<html><body>
GUEST OBSERVATION
As politicians across Australia grapple with a fix for housing affordability, you might be forgiven for thinking this was the first time the nation has confronted a crisis in housing. But analysis of documents from the reconstruction period following the second world war finds that, as the war was drawing to a close, concern was building about housing availability and affordability. <img src="https://counter.theconversation.edu.au/content/74615/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Some of the issues, arguments and solutions being presented today are extremely similar to those consuming Australian politicians and policymakers three-quarters of a century ago.
<h2>Housing and fertility</h2>
Treasurer Scott Morrison <a href="https://www.smh.com.au/federal-politics/political-news/people-are-delaying-having-children-so-they-can-buy-a-house-scott-morrison-20170312-guwnm1" target="_blank">recently asserted</a> that the housing affordability crisis was so severe that:
"People are putting off when they buy their house. They are even putting off when they have kids so they can save more."
The links between housing affordability and the fertility of the national population are difficult to make at the best of times. But Morrison is not the first to make this connection.
In 1944, housing reformer Oswald “Oz” Barnett connected the declining national birth rate with a lack of quality and affordable housing.
<a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/1599057?lookfor=author:(Oswald%20Barnett)&amp;offset=17&amp;max=19">He argued</a> that the "tragic lack of decent dwellings is rapidly leading us along the road to national race suicide […] One cannot blame a woman for refusing to bring a baby into the world […] nor blame the expectant mother, when her baby does come, for refusing to have another baby until she is able to obtain a house."
Similarly, in its second interim report in 1944, the <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/2843335?lookfor=commonwealth%20housing%20commission&amp;offset=5&amp;max=343" target="_blank">Commonwealth Housing Commission</a> reasoned that the lack of affordable housing stock available was “one of the major factors in the limitation of families” and the “alarming decline in the Australian birth rate”.
<h2>Rural spaces as the solution</h2>
While rural Australia had its own housing problems – and <a href="https://theconversation.com/a-housing-affordability-crisis-in-regional-australia-yes-and-heres-why-71808" target="_blank">still does today</a> – it also offered a solution to the problem of a low national birth rate. Sidney Luker, a civil engineer and town planner in New South Wales, <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/2319960?lookfor=author:(walter%20bunning)&amp;offset=11&amp;max=13" target="_blank">observed that</a> the decline in the national fertility was “naturally more apparent in the capital cities than in the country”.
His solution? Get people to move to the country via decentralisation policies.
Not only were those living in rural Australia more likely to have children, but life in the country was argued to be naturally superior. Journalist and historian <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/749306?lookfor=title:(War%20Aims%20of%20a%20Plain%20Australia)&amp;offset=1&amp;max=394913">Charles Bean</a> argued that “decentralisation” was necessary for the “health, conveniences and improvement of the big cities”.
Architect, town planner and key contributor to the Commonwealth Housing Commission <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/2235723?lookfor=author:(walter%20bunning)&amp;offset=6&amp;max=13" target="_blank">Walter Bunning</a> also believed that decentralisation would improve “housing conditions” and reduce the time workers spent travelling to their places of employment. This would prevent people from becoming a “race of ‘straphangers’” – people spending a long time on transport to and from work.
Such arguments are eerily similar to those we hear today about the costs of congestion that come with affordable housing being on the outskirts of our major cities.
Earlier this year, Deputy Prime Minister Barnaby Joyce <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-01-24/barnarby-joyce-urges-aspiring-home-owners-to-look-beyond-sydney/8209496">argued that</a> home buyers who couldn’t afford property in the major cities should consider moving to regional Australia. He said “there are other parts of Australia” to buy housing.
<h2>Housing affordability and political risk</h2>
Political and policy minds were also focused on fixing housing problems during the 1940s due to the risk of political discontent.
The <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/2316916?lookfor=(author:Council%20OR%20author:of%20OR%20author:Social%20OR%20author:Services%20OR%20author:NSW)%20AND%20(title:Report%20OR%20title:on%20OR%20title:Housing)%20AND%20(date:%5B1940%20TO%201950%5D)&amp;offset=1&amp;max=520">Council of Social Services NSW</a> explained: "Bad housing fosters the growth of anti-democratic opinion – the frame of mind of the ‘have not’."
Similarly, <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/713131?lookfor=author:(Oswald%20Barnett)&amp;offset=1&amp;max=19" target="_blank">Barnett</a> and fellow social housing campaigners Walter Burt and Frank Heath noted “an increasingly bitter contest between […] capitalism [and …] labour”.
<a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/1599057?lookfor=author:(Oswald%20Barnett)&amp;offset=17&amp;max=19" target="_blank">Barnett</a> argued that this contest was being waged over housing: "The fight is centring on the struggles for houses for the people, […] houses that they can rent, or buy, at prices within their capacity to pay."
Politicians and policymakers today have not made a direct connection between problems of housing affordability and the political instability that comes with it. But they are no doubt highly attuned to it. They need only look to the <a href="https://www.forbes.com/sites/greatspeculations/2010/11/12/5-long-term-consequences-of-the-recession/#5875d93144ec">US</a> and <a href="https://blogs.lse.ac.uk/eurocrisispress/2014/06/10/mind-the-gaps-the-political-consequences-of-the-great-recession-in-europe/">Europe</a> and the part housing has played in contributing to political uncertainty in those places to understand the importance of tackling the problem in Australia.
Important differences exist between the the housing problems of 1940s Australia and those we confront in 2017. However, a historical perspective augments our understanding of contemporary housing debates and policies. It can provide more context and detail on potential ways forward.
Rae Dufty-Jones is senior lecturer in human geography at <a href="https://theconversation.com/institutions/western-sydney-university-1092" target="_blank">Western Sydney University</a>.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/when-it-comes-to-housing-affordability-debates-everything-old-is-new-again-74615" target="_blank">original article</a>.
</body></html>

j.ballantyne1990-6AQqhLzZaK

The housing debate goes full circle: Rae Dufty-Jones

<html><body>
Between January 2000 and February 2007, capital city dwelling values increased by 98.2% compared to an increase of 44.9% over the period from January 2010 to February 2017, according to CoreLogic's latest Property Pulse.
The property data firm says that so far this decade, dwelling values growth is less than half that over the same period last decade.
While values consistently moved higher over the previous decade, there has been very little growth in values so far this decade.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.15.43%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.15.43%20am.jpg" alt="">
Sydney dwelling values increased by 61.1% compared to 78.3% over the same period this decade between January 2000 and February 2007.
Early in 2000, values rose rapidly before starting to fall in 2004.
By comparison, values fell early in this decade but have been trending higher since June 2012.
Sydney is the only capital city that has recorded a greater increase in values so far this decade compared to the previous decade.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.36%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.36%20am.jpg" alt="">
Melbourne dwelling values increased by 95.6% between January 2000 and February 2007 compared to an increase of 55.1% so far this decade.
Brisbane dwelling values increased by a mere 6.6% since January 2010 compared to an increase of 147.2% between January 2000 and February 2007.
Similar to Brisbane, growth in Adelaide dwelling values has been much softer this decade compared to last.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.43%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.43%20am.jpg" alt="">
Between January 2000 and February 2007, dwelling values rose 124.4% compared to an increase of 11.0% between January 2010 and February 2017.
Perth dwelling values declined by -3.3% between January 2010 and February 2017, by comparison they increased 199.4% between January 2000 and February 2007.
While values in Perth rose continuously throughout the first 86 months of last decade, they’ve declined since the end of 2014.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.51%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.51%20am.jpg" alt="">
Hobart dwelling values increased by 198.0% while over the same 86 months so far this decade, values are just 3.4% higher.
Growth in the Hobart housing market slowed shortly after February 2007 and has only recently started to show signs of a sustained recovery.
Darwin dwelling values increased by 97.3% between January 2000 and February 2007 compared to a fall of -5.0% between January 2010 and February 2017.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.58%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/30/Screen%20Shot%202017-03-30%20at%2011.22.58%20am.jpg" alt="">
So far this decade growth has been sluggish with values having fallen since the middle of 2014; by comparison values trended higher throughout the previous decade.
Canberra, dwelling values have increased by 23.8% between January 2010 and February 2017 compared to an increase of 133.4% between January 2000 and February 2007.
According to research analyst Cameron Kusher, Sydney and Melbourne were the only cities to record dwelling value increases of more than 25% since the beginning of 2010.
“As a comparison, the weakest growth in values between January 2000 and February 2017 was 61.1% in Sydney which is actually higher than the growth in all capital cities except for Sydney so far this decade,” he said.
“Our research reinforces concerns around over-valuations in the housing market, if any, are very much focused within Sydney and Melbourne.
“For the remaining capitals, the reality is that since the beginning of the decade there has been very little value growth.”
</body></html>

Dwelling value growth falls over decade: CoreLogic

<html><body>
The strategic expansion at Di Jones Real Estate continues with the northern suburbs team appointing Heath Dockary and his support team.
Di Jones Real Estate CEO Rob Ward said the appointment of Heath Dockary, Wilson He and Vanessa Short was an important step in further strengthening the company’s growth plans in the Epping, Eastwood and Carlingford markets.
Formerly of McGrath, Dockary has been recognised in the top 25 agents across the McGrath network for several years and in the top 5% of all agents in NSW, Ward said.
In the last year Di Jones Real Estate has recruited nine McGrath staff.
It expanded to the upper north shore in early 2016.
Dockary said he and his staff were excited to be joining the Di Jones team, which started from a single office based in Woollahra in Sydney’s eastern suburbs in 1992.
</body></html>

Di Jones secures ninth McGrath agent with Heath Dockary appointment

<html><body>
Risks to household balance sheets and housing markets have generally increased, the RBA's Financial Stability Review has noted.
In Sydney and Melbourne, housing prices are rising at a rapid pace and auction clearance rates are at high levels.
<a href="https://www.propertyobserver.com.au/images/2017/04/13/Graph%202.1.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/13/Graph%202.1.jpg" alt="">
At the same time, there continue to be concerns about an oversupply of apartments in pockets of Melbourne and in parts of Brisbane, where apartment prices have declined in recent months, rental growth has been soft and the vacancy rate has trended higher.
<a href="https://www.propertyobserver.com.au/images/2017/04/13/Graph%202.2.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/13/Graph%202.2.jpg" alt="">
In Western Australia and other regions with large exposures to the mining sector, overall housing market conditions remain weak.
Investor credit has also risen noticeably over the past six months, with investor demand particularly strong in Sydney and Melbourne.
<a href="https://www.propertyobserver.com.au/images/2017/04/13/Graph%202.3.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/13/Graph%202.3.jpg" alt="">
Overall household indebtedness has increased while income growth has remained weak.
Some types of higher-risk mortgage lending, such as IO loans, also remain prevalent and have increased of late.
APRA has recently taken measures to contain new IO lending.
The risks associated with strong investor credit growth and increased household indebtedness are primarily macroeconomic in nature rather than direct risks to the stability of financial institutions.
Some evidence suggests that investor housing debt has historically performed better than owner-occupier housing debt in Australia, though this has not been tested in a severe downturn.
Rather, the concern is that investors are likely to contribute to the amplification of the cycles in borrowing and housing prices, generating additional risks to the future health of the economy.
Periods of rapidly rising prices can create the expectation of further price rises, drawing more households into the market, increasing the willingness to pay more for a given property, and leading to an overall increase in household indebtedness.
While it is not possible to know what level of overall household indebtedness is sustainable, a highly indebted household sector is likely to be more sensitive to declines in income and wealth and may respond by reducing consumption sharply.
A further risk during periods of strong price growth is that it may be accompanied by an increase in construction that could result in a future overhang of supply for some types of properties or in some locations.
In this environment, as well as amplifying the upswing for such properties, any subsequent downswing is likely to be larger and more likely to see prices and rents fall if the vacancy rate rises.
This poses risks to the whole housing market and household sector, not just to the recent investors.
Prudent mortgage lending standards help to offset these risks. Over the past six months, lenders have further tightened lending terms, in part to keep investor credit growth within the 10% benchmark set by APRA at the end of 2014.
Recent non-price measures introduced by banks include tighter serviceability and maximum LVR restrictions on new residential projects or postcodes considered to be riskier.
Overall, the share of new lending with LVRs greater than 90% has fallen.
<a href="https://www.propertyobserver.com.au/images/2017/04/13/Graph%202.4.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/13/Graph%202.4.jpg" alt="">
The price of mortgage finance has increased of late, and loan pricing is becoming more granular.
For example, the major banks’ advertised margin between investor and owner-occupier lending rates has risen to around 50–60 basis points after narrowing during 2016.
All of the major banks will have introduced higher IO pricing by April, resulting in an average IO premium of 18 basis points for owner-occupier loans and 15 basis points for investor loans.
Regulators continue to scrutinise lender compliance with broader regulatory expectations.
ASIC’s 2015 review of IO home loans uncovered a range of weak practices that led to a subsequent tightening of industry standards.
ASIC recently lodged a case with the Federal Court alleging contraventions of the National Consumer Credit Protection Act 2009 by one lender over a three-year period to early 2015.
In March 2017, ASIC completed a review of the mortgage broker market, which outlined conflicts of interest and other unsound practices such as lax assessment of consumer expenses and a propensity to direct consumers towards some higher-risk types of loans.
ASIC’s review recommended improvements to commission payment models, greater disclosure requirements for brokers, and improved governance and oversight of brokers by lenders and aggregators.
APRA and ASIC have also recently announced a range of measures that are designed to strengthen mortgage lending practices.
</body></html>

RBA says risks to housing markets have increased

<html><body>
Veteran Melbourne caterer Peter Rowland and wife Susan have sold their longtime Toorak mansion which was listed last month with $10 million hopes through Marshall White Armidale agent Justin Long.
<a href="https://www.realestate.com.au/property-house-vic-toorak-124803974" target="_blank">Their elegant Parisian style home</a> complete with large banquet hall with antique limestone fireplaces had been home for three decades having bought the 748 sq m block for $1,175,000 in 1991.
<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/2017/04/18/ROWLAND2.jpg" alt="" width="450" height="305">
Its facade was such a hit that a spate of copycat homes followed in the neighbourhood.
The sale possibly topped $100 million in trophy home sales so far this year.
Another quick Toorak sale saw ANZ chief financial officer Nick Freeman sell his contemporary five bedroom home opposite Toorak House which had $6 million hopes through Abercromby's.
There's still no settlement on the former Toorak house of his ex-boss Mike Smith, who sold his home earlier this year on its second marketing campaign.
It looked like the retired banker had found a buyer late last year, however the deal fell through after the Chinese buyer failed to get Foreign Investment Review Board approval. 
This article first appeared in The Weekend Australian Mansion Australia section. 
 
 
 
 
</body></html>

Veteran Melbourne caterer Peter Rowland sells grand Toorak Mansion

<html><body>
A stylish beachfront house at South Mission Beach has been listed for $990,000.
Located at <a href="https://www.realestate.com.au/property-house-qld-south+mission+beach-125011266">25 Mitchell Street</a>, Seasons is nestled on a slightly elevated beachfront block with views to Dunk Island.
The beachfront side of the property opens up via bi-fold doors and windows with trees covering you.
A private, level, front fenced area is available with the beach just steps away along with a deck.
<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/2017/04/11/25%20Mitchell%20Street-2.jpg" alt="">
Each of the three bedrooms have their own ensuite and air-condition while the master has views of the east.
Other features includes a lap pool with waterfall feature.
The property is offered through Tropical Property agent Tania Steele.
</body></html>

Beachfront South Mission Beach house, Seasons, listed for $990,000

<html><body>
The Australian economy has beaten fears of a recession, posting a stronger-than-expected December quarter result of 1.1 percent, according to Cushman &amp; Wakefield's latest report.
In average annual terms, the 12 months to December 2016 provided solid but sub-trend economic growth of 2.5 percent.
In terms of state final demand New South Wales recorded 4.7 percent annual average growth, exceeding the long term average of 3.2 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.46.51%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.46.51%20pm.jpg" alt="">
The state economy has been boosted by investment in a number of public infrastructure projects including the WestConnex and NorthConnex transport network upgrades, while early works are underway on Western Sydney Airport.
The Reserve Bank’s cash rate remained unchanged at 1.50 percent.
The current low interest rate environment has ensured that demand to acquire vacant possession buildings, land or investments remains buoyant.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%20pm.jpg" alt="">
Limited purchasing opportunities have forced potential owner-occupiers into the leasing market resulting in strong pre-lease enquiries for ≥20,000 sq m offerings, especially from the food, pharmaceutical and 3PL industries.
In light of strong demand, availability of buildings across all markets is below average.
Rents largely tracked sideways in Q1 however South Sydney recorded q-o-q rental growth of 2.6 percent, pushing face rents to $195 per sq m.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.20%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.20%20pm.jpg" alt="">
Investment in Q1 2017 totalled $341m, down 18 percent q-o-q from the $415m recorded in Q4 2016, and down only 1 percent y-o-y.
Rolling annual investment volume was stable at $1.9bn from Q4 into Q1, but was 11 percent below the five year average, largely due an unwillingness of owners to divest their assets.
Strong competition for quality stock from both domestic and foreign investors has compressed prime yields to circa 6.50 percent in most submarkets.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%20pm.jpg" alt="">
Significant variation remains in secondary stock, with yields ranging from 6.75 percent in South Sydney to 8.5 percent in the Outer West.
Noteworthy investment transactions in Q1 came from LOGOS’s acquisition of 69 Sargent’s Road, Minchinbury for $161m and China Lesso Holdings purchasing 79-99 St Hilliers Street, Auburn from Dexus for $65m.
Infrastructure projects, particularly upgrades to Sydney’s orbital road network, are continuing to shape the dynamics of the Sydney industrial market.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.36%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.36%20pm.jpg" alt="">
The outlook for both leasing and investment remains positive, although lack of tenancy and purchase opportunities is a potential limiter of activity.
</body></html>

Sydney leasing and investment market remains positive: Cushman & Wakefield

<html><body>
The final floor in Chadstone Shopping Centre's $85 million Tower One development in Victoria has been leased to Cotton On Group.
Cotton On Group has signed up for 1,700sqm on level six in the 11-level, 16,000sqm building.
Rob Joyes from Colliers International said Tower One has been an outstanding success in terms of the rapid take-up of space, reaching 100 percent committed occupancy within three months of practical completion.
“Net rents achieved have ranged from $350 per sqm net to $365 per sqm net,” he said.
"The tenant mix was largely characterised by the property and retail sectors, including Colliers International's south-east office and the tower owners themselves, Gandel Group and Vicinity Centres.
“The Body Shop, Shaver Shop, Ricegrowers (SunRice) and Cotton On have gravitated toward the benefits of being closely located to their retail operations within Chadstone Shopping Centre,” he said.
Anneke Thompson, Colliers International’s national director for research, said strong demand in the inner-eastern suburbs had fuelled record effective rental growth.
“In the year to March 2017, effective rents have increased by 9.1 percent, the strongest increase we have seen since our data series began,” she said.
“Given the low supply levels in the immediate outlook, further increases are forecast and we expect to see an increase in effective rents of 9.0 percent during the next 12 months.”
</body></html>

Chadstone Tower One reaches capacity nine months ahead of schedule

<html><body>
Rents for skyscraper offices in Australian cities are rising faster than those in any other global city, according to the latest Skyscraper Index from Knight Frank.
The report examines the rental performance of commercial buildings over 30 storeys across the world.
Melbourne and Sydney grew the fastest among the cities surveyed at 11.0 percent and 10.1 percent respectively in the six months to Q4 2016, amid tightening vacancies and limited new supply.
In Sydney, stock withdrawals to accommodate the new Metro line and residential conversions are reducing the overall supply, while Melbourne had the strongest level of net absorption in 2016.
David Howson, head of office leasing at Knight Frank said Sydney’s office vacancy is at 6.2 percent, and is forecast to go as low as 3.5 percent in the next two years, with the current low vacancy and prospect of even lower vacancy driving rental increases now.
“The withdrawal of stock for Sydney is a major factor, with 239,057 sqm of stock removed from the market during 2016 for either refurbishment or permanent withdrawals – largely for conversion to residential or hotel use, and recycling of sites to future office developments," he said.
"An example of this is 301 George Street, in which 11,500 sqm is being demolished to make way for the Wynyard Place development.
"The Metro project will also trigger significant withdrawals of space, mostly in 2017, accounting for some 62,000 sqm along, and this will be a major contributor to the further 102,289 sqm of Sydney CBD office stock to be withdrawn this calendar year.
"While recent new supply has been high, largely driven by the Barangaroo developments, this has been largely balanced by the withdrawals.
"The next two years of supply is only modest, and the total stock of the CBD is expected to decline over this period.
"However, there is a very strong supply cycle building for 2020 and beyond.Net absorption of office space in the CBD is also high driven by buoyant financial and construction sectors.
“In Melbourne, the vacancy rate is at 10-year lows at 6.4," Mr Howson added.
"Unusually for Melbourne in recent years, the level of new stock additions will be lower in the next 24 months at 113,242 sqm or 1.3 percent stock growth per annum.
"This is well below the long term average of 3.6 percent per year.
"The Victorian economy is currently the strongest in Australia, and is supported by high population growth into Melbourne of 2 percent, which is boosting the underlying demand for office space.
"With the vacancy rate expected to head towards 4 percent in the next year, the upwards pressure on rents will remain.
"However it should be remembered that across the market as a whole, there is still a large price gap between the Sydney and Melbourne markets with gross effective prime rents in Sydney currently at a 60% premium to those in Melbourne."
Knight Frank’s latest research shows rents in Hong Kong’s skyscrapers continue to be the highest in the world by some margin, reaching $302.67 per sq ft in H2 2016.
New York retains its second position, where skyscraper rents are currently $159.00 per sq ft.
In Europe, skyscraper rents in London have remained stable at $104.56 per sq ft in the second half of 2016.
Of the North American cities, Toronto saw the highest rental growth at 4.7 percent.
In many Southeast Asian markets such as Shanghai, Singapore and Seoul, rents have trended down by 2.0 percent, 4.2 percent and 4.8 percent respectively, highlighting heightened economic uncertainty and a cautious business outlook.
Dan Gaunt, head of Knight Frank's city agency said despite uncertainty following the Brexit-vote, rents in London’s skyscrapers remain significantly higher than those in other major European cities.
"Demand for space in the Capital’s landmark tall buildings shows little sign of diminishing and we see rents remaining at their current level through 2017,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/11/TheShard_REM2.jpg" alt="">
James Roberts, Knight Frank's chief economist said the strong performance for Melbourne and Sydney reflect local market factors.
"If we set those cities to one side, the general picture from the latest Skyscraper Index is flat growth, which reflects the nervousness in most office markets in the second half of last year over political risks, like Brexit and the US election," he said.
"However, in 2017 the tone of global economic news is improving, and both Brexit and the Trump government have not had the negative impact on growth that was initially feared.
"When we compile the next skyscraper index in the summer, I expect to see more cities reporting rental growth in tower buildings.”
<table border="1" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" nowrap width="50">
Ranking
</td>
<td valign="top" nowrap width="127">
Prime office rents for upper floors in skyscrapers
</td>
<td valign="top" nowrap width="107">
Rent (US$ / sq ft / per annum)
</td>
<td valign="top" nowrap width="99">
% growth in six months to Q4 2016*
</td>
<td valign="top" width="147">
Rent (US$ / sq m/ per annum)
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
1
</td>
<td valign="top" nowrap width="127">
Hong Kong
</td>
<td valign="top" nowrap width="107">
$302.67
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$3,257.93
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
2
</td>
<td valign="top" nowrap width="127">
New York (Manhattan)
</td>
<td valign="top" nowrap width="107">
$159.00
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$1,711.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
3
</td>
<td valign="top" nowrap width="127">
Tokyo
</td>
<td valign="top" nowrap width="107">
$134.39
</td>
<td valign="top" nowrap width="99">
1.1%
</td>
<td valign="top" nowrap width="147">
$1,446.57
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
4
</td>
<td valign="top" nowrap width="127">
San Francisco
</td>
<td valign="top" nowrap width="107">
$113.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,216.32
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
5
</td>
<td valign="top" nowrap width="127">
London (City)
</td>
<td valign="top" nowrap width="107">
$104.56
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,125.51
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
6
</td>
<td valign="top" nowrap width="127">
Sydney
</td>
<td valign="top" nowrap width="107">
$97.34
</td>
<td valign="top" nowrap width="99">
10.1%
</td>
<td valign="top" nowrap width="147">
$1,047.78
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
7
</td>
<td valign="top" nowrap width="127">
Boston
</td>
<td valign="top" nowrap width="107">
$77.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$828.82
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
8
</td>
<td valign="top" nowrap width="127">
Shanghai
</td>
<td valign="top" nowrap width="107">
$67.81
</td>
<td valign="top" nowrap width="99">
-2.0%
</td>
<td valign="top" nowrap width="147">
$729.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
9
</td>
<td valign="top" nowrap width="127">
Singapore
</td>
<td valign="top" nowrap width="107">
$63.64
</td>
<td valign="top" nowrap width="99">
-4.2%
</td>
<td valign="top" nowrap width="147">
$684.97
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
10
</td>
<td valign="top" nowrap width="127">
Chicago
</td>
<td valign="top" nowrap width="107">
$61.00
</td>
<td valign="top" nowrap width="99">
3.4%
</td>
<td valign="top" nowrap width="147">
$656.60
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
11
</td>
<td valign="top" nowrap width="127">
Beijing
</td>
<td valign="top" nowrap width="107">
$59.84
</td>
<td valign="top" nowrap width="99">
-1.3%
</td>
<td valign="top" nowrap width="147">
$644.10
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
12
</td>
<td valign="top" nowrap width="127">
Paris (La Défense)
</td>
<td valign="top" nowrap width="107">
$53.83
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$579.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
13
</td>
<td valign="top" nowrap width="127">
Frankfurt
</td>
<td valign="top" nowrap width="107">
$52.85
</td>
<td valign="top" nowrap width="99">
5.9%
</td>
<td valign="top" nowrap width="147">
$568.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
14
</td>
<td valign="top" nowrap width="127">
Mumbai
</td>
<td valign="top" nowrap width="107">
$52.67
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$566.98
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
15
</td>
<td valign="top" nowrap width="127">
Melbourne
</td>
<td valign="top" nowrap width="107">
$50.89
</td>
<td valign="top" nowrap width="99">
11.0%
</td>
<td valign="top" nowrap width="147">
$547.74
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
16
</td>
<td valign="top" nowrap width="127">
Toronto
</td>
<td valign="top" nowrap width="107">
$49.74
</td>
<td valign="top" nowrap width="99">
4.7%
</td>
<td valign="top" nowrap width="147">
$535.41
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
17
</td>
<td valign="top" nowrap width="127">
Los Angeles
</td>
<td valign="top" nowrap width="107">
$46.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$495.14
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
18
</td>
<td valign="top" nowrap width="127">
Dubai
</td>
<td valign="top" nowrap width="107">
$43.55
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$468.79
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
19
</td>
<td valign="top" nowrap width="127">
Taipei
</td>
<td valign="top" nowrap width="107">
$38.59
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$415.39
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
20
</td>
<td valign="top" nowrap width="127">
Madrid
</td>
<td valign="top" nowrap width="107">
$36.41
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$391.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
21
</td>
<td valign="top" nowrap width="127">
Seoul
</td>
<td valign="top" nowrap width="107">
$29.93
</td>
<td valign="top" nowrap width="99">
-4.8%
</td>
<td valign="top" nowrap width="147">
$322.19
</td>
</tr>
</tbody></table>
 
 
 
 
 
 
 
 
 
 
 
 
 
 Source: Knight Frank, Newmark Grubb Knight Frank, Sumitomo Mitsui Trust Research Institute          
* Excludes exchange rate effects; conversion to US$ based on 31 December 2016 rates                   
Note: Upper floors is defined as above the regular skyline, thus offering panoramic views, but excluding the very top floors.                           
</body></html>

Australian markets have witnessed the fastest rental growth for offices in skyscrapers

<html><body>
A Heidelberg corner site leased to Bendigo Bank has been sold at auction for $5.302 million, reflecting a 3.4 percent yield and a land rate of around $7,470 per sqm.
The 710sqm property, 164-166 Burgundy Street, is zoned Commercial 1 and subject to a development overlay for a development of six-to-eight levels comprising 30-plus apartments above ground floor retail.
Fitzroys agent Chris James said several buyer groups fought out the auction for nearly an hour.
“The successful purchaser fought off other local and offshore investors including parties from Singapore and Hong Kong, as well as a number of development groups,” he said.
“The attention of overseas buyers is now firmly focused on the Melbourne and Sydney commercial markets given the penalties imposed by regulators on overseas investors acquiring residential properties,” he said.
“The eventual buyer was comforted by the fact that although they are an investor that now owns a bank site with a secure income, there is an opportunity at some time in the future to undertake a substantial development project on one of the suburb’s most prominent corners and in an area that increasingly embracing medium and high-density living.”
</body></html>

Investor banks on Heidelberg corner site

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada Australia</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada Australia's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada Australia as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada Australia files for trio of apartment towers in Campsie town centre</a>

Arada Australia entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News