JLL

<p>Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.</p>

<p>A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.</p>

<p>Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.</p>

<p>“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.</p>

<p>Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.</p>

<p>“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.</p>

<p>The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.</p>

<p>It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.</p>

<p>The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.</p>

<p>One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.</p>

<p>Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.</p>

<p>The developer is also exploring the potential for additional affordable housing outcomes.</p>

<p>Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.</p>

<p>Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.</p>

<p>Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.</p>

<p>“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”</p>

<p>Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.</p>

<p>Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.</p>

<p>Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.</p>


Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

<p>Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.</p>

<p>The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.</p>

<p>Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" /></p>

<p>“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.</p>

<p>The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”</p>

<p>The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" /></p>

<p>The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.</p>

<p>According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.</p>

<p>“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.</p>

<p>A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.</p>

<p>Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" /></p>

<p>All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.</p>

<p>The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.</p>


Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

<p>Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.</p>

<p>The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.</p>

<p>Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" /></p>

<p>Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.</p>

<p>The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.</p>

<p>"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.</p>

<p>The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.</p>

<p>The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" /></p>

<p>Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.</p>

<p>Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.</p>


First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

<p>The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.</p>

<p>The proposal will now proceed to a full council vote on June 2.</p>

<p>The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;</p>

<p>The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" /></p>

<p>The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;</p>

<p>Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.</p>

<p>“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.</p>

<p>“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" /></p>

<p>“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.</p>

<p>“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.</p>

<p>“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" /></p>

<p>Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;</p>

<p>Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.</p>

<p>“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.</p>

<p>“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.</p>

<p>“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”</p>


$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

<p>Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.</p>

<p>John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.</p>

<p>The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.</p>

<p>In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.</p>

<p><img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.</p>

<p>DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.</p>

<p>“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.</p>

<p>The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.</p>

<p>“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.</p>

<p>At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.</p>

<p>The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.</p>


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