<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers a refined collection of luxury residences to Melbourne’s inner north

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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OpenTable, a provider of online restaurant reservation services, has become the latest tenant to secure office space at Frasers Property Australia’s 357 Collins Street
OpenTable will occupy 770 sqm on the top floor (level 22) of the 32,000 sqm building for five years.
The leasing deal was facilitated by Colliers International’s Zak Seccull, Michael Darvell and Ben Christie.
CBRE’s Alex He nderson and Tom Backay represented OpenTable throughout the negotiations to secure the space on their behalf.
Mr Seccull said office buildings once popular with traditional white collar corporate tenants were now becoming increasingly popular with Tech and IT companies.
“IT has been our largest growth sector by enquiry in 2019, equating to 16.5% of all office leasing enquiries at Colliers International."
“Melbourne’s commercial landscape has seen unprecedented evolution over the last five years, no market more so than coveted Collins Street. With the growth of tech start-ups and digitalisation of every industry, the former Collins Street corporate demographic no longer applies," Mr Seccull said.
OpenTable, which enables diners to browse, discover, book and review more than 51,000 restaurants, have relocated from its previous regional office in Preston.
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OpenTable become lessors in Collins Street office tower

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A trophy office block in the heart of Darlinghurst is set for a big sale.
The seven level A-grade office block at <a href="https://www.realcommercial.com.au/for-sale/property-19a-boundary-street-darlinghurst-nsw-2010-503366798" target="_blank">19a Boundary Street</a> last traded for $63.5 million in 2017 when it was bought by Haben Property Fund.
It was in 2000 that the warehouse was converted and repurposed as office space, with notable tenants such as creative agency Collider and celebrity chef Donna Hay.
There are 53 tenants in total, with a mix of office and ground level retail and cafe spaces.
Mercer Property and CBRE have been jointly appointed to sell the property that fully leased offers a total lettable area of 6,500 sqm, including a ground floor retail showroom.
It also has secure parking for up to 51 vehicles.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/22/19a%20Boundary%20Street%20Darlinghurst%201.jpg" alt="">
The net passing income is $4,380,311.22 annually, with a rare five per cent annual increase on leases.
The building was recently upgraded, with a new lift and an upgrade of all amenities.  
CBRE agent Harry Georges is marketing the property in conjunction with Mercer Property's Tom Speakman and Matt Davoren.
Georges said he is expecting significant investor interest.
“With low supply and high demand, office vacancy rates have reached record lows across Sydney,” Georges said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/22/19a%20Boundary%20Street%20Darlinghurst%202.jpg" alt="">
“The vacancy rate on the city fringe has contracted for the third consecutive year to circa 3%, the lowest rate of any commercial market in Australia. 
"This is underpinning interest in assets like 19a Boundary Street, which offer strong fundamentals and a diverse tenancy mix.”
George noted that commercial buildings in Darlinghurst were in high demand but rarely brought to market.
“19a Boundary Street also offers significant upside, with scope for a considerable uplift in the existing rents and potential for a future exit strategy via a strata subdivision,” Mr George said.
“Given the building’s location, a conversion to a boutique hotel would be another possibility subject to the relevant planning approvals.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/22/19a%20Boundary%20Street%20Darlinghurst%204.jpg" alt="">
Mercer Property agent Tom Speakman said creative buildings are in short supply.
“The Sydney market is experiencing above-average demand for heritage and creative stock,” Speakman said.
“As the lines between work and play continue to blur, occupiers are increasingly looking to grow their businesses and retain talent in creative commercial spaces such as 19a Boundary Street, which are surrounded by superior amenity and new restaurant and bar concepts.”
“The building’s tenancy profile has the potential to provide either an owner-occupation opportunity or allow an incoming purchaser to rework a large portion of office space.
“Leasing to a single, whole building tenant or whole floor tenancies offers the advantage of picking up an additional 15% of net lettable area – all while bringing rents up to market.”
 
 
 
 
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Darlinghurst trophy office block set for big sale

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A Potts Point backpacker hostel has been listed for the first time in over four decades.
The four level Orwell Street building is currently the home of Jolly Swagman Backpackers, who have been operating from the building for over 20 years.
<img src="https://www.urban.com.au/images/2019/10/18/Backpackers%202.jpeg" alt="">
The 47 room hostel near Kings Cross Station has a shared kitchen, dining room, TV room, laundry, and solar roof panels.
It's gross annual income for this year is $1.23 million per annum.
 <img src="https://www.urban.com.au/images/2019/10/18/Backpackers%203.jpeg" alt="">
Jerry Leis and Allan Levy, from Metro Commercial Double Bay, have a November 12 auction.
Prices at the hostel start at $34.
Last year Sydney Central Backpackers, a smaller backpackers nearby, <a href="/expert-insights/investing/sydney-central-backpackers-at-potts-point-fetches-7-milliion">sold for a record $7 million</a>.
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Jolly Swagman Backpackers Hostel in Potts Point listed

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EXPERT OBSERVER
Apartment markets are leading Melbourne’s recovery from the post-boom downturn. Hotspotting’s Spring survey of sales activity and prices provides strong evidence of revival in Melbourne, with units outdoing houses on price performance.
Our survey has identified 73 markets where median prices have risen in the past 12 months and 79% of them are apartment markets. Examples include Fairfield (up 20%), Glen Huntly (up 15%), Niddrie (up 15%), Toorak (up 17%), West Footscray (up 15%) and Yarranville (up 15%)
The most striking trend is the number of suburbs where the median house price is down but the apartment median is up: 53 suburbs across the Melbourne metro area have this scenario.
Examples include: 
<ul class="ul1">
<li class="li1">Brighton (house median down 18% but unit median up 8%); </li>
<li class="li1">Doncaster East (houses down 13% but units up 9%); </li>
<li class="li1">Heidelberg (houses down 13% but units up 11%; </li>
<li class="li1">Highett (houses down 20% but units up 9%); </li>
<li class="li1">Kensington (houses down 14% but units up 8%); </li>
<li class="li1">Mt Waverley (houses down 14% but units up 6%); </li>
<li class="li1">Ormond (houses down 16% but units up 13%); and </li>
<li class="li1">West Footscray (houses down 10% but units up 15%).</li>
</ul>
Melbourne’s most expensive market, Toorak, provides the most stark contrast: the median house price has dropped 29% to $3.1 million in the past year, while the median apartment price has risen 17% to $985,000.
There are also 48 markets where the median price is down in annual terms but has risen in the latest quarter – and 30 of those (63%) are apartment markets.
Examples include Heidelberg Heights apartments, where the median is down 8% annually but up 4.6% in the latest quarter and South Melbourne apartments, where the median is down 4% annually but up 2.8% in the latest quarter.
There are 129 markets where median prices are down 10% or more in annual terms and 110 of them are house markets – only 19 of the markets with big decline are unit markets. 
Many of those with biggest annual decreases (above 20%) are suburbs where median house prices are above $1 million – or were before the recent decline. They include Box Hill, Box Hill South, Bulleen, Carlton, Hawthorn, Hawthorn East, Highett, Hughesdale, Ivanhoe, Ivanhoe East, Mont Albert North, North Melbourne, South Yarra, St Kilda and Toorak.
Hotspotting’s Spring survey of sales activity shows solid evidence of the recovery that has emerged in Melbourne since the Federal Election result in May. The previous two years had shown the decline from the peak of the boom – at first gradual and then dramatic.
The previous eight quarterly surveys had shown the following numbers of suburbs with growth markets (rising numbers of sales): 97, 60, 35, 30, 12, 9, 9, 2 and 0. That pronounced pattern of decline in sales activity heralded the end of Melbourne’s boom, which eventually led to decreases in median prices in the past 18 months.
This latest survey shows the first evidence of turnaround. It identifies 20 suburbs with growing sales activity, with most of them in Melbourne’s middle market. Declining markets still outnumber rising ones, but the number of suburbs with downward patterns in sales activity has reduced from 113 in the Winter survey to 72 in this Spring survey. 
Of the 30 LGAs across the Melbourne metro area, there are four LGAs with at least one growth suburb and no declining ones: Darebin (with Northcote as a growth market), Manningham (Templestowe and Donvale), Moonee Valley (Ascot Vale) and Nillumbik (Diamond Creek and Eltham). 
Other Middle Melbourne areas with growth markets include the LGAs of Kingston (Moorabbin and Mordialloc), Moreland (Brunswick East and Oak Park) and Bayside (Hampton and Sandringham).
Most of the suburbs with rising sales trajectories have median house prices in the range from $800,000 to $1.2 million.
While the number of suburbs with declining activity is less than the previous survey, there are precincts where serious decline remains evident – many of them outer ring areas which had previously showed resilience against the post-boom downturn. They include the LGAs of Mornington Peninsula, Melton, Hume, Wyndham and Casey.
Some of the more upmarket areas also continue to struggle including the LGAs of Glen Eira, Melbourne and Whitehorse. 
Some municipalities demonstrate the folly of generalisation about property markets, with a range of contrasting scenarios playing out within the one precinct. The LGAs of Brimbank, Kingston and Whittlesea all have suburbs with diverse outcomes: some rising, some plateau, some consistency and some declining. 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
 
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Apartment markets leading Melbourne's real estate recovery: Hotspotting's Terry Ryder

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EXPERT OBSERVATION
School catchments have always been important in driving demographics, and how and where families choose to live.
But as the capital cities become denser, this will become more and more so the case.
In Sydney and Brisbane we are now seeing the advent of high-rise inner-city high schools, which is something perhaps more readily associated with countries such as Japan, or elsewhere in Asia.
At the Inner Sydney High School site in Surry Hills, the 14-storey school with a tech and science focus is under construction, but isn’t due to open until 2020.
Yet already applicants from outside the catchment area are being sidelined onto a waiting list.
<img src="https://gonextlevelwealth.com.au/wp-content/uploads/2019/10/Catchment.jpg">
Aspirational parents will have a natural desire for their children to be able to access the high-tech facilities and state-of-the-art modern classrooms, and as such we can reasonably expect that they’ll move heaven and earth to achieve that end.
When fully constructed the Inner Sydney High School will provide education for 1,200 students.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. 
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Why school catchments are becoming critical: Pete Wargent

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A narrow commercial premises on Woollahra's pricey Queen Street has been listed for $4.6 million.
Last traded for $1.65 million in 2006, <a href="https://www.realcommercial.com.au/for-sale/property-88-queen-street-woollahra-nsw-2025-503363674" target="_blank">88 Queen Street</a> is currently the home of Perryman Carpets by Design.
They are currently on a three x three year lease.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/88%20Queen%20Street%201.jpg" alt="">
The freehold two storey commercial building has previously been occupied by real estate agency Laing + Simmons Woollahra.
1st City agent John Knott is marketing the property.
He says the property offers one of the most secure long term, capital gain investments available.
It's been a busy year on Queen Street, regarded as one of Australia's most exclusive shopping strips.
Last month a <a href="/expert-insights/investing/premium-queen-street-woollahra-commercial-space-sells-for-15-1-million">premium commercial site</a> made up of three tenancies sold for $15.1 million.
A <a href="/expert-insights/investing/gutted-queen-street-woollahra-shop-listed-for-sale">gutted Queen Street commercial space</a> also sold last month to the same buyer of the adjoining property, formerly Japanese grill bar Izy Izakaya.
 
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Narrow Queen Street, Woollahra shop listed for $4.6 million

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A historic Braidwood hotel, once frequented by Mick Jagger, has been listed with $2.6 million hopes.
The two storey property at <a href="https://www.realestate.com.au/property-house-nsw-braidwood-132195558" target="_blank">145 Wallace Street</a>, the comprises a pub, a restaurant, bottle shop, and an 17 bedroom hotel. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/18/royal%20mail%20hotel%202.jpg" alt="">
The Royal Hotel was built by James O'Brien in the 1890's and was once a staging point for coaches during the boom time of the gold rushes.
It became officially known as The Royal Mail Hotel in 1970 while the movie Ned Kelly was being filmed in the area.
Legendary rock singer Mick Jagger, who starred in the film, stayed at the hotel during its production, and was known to frequent the bar in his time-off.
The pub is ran by former Araluen farmer Jamie Raynolds, who took over the lease in 2016. 
Ray White's Denver Shoemark is marketing the property.
  
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Historic Braidwood hotel, once visited by Mick Jagger, hits the market

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EXPERT OBSERVER
The employment report for September printed a modest fall in the unemployment rate from 5.26% to 5.20%. Further, the underemployment rate fell from 8.53% to 8.35%.
That will be sufficient to avert another rate cut from the RBA in November.
Westpac has consistently argued that a cut in November was unlikely and the Employment Report strengthened our case.
The October RBA meeting minutes made an important point that had not been part of earlier commentaries:
“Members also discussed the possibility that policy stimulus might be less effective than past experience suggests. They recognised that some transmission channels, such as a pick-up in borrowing or the effect on the home-building sector, may not be operating in the same way as in the past, and that the negative effect of low interest rates on the income and confidence of savers might be more significant. Notwithstanding this, transmission through the exchange rate channel was still considered likely to work effectively, and evidence suggested that the positive effects of lower interest rates on aggregate household cash flows via lower debt repayments was likely to support household spending, given that household interest payments exceed receipts by more than two to one”.
This point is highly relevant for any discussion around the Effective Lower Bound (ELB) for the cash rate in this cycle.
Certainly, with the Board targeting full employment (currently assessed by the RBA as 4.5% compared to the actual of 5.2%)and a move into the 2–3% target zone for underlying inflation, it seems certain that the RBA will reach its ELB before it achieves its objectives.
Westpac’s current forecast (first set out on July 24) is that the ELB is 0.5% and will be reached at the February Board meeting.
However this process is different to the normal process for forecasting the end point of any policy cycle. That forecast typically hinges around forecasting how far below (or above) neutral (or R*) the cash rate will need to be pushed before the authorities can be comfortable of achieving the objectives of full employment and inflation sustainably in the 2–3% target range.
So the policy around choosing the ELB will likely be determined by the trade-off between the expected impact of further cuts and unanticipated consequences of ultra-low interest rates.
The minutes have already highlighted one risk – the impact of ultra-low rates on confidence. That effect was further emphasised by the 5.5% fall in the Westpac-MI Consumer Sentiment Index in October to its lowest level for four years. The survey was conducted during the week of the announcement of the 0.25% cut in the cash rate from 1% to 0.75%.
Read full report <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/October/er20191021BullPolicyDebate.pdf" target="_blank">'Policy debate' (PDF 99kb)</a>
BILL EVANS is the Chief Economist at Westpac
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Policy debate hinges around risks of ultra low interest rates: Bill Evans

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The mezzanine floor of Moran House, an owner occupied office building in the Sydney CBD owned by the Moran family, is now available for lease
The tenancy at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLe5o804VtamUhEA/9ZQVMvzNGgema06ruScwh8KTG/dcOZySCVoUz6QcmdBxtFfWxAjdYwySfTz0uNjem/i2I2Q110NoIn83n0ThrNmqYH1OcLrnCcXIOa7w==&amp;rh=ff00528e887253a2c7f9676eed448bd60cdee792" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">13-15 Bridge Street</a> is being marketed for lease by Scot Robertson of Robertson and Sons and John Skufris of Ray White Commercial South Sydney.
Robertson said the recently renovated tenancy of about 166 square metres comprised reception, boardroom and an open-plan office area with exposed ceilings.
"This overlooks the Christopher Hanna hair salon situated on the ground floor via full height glazing looking through a spectacular feature mural screen sculpture by Douglas Annand to Bridge Street," Robertson said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/15/Mezzanine_13-15%20Bridge%20St%20Sydney-57.jpg" alt="">
The building formerly known as Liner House is classified by the National Trust, previously won the Sir John Sulman Medal for architectural excellence.
It is situated within close walking distance to both Wynyard and Circular Quay stations. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/15/Mezzanine_13-15%20Bridge%20St%20Sydney-88.jpg" alt=""> The lift has recently been replaced and the mezzanine level has been refurbished. The asking rent for this property is $725 per square metre per annum gross plus GST, with the tenancy available for immediate occupation, and is ideal for up to 20 staff, Robertson said.
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Sydney CBD Moran House mezzanine floor for lease

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EXPERT OBSERVATION
The growth rate is now materially below trend and is signalling that growth through the first half of 2020 is likely to remain below trend.
That profile is broadly consistent with Westpac’s forecasts which have growth in the first half of 2020 at an annualised pace of 2.4% consistent with the overall growth pace in 2020 of 2.4%.
This forecast contrasts with the Reserve Bank’s current forecast of 2.8% although that forecast may be revised when the Bank releases its new forecasts on November 8.
<a href="https://www.propertyobserver.com.au/images/2019/10/16/LEADING%20INDEX.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/16/LEADING%20INDEX.jpg" alt="">
The Leading Index growth rate has deteriorated over the last six months from –0.56% in April to –0.92% in September.
The main components driving the 0.36ppt shift have been a further weakening in dwelling approvals (–0.25ppts); a deterioration in consumer sentiment (–0.21ppts); a sell-off in commodity prices (–0.20ppts); and slower growth in monthly hours worked (–0.11ppts).
These negatives have been partially offset by a reduced drag from the yield spread as the RBA’s rate cuts have lowered short term interest rates (+0.24ppts), and a slight improvement in US industrial production (+0.23ppts).
The Reserve Bank Board next meets on November 5. Westpac expects the Board to hold the cash rate steady at that meeting.
On October 15 the Bank released the minutes of the October Board meeting. The minutes contained a detailed justification for the decision to ease the cash rate from 1% to 0.75% at that meeting.
In particular it emphasised the benefits to the economy of a lower currency and improved cash flow for households, while recognising some potential negative impact on confidence of ultra-low rates.
That issue was subsequently highlighted by the 5.5% fall in the Westpac MI Consumer Sentiment Index in response to the October rate cut.
It seems clear that the Board expects to ease rates further although we believe the November meeting will be a little too soon. Westpac continues to expect that the next rate cut will come in February next year.
Read full report '<a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/October/er20191016BullLeadingIndex.pdf" target="_blank">Westpac-MI Leading Index September' (PDF 116kb)</a>
BILL EVANS is Chief Economist for Westpac
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