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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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Until the Sydney market returns to very strong conditions, the CIC Australia development company expect its South Coast sales to remain slow.
The company’s Bay Ridge development, a 142-block housing estate at the intersection of the Kings Highway and the Princes Highway about a kilometre north from Batemans Bay, has been slow to sell.
CIC was resigned to delivering the project over a number of years at a slow rate in response to market conditions, its shareholders were recently advised.
“Until such time as the Sydney market returns to very strong conditions we expect Bay Ridge to remain slow,” it says.
The Canberra-based property developer CIC Australia is part of Sir Ron Brierley’s Guinness Peat Group and is listed on the Australian Stock Exchange.
Bay Ridge was aimed at both locals and sea-changers relocating from Canberra and Sydney.
The lot sizes start at 2,500 square metres, offering the opportunity to build a large home without the constraints of a small block. With a 3,800-square-metre average size, the development seeks to combine a rural character with the convenience of town services including water, sewerage and communications.
The blocks of land start at $199,000, and house-and-land packages start with Masterton Homes at $582,000.
Notwithstanding the fact that the NSW South Coast market remains very slow, the company did recently sell the last of its lots at CIC’s Glen Mia development at Bega.
Competition was strong at the final auction in early February, and all lots were sold above the reserve.
CIC Australia commenced operations in Canberra in 1986 then under the name Jerrabomberra Estates Limited.
CIC has reported a profit after tax of $6.2 million for the six-month period based on strong presales in Canberra and Adelaide.
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Residential building block sales very slow on NSW South Coast

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Home alterations and additions have escaped the fiscal consumer tightening, with a 4.5% annual jump in spending during the June quarter.
With an Easter and onwards fillip in alteration work around the home, some $1.72 billion was spent during the June quarter.
It was the highest June quarter outlay since 2008.
With spring in the air, and in the lead up to Christmas, the December quarter has always rated as the busiest quarter since ABS records began in 1987.
The only exception was in 2000 when – with the GST looming – the June quarter topped that year's quarterly outlay with $1.64 billion on alterations and additions.
In the 2010-11 financial year Australians spent $6.8 billion on alterations and additions.
It was $6.52 billion in 2009-10 and $6.64 billion in 2008-09.
The details were in the ABS preliminary statistics for the value of work done in Australia during the June quarter.
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Spike in renos undeterred by property gloom

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In <a href="https://www.propertyobserver.com.au/residential/land/understanding-land-valuation/2011080851071" title="Understanding land valuation" target="_blank">part one </a>of a two-part series on land valuation, we examined the nuts and bolts of what you need to know. In part two, we talk about the people who are part of the process: valuers and real estate agents.
VALUERS 
Valuations are ordered when a definitive value for a property where finance, settling a dispute, or establishing the value of a deceased estate is required. 
There are many valuation firms that are hired both by buyers and buyers’ agents, vendors and developers and lending institutions, bringing an independent eye that can provide essential knowledge to ensure that all parties can make an informed decision about a particular property on the market and its deemed market value.  The valuation of residential property is a diverse field and includes suburban residential, prestige homes, beachfront dwellings, thousand-lot multi-stage residential subdivisions to smaller scale unit developments and commercial/retail. 
A certified practising valuer will conduct a full inspection of the nominated property, carry out research and analysis into the local market with comparisons to recent sales and submit a detailed report providing information and commentary on issues affecting the current market value of the property. 
Typically reports include:
<ul>
<li>An executive summary detailing the property and business.</li>
<li>A site appraisal specifying;</li>
<li>Land particulars </li>
<li>Improvements </li>
<li>Market comments </li>
<li>Income analysis </li>
<li>Sales evidence </li>
<li>Rationale </li>
<li>A valuation reporting summing up the analysis. </li>
</ul>
There are three ways a valuer may value the subject property:
<ol>
<li>Full value – this involves the valuer undertaking a full inspection of the property, including an internal inspection.</li>
<li>Kerbside – the valuer literally stops outside the property and does not undertake an internal inspection.</li>
<li>Desktop – this involves the valuer collecting comparable sales data based on the description of the property and where no physical site inspection takes place. 
</li>
</ol>
Depending upon who has ordered the valuation determines how they will use it.
For buyers who are not sure if they are paying too much or how much to offer, <a title="Property Checks" href="https://htw.com.au/services/researchcentre.aspx"></a>a pre-purchase valuation will give reassurance about the price and many other aspects of the property before an offer is made.  As a buyer, you can use the valuation to your advantage as a bargaining tool if the valuation comes in lower than the vendor is asking.  You may also be able to do your own research and provide the valuer with comparable sales that are favourable to you.  The valuation may also confirm that what you intend to offer or what the vendor is asking is market value – but it doesn’t hurt to always put in a lower offer – you just never know if the vendor will accept or not. 
When ordering your independent valuation, you may ask for it to be formatted so that it can also be submitted to the bank in their formatted criteria and ask for it to be assigned to say in two bank names, therefore when the time comes for the bank to order a valuation, you have one on file that hopefully matches what you are trying to achieve – lower than market value or at least on contract price.  You may also be able to ask the bank to provide you finance based on the higher valuation, rather than contract price, therefore providing you with a higher loan-to-valuation ratio. 
When selling, present the valuer with information including recent comparable sales and points about your property that presents it in the best light.  Ensure the presentation reflects the price you are trying to achieve, e.g. gardens are manicured, cleaned fixtures and fittings throughout the property, declutter or accessorise fashionably. 
On the flipside, if you want a new valuation on your existing asset base so you can draw upon the equity to further your portfolio, this is when it would be in your interest to get the valuation as high as possible.  
<ul>
<li>For developers and vendors, the report will give them an idea of how to market their property and at what price point.  Too high a price and they won’t get the buyers they require, too low a price and they won’t make the profit margin they projected.  Again, an independent valuation is a tool they can use to provide buyers proof that what they are asking is fair market price.</li>
<li>Lending institutions will always order a valuation when you are taking out a loan for a new purchase or if you want to draw equity from your existing portfolio.  They need to know that the money they are lending you is financially secured by that asset and this will form the basis of their LVR (loan to value ratio) and will also provide them with a realistic sale price should they need to sell the property quickly (normally referred to as a fire sale).</li>
</ul>
Find out which valuers sit on particular banks panels by either asking the bank, broker or asking the valuer themselves.  Also find out which areas they usually value and what types of properties they value.  A bank won’t accept a valuation if the valuation firm is not on their panel.  
REAL ESTATE AGENTS 
A real estate agent has the obligation to get the best price for the vendor and will use databases and their knowledge of the local market and recent sales to provide a “market appraisal” when you wish to sell your property.  These appraisals are intended as a guide only and are not the definitive price which may be achieved for that property. 
Appoint an agent who is acutely familiar with your suburb and who does not work outside the area.  An agent who works outside of the area may result in an appraisal that is too high and not achievable, or too low essentially providing a property below market value. 
Be wary of agents who quote an extremely high price and therefore providing you with an unrealistic expectation of the final sale value.  They may be doing this just to get your business and you may wonder why you do not have any viewings.  Vendors are soon conditioned to lower their asking price to meet the market feedback.  Again, conduct your own due diligence on pricing in your local area. 
On the other hand, agents who value too low not only hurt the vendor with the end result, but can ultimately bring down values of an area if the sale is then used as comparable data with professional valuation firms and professional property databases, such as RP Data. 
As a buyer, using the services of professional database firms and independent valuers as a tool for your negotiation with the vendor and agent, plus finding out the true motivation for that sale (e.g. bought elsewhere, divorce, financial stress) and using it to your advantage, may assist you in saving thousands of dollars and purchasing that property under market value. 
If your offer has been accepted at a particular price and the valuation comes in very low after the initial offer period, I would ask for strong evidence as to why you would continue with the purchase at original agreed price based on the valuation you have received. 
At the end of the day, true market value is achieved when both parties agree on the final sale price and a settlement occurs. 
Although investing can be fun, exhilarating, scary and heart-stopping, it’s still a business and should be treated as such because that investing business could be worth millions.  I myself have called our investing “B’dearys Vision”.  It gives it a name and therefore is treated as a business entity.  Just because you like the tiles in the bathroom or the swimming pool or the colour of the walls does not necessarily make it a great investment, and it may cost you dearly investing with your heart.
While every effort has been made to ensure accuracy of this article, please refer to your state or territory’s Valuer General’s Office or Office of State Revenue for more detailed information and seek independent advice pertaining to a particular purchase.
Swarnie Condon is passionate about property investment with a total of nine properties in her portfolio.  Swarnie is co-author of the book Journeys Along the Property Path and founding partner of<a href="https://www.ipip.com.au" title="Inspirational People in Property" target="_blank"> Inspirational People in Property</a>.  Swarnie provides free mentoring services.
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swarniecondon-aTY2bgqmPh

The people involved in land valuation

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Let’s face it, we don’t have expensive housing in Australia, we have expensive land.  The average cost of residential land overtook the median cost of constructing a dwelling, across all Australian capitals, about five years ago.  The difference between the two is now considerable and growing.  Volume builders in Queensland are constructing quality new detached homes for well under $1,000 per square metre. 
The proof is readily available.  Across the south-east corner of Queensland, for example, the price of vacant land per metre is now 2.3 times (230%) what is was a decade ago.  Established house prices (which include the price of land) also increased, but at a lower rate – they are 1.5 times (150%) the price a decade ago.  The cost of new project homes, which exclude the cost of land, are just 0.65 times (65% higher) what they were a decade earlier. 
Land is expensive because we have a shortage of it.  To the rest of the world, such a statement would be bordering on lunacy. Australia is one of the most spacious countries – based on total land area per capita – in the western world, after all.  And yet, ironically, we are one of the most urbanized places on the planet. 
Over-governance, green politics and town planning tomfoolery are corralling us into a handful of already crowded places.  This has created a shortage of land, driving up its price and resulting in fewer economically feasible developable sites.  Land now accounts for about two-thirds of the cost of a new home in our major capitals and close to half in our regional centres. 
There is no better place to illustrate how out of whack the system is than on the Gold Coast.  The Queensland Government and the local council are doing everything they can to make housing on the Gold Coast unaffordable, and in turn, undermining employment. 
Despite what we read in the daily press, the Gold Coast market – in terms of total stock – isn’t oversupplied.  There is just way too much of the wrong stock and too little of that which is in demand. 
The oversupplied stock consists largely of apartments, mostly in high-rise towers and priced over $800,000.  By default, this targets a short-term tourist market, which for the most part cannot afford to pay the tariffs.  In contrast, apartments under $600,000 are undersupplied but are suffering collateral damage, so to speak, given the negative commentary about the apartment market in general on the Gold Coast. 
There isn’t enough new detached housing or new townhouse development on the Coast.  The SEQ Regional Plan (which covers a time period from 2008 to 2031), expects 77% of new development on the Gold Coast to be “infill” i.e. medium and high-rise dwellings.  However, just three years into the plan, only half of the new starts are in “infill” areas.  The demand for detached housing is rising and is currently about 70% of the overall demand.  It can only be provided, and at an affordable price, on “greenfield” sites.  There are plenty of these sites available on the Gold Coast. 
There is little government can, or should, do about the price of “infill” real estate.  But there’s a lot they can and should do about affordable housing in “greenfield” areas.  This is where there’s an infinite supply of land available and a housing industry ready, willing and able to build top-quality houses at unbelievably low prices. 
The Gold Coast doesn’t just need a new police helicopter, the Commonwealth Games or even a light rail system; what it needs is jobs.  Close to 25% of the region’s economic growth comes from new construction, with over 30% of its workforce employed (directly and indirectly) in the building trade.  It needs much more new detached housing. 
It also needs to open up its industrial land bank to new business.  It must incentivize new operations to move to the Coast.  It should be all about permanent jobs and industries which have higher employment multipliers, rather than one-off feel-good events, white elephants and election stunts. 
Thousands of people are being denied the opportunity to replicate what those now running the show were able to do, i.e. to get a start in the housing market.  This is not only socially and economically unsound, but morally wrong!
Michael Matusik is the director of independent property advisory Matusik Property Insights. Matusik has helped over 500 new residential developments come to fruition and writes the weekly  <a title="Matusik's Missive" target="_blank" href="https://matusikmissive.wordpress.com/">Matusik's Missive</a>.
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Residential land is overpriced

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An individual property can be viewed from different perspectives such as home owner, investment or development and therefore the value of that property will be determined accordingly from that perspective. Knowing how and who values your property will assist you in making an informed decision about the buying, selling and holding process. 

There are three main types of valuations: 

<ol start="1">
<li>Valuer-General / Council Valuations</li>
	<li>Certified Valuers / Bank Valuations</li>
	<li>Real Estate Agent Appraisals / Market Value 
</li>
</ol>
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Valuer General/ Council Valuations 

Dependent upon which state or territory you live in, it is usually the role of the Valuer-General to oversee and provide updated land valuations for all properties in a local government area and to maintain complete, accurate and as current as possible valuation rolls for that State or Territory. Valuations are conducted annually in SA, Queensland and ACT, every two years for Victoria, every three years for NSW, WA and NT, every six years in Tasmania with a third of councils every two years. 

The Valuer-General is responsible for:

<ul>
<li>the provision of fair, accurate and consistent land values for rating and taxing purposes</li>
	<li>the determination of compensation following the compulsory acquisition of land</li>
	<li>providing leadership to the valuation industry and profession</li>
	<li>providing statutory valuations as required under the Land Act for that state or territory </li>
</ul>
The results of these valuations are provided to:

<ul>
<li>the Office of State Revenue annually, which manages and determines a landowner's land tax liability. Your principal place of residence is generally exempt from land tax.</li>
	<li>councils and other authorities such as water boards and emergency services as a basis for the levying of rates and taxes.</li>
	<li>departments to determine state land lease rent</li>
	<li>landowners via their notice of valuation, which is issued when their local government area is revalued.</li>
</ul>
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The Register of Land Values contains the following information:

<ol>
<li>the ownership of the land</li>
	<li>the occupation of the land</li>
	<li>the value of the land</li>
	<li>reference to the title of the land</li>
	<li>the location or description of the land</li>
	<li>the area of the land, and</li>
	<li>any other information as required by Valuation of Land Act for that particular state or territory. 
</li>
</ol>
Land values and council rating

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Councils use these land values to assist in the calculation of rates for local residents in one of three ways.

<ul>
<li>A combination of the land value of the property and a fixed amount per property.</li>
	<li>Entirely on the land value of the property.</li>
	<li>Entirely on the land value but subject to a minimum amount. </li>
</ul>
Fluctuations in land values don't necessarily lead to similar changes in rates. Rates depend on each councils rating structure and the limits to increases set by the various state and territory governments. The land value does not generally reflect the full sale price that could be obtained for the property. 

If you want to find out how your rates are calculated, contact your council. 

Land valuation process 

While states and territories differ in their approach and methodology, the general basis is that values are calculated using either the “unimproved land value” or the more common “site value” method. For the purpose of this article, I’ll use the NSW and Queensland methodologies for the explanation of each: 

NSW

<ol>
<li>Values refer to land value only, which does not include the value of your home or other improvements.</li>
	<li>Most land in NSW is valued using mass valuation, where properties are placed together and valued in groups called components. The properties in each component are similar or are likely to change in value in a similar way.</li>
	<li>Within each component, at least one representative property is valued individually each year to measure how much the value has changed from the previous year. The change in value is then applied to all properties within the component to determine their new value.</li>
	<li>Before undertaking valuations, valuers will inspect and analyse a large number of sales in a locality to gain in-depth understanding of what is happening in the real estate market. This information and the valuer’s expertise are then used to value the representative property.</li>
	<li>Where mass valuation is not appropriate, valuers will individually value the property.</li>
	<li>The most direct evidence for assessing land value is to compare the property being valued with the sale price of comparable vacant land sold around the time of the valuation date.</li>
	<li>During the valuation process, the valuer will examine the breadth of the real estate market including both vacant land and improved property sales. Valuers make allowance for the added value of any buildings or other structures on the land.</li>
	<li>Unsuitable sales, for example those between related parties, are not used to determine land values.</li>
	<li>When comparing property sales to the land being valued, the valuer may take a number of factors into consideration, including:</li>
</ol>
<ul>
<li>The location of the land, size and shape</li>
	<li>Soil type and land surface, such as slope</li>
	<li>Town planning controls and constraints on use, such as heritage restrictions</li>
	<li>Nearby development and amenities, such as parks, views, public transport and busy roads.</li>
	<li>Valuations are based on certain assumptions, including the property being vacant. The value of a home or other structures and improvements is not included. However, land improvements remain part of the land value, for example clearing, draining and filling of land. </li>
</ul>
Strata site land values 

<ol>
<li>The Valuer-General is responsible for determining the land value for the whole site of a strata scheme. The valuation will take into consideration the most valuable possible use for the whole site. This may exceed the current level of development on the site.</li>
	<li>The land value for individual strata units for council rating and land tax purposes is calculated using the land value for the whole site of the strata scheme and apportioned based on the unit entitlement listed in the strata plan.</li>
	<li>The Valuer General issues the secretary of the strata plan or the owners’ corporation with a Notice of Valuation showing the land value for the whole site of a strata scheme that will be used for rating purposes.</li>
</ol>
 

Queensland

From May 3 2011, the 58 rateable municipalities in Queensland have used the new site value methodology to value non-rural land and the unimproved value methodology to value rural land. 

Most landowners have seen very little difference in their new valuation as a result of the introduction of site value. Where there have been substantial site works made to land, landowners may see an increase in the value of the land. Approximately 95% of residential land in Queensland has not been significantly affected by the change in valuation methodology. However, the valuation of some residential land may have increased, such as land with water frontage. Other types of land also changed in value to reflect the difference in value between the land in its natural state (unimproved value) and its current state (site value).

For example, industrial estates that have been heavily filled, retained or levelled have seen the value of these improvements included in the land’s value. 

The new site value methodology has resulted in some properties, mainly commercial properties with significant leasing arrangements, having a reduction in their statutory land valuation as a result of the intangible elements no longer being considered in their valuation.

Swarnie Condon is an author of <a href="https://www.ipip.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="Journeys Along the Property Path">Journeys Along the Property Path: 12 real life stories of 12 property investors</a>, published by Inspirational People in Property.

 
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Understanding land valuation

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The Ten Network registered a comfortable win in Sunday night's ratings with the MasterChef Australia finale securing an audience of 2.568 million.
While Ten's decision to sandwich The Renovators between the two-part MasterChef finale was criticised by viewers, the move paid off, with the struggling renovation series attracting its highest audience to date at 1.269 million.
But Nine’s The Block remained super competitive, with its extended 90-minute episode averaging 1.433 million. Some 509,000 of the audience came from Melbourne, which is lapping up the series, being presented from Melbourne.
The room reveal component netted 1.82 million viewers for The Block.
On Sunday night 951,000 watched Grand Designs on the ABC
Nine’s head of programming and production Andrew Backwell has confirmed The Block finale will be a two-hour auction show to air Sunday, August 21 from 6.30pm.
The auction will be an invite-only event on the preceding Saturday night.
Backwell expects viewing to peak at 2 million or more viewers ahead of the Sunday night premiere of new drama Underbelly: Razor.
"It will be the highest-rating night of television on Channel Nine this year," Backwell says.
"The Block finale will get a huge response.”
Nine had high hopes for The Block this year, with Backwell saying it has performed above expectations.
To win tickets to The Block's auction, click here. </body></html>

Hammer and whisk battle won by MasterChef

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Adelaide’s tiniest inner-city development site – at just 90 square metres – has been sold for $205,000.
Marketed as Adelaide's smallest block, the Hamilton Place holding had been hoped to fetch $240,000 plus.
Its sale price represented 2.6% annual growth since last traded in 2007 at $184,000. It reflects 4.2% growth since it sold in 2004 for $155,000, based on RP Data’s sales history.
It was sold by Phillis Real Estate Adelaide agent Jim Phillis. The buyer intends to build on the land, Phillis says.
Hamilton Place is located between Whitmore Square and South Terrace. 
The official land value for the site in early 2010 was $125,000 and in 2006 at $89,000.
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Adelaide's smallest block sells for $205,000

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The Renovators got hammered last night, with the latest property reality show debuting with a mediocre 858,000 viewers nationally.
TV viewers preferred watching renovations earlier in the evening on Nine’s The Block, which was Sunday’s number one program, with a season best 1.828 million viewers, including 708,000 in its home city of Melbourne.
The Renovators, which screened at 8.40 pm, had less than half the audience of lead-in program MasterChef Australia, which averaged 1.734 million viewers.
The Renovators set last night in a Rosebery warehouse was beaten by the ABC’s Midsomer Murders (1.154 million) and Seven’s Bones (1.071 million).
The poor ratings for The Renovators is a big blow to Ten, which has reportedly spent more than $20 million on the show.
Ten is set to screen The Renovators six nights per week for the next three months.
The Renovators sits in a temporary timeslot, with the show set to move into Masterchef's 7.30pm timeslot once the cooking competition finishes next month.
A Channel 10 spokesperson says The Renovators achieved clear wins in its target demographics.
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The Renovators hammered on first night

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Economists have called for government action to address a long-running decline in residential land sales.
The calls follow the release of data showing residential land sales fell for a sixth consecutive quarter in March 2011, according to the latest HIA-RP Data Residential Land Report.
The volume of land sales fell to a record low in early 2011 – down 6% over the March 2011 quarter and 43% lower than the March 2010 quarter.
This is the lowest point land sales has reached since 2001, when accurate figures were first recorded.
As a result of the decline, residential construction is expected to weaken until at least the December quarter this year.
The depressed outlook follows official ABS figures which show building approvals for private sector houses fell 14% for the year to May 2011.
It also follows the Australian Industry Group (AIG) Performance of Construction Index falling to an eight-month low in June 2011, with housing and overall construction activity contracting for the 13th straight month.
HIA chief economist Harley Daley says while softer demand and over-speculation by developers in anticipation of a “fictitious” housing bubble are part of the picture, a big barrier remains the cost of serviceable land.
“Clearly this cost is excessive in a great number of areas around Australia. Governments need to address this substantial constraint on residential building which is generated by costs they impose,” Mr Dale says.
RP Data’s national research director, Tim Lawless, agreed with Dale, and placed much of the blame for low transactions volumes on an “excessive cash grab by state and local governments” on new developments which had resulted in affordability being eroded.
“On a rate per square metre basis, the cost of vacant land has exploded in recent years across most cities. Between March 2003 and March 2011 the rate per square metre price for vacant land has increased by at least 140% in each capital city analysed except for Sydney,” Mr Lawless says.
Land prices continue to rise despite the fall in the volume of sales.
The weighted median land value in Australia increased by 0.8% in the March 2011 quarter to $193,980, driven by growth of 2.7% in the median value for regional Australia (to $159,611), according to HIA and RP Data.
Over the year to March 2011, the median land value was up by 4.4% for capital cities and by 3.8% for regional Australia.
Mr Dale says the fall in demand for residential land indicates that new home starts could reach one of their lowest levels seen since the mid-1990s.
AIG director of public policy, Peter Burn, expects the difficult construction conditions experienced during 2010-11 to continue into the opening months of the new financial year.
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lschlesinger-FZcF9M3vE6

Govt must intervene to stimulate land sales: HIA/RP Data

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<div style="text-align: left;">
<a href="https://www.propertyobserver.com.au/residential/hanging-gardens-of-the-world/2011062350586" target="_blank">Recently</a> we looked at the growing trend of architects designing buildings with gardens in unlikely places, such as on the roof or walls. Here are 10 examples from around the world of buildings that have gone green all over.</div>
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<div><img src="/images/stories/triptych1.jpg"></div>
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Triptych - Melbourne’s answer to Sydney’s Patrick Blanc-designed Trio building, which has a 33-metre by five-metre garden on one wall, would no doubt be the 187-square-metre living wall at one of Southbank’s newest developments, Triptych. Rising from levels two to six above the Kavanagh Street entrance, the wall includes 43 species of plants and grasses, selected to withstand the unpredictable Melbourne climate. Gardening firm Fytogreen grew the garden off-site and has also decked out the lobbies with vertical gardens.</div>
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<div><img src="/images/stories/zoo.jpg"></div>
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Adelaide Zoo – When Adelaide Zoo unveiled its giant panda exhibit last year, the endangered animals weren’t the only attraction. Fytogreen was also behind the creation of the enclosure’s two vertical garden walls, comprising about 10,000 plants encased in biodegradable foam modules. Fytogreen is currently working on Australia’s largest green roof at the Victorian Desalination Plant, which is worth $4.2 million and due for completion in December 2011.
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MONA, Hobart – Patrick Blanc’s now global brand of vertical gardens has made it across the Tasman to the Museum of Old and New Art, or MONA, in Hobart. As if artworks themselves, Blanc’s internal garden walls sit alongside Egyptian tombs and subversive pieces of contemporary art in David Walsh’s $100 million museum.
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Caixa Forum, Madrid - Adjoining Caixa Forum, a post-modern art gallery in Madrid, is another Patrick Blanc creation. The green wall complements the nearby Botanical Gardens while making a vivid contrast with the gallery’s rusted red steel façade. This 2007 work is one of Blanc’s larger works. His smallest is “la robe vegetal”, a gown made from plants he created with Jean Paul Gaultier.</div>
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Reykjavic City Hall – This 20-year-old civic building in the Icelandic capital is home to an impressive full-moss walls that runs directly into the waters of Lake Tjornin. Phillip Johnson is promoting the moss wall concept to Australia. “It’s a really resilient form of green wall that changes colour when it dries out, then comes back to life when it rains. It works well on south-facing walls and can have an amazing evaporating cooling effect.”
 
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ACROS Fukuoka building –This unconventional Japanese office building was built on top of precious parkland in Fukuoka City. Therefore, the architects sought to recreate the green space by installing tiers of terrace gardens that step up 60 metres from the parkland below. The building is cloaked in 35,000 plants representing 76 species, creating a cool environment for office workers.
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California Academy of Science, San Francisco – Imagine the domed contours of Melbourne’s Southern Cross Station, cover it in 1.7 million plants, and you have something like architect Renzo Piano’s stunning living roof at the California Academy of Science. The one-hectare roof mimics the bay area’s hilly terrain and includes native flora that provides endangered insects with a protected habitat.
 
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<img src="/images/stories/waldspirale.jpg">
Waldspirale, Darmstadt, Germany – Literally translating to Forest Spiral, this residential complex is all colours and curves with a truly unique rooftop garden. Austrian artist and architect Friedensreich Hundertwasser designed Waldspirale in the 1990s and became famous for blending bold colours and uneven levels with the natural landscape.
 
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Kensington Roof Gardens, London – Virtually invisible from the street, Europe’s largest roof garden (6,070 square metres) is accessed via a discrete doorway marked simply “99 Kensington High Street”.
<img src="/images/stories/kensington2.jpg">
Commissioned in the 1930s by a department store magnate, the rooftop includes themed Spanish, Tudor and woodland gardens complete with garden pond and resident pink flamingos. Sir Richard Branson purchased the gardens in 1981.
 
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<img src="/images/stories/commonground.jpg">
Elizabeth Street Common Ground, Melbourne – Not all vertical and rooftop gardens are for the rich and famous. For example, this social housing development on Elizabeth Street has a large rooftop garden, which developer David Waldren of Grocon says has multiple functions. “It plays an important part of resident rehabilitation, includes a productive veggie garden and provides a safe place for children who live on the upper floors to play.”
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