<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 design-led apartments 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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EXPERT OBSERVATION
With the release of regional population and migration data for 2016-17, in this week’s Pulse we take a look at where people migrating away from capital cities are ending up moving to.
The Australian Bureau of Statistics (ABS) recently released regional population growth data for 2016-17. The data included information on internal migration showing where people were moving to. Using this data we can determine when people migrate away from a capital city where they are settling. For this we are looking at internal movements from the Greater Capital City Statistical Areas (GCCSA) to other SA4 regions across the country.
Of those people shifting out of Sydney, the most popular destinations were those directly adjacent to the city: Newcastle/Lake Macquarie and Illawarra. The Australian Capital Territory and Gold Coast also recorded more than 5,000 person arrivals from Sydney over the past year. Six of the top 10 regions for arrival of former Sydney residents were within New South Wales with the remaining for in ACT, Qld and Vic.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg1.jpg" alt="Top 10 regions of arrival from Sydney 2016-17" width="688" height="410">
The top five regions of arrival for former residents of Melbourne are all within Victoria and they are all directly adjacent to Melbourne. Latrobe-Gippsland (7,259) and Geelong (6,894) have attracted the greatest number of former Melbourne residents over the past year. Seven of the top 10 regions for arrivals of former Melbourne residents were in Victoria with the Gold and Sunshine Coasts in Qld and the ACT accounting for the other three regions in the top 10.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg2.jpg" alt="Top 10 regions of arrival from Melbourne 2016-17" width="659" height="395">
 Seven of the top 10 regions for arrivals of departing residents of Brisbane are also located in Qld. The Gold and Sunshine Coasts record a much greater number of arrivals from Brisbane than any of the other regions on the list. Interestingly, the data also suggests that those migrating away from Brisbane to other areas of Qld tend to remain in the southern areas of the state. The three regions of top migration from Brisbane that aren’t within the state are Melbourne-Inner, Richmond-Tweed (directly adjacent to the Gold Coast) and the ACT.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseinmg3.jpg" alt="Top 10 regions of arrival from Brisbane 2016-17" width="653" height="399">
 A reasonably large number of residents leaving Adelaide move to other regions of SA (noting there are only three regional SA4 areas in SA). The South-East region of the state is the most popular for departing Adelaide residents followed by Barossa-Yorke-Mid North. Melbourne is also a popular region for those departing Adelaide accounting for three of the top 10 regions with the ACT, Darwin, Gold Coast and Parramatta also making the list for regions outside of SA.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg4.jpg" alt="Top 10 regions of arrival from Adelaide 2016-17" width="674" height="397">
 It is perhaps a little surprising that the top destinations for departing residents of Perth are within Western Australia and not interstate. The four regional SA4 regions of the state are also the top four destinations for those migrating out of Perth. Regions of Melbourne account for three of the remaining five locations outside of WA with Darwin, Gold Coast and ACT also making the list.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg5.jpg" alt="Top 10 regions of arrival from Perth 2016-17" width="661" height="402">
 The most popular region for residents of Hobart that move out of the city is the surrounding South East region. In fact, the South East has seen double the number of migrants from Hobart than Launceston and the North East in second place. Note that there are only three SA4 regions of Tas outside of Greater Hobart and they are each listed. Outside of Tas, four regions are in Vic (each of which are in Melbourne), two regions are in Qld and the remaining region is the ACT.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg6.jpg" alt="Top 10 regions of arrival from Hobart 2016-17" width="664" height="398">
 When residents of Darwin move away from the city, the greatest share of them move to other parts of the Territory outside of the capital city. Qld is a popular destination from Darwin residents moving away with five of the top 10 regions listed within the state and all except for Ipswich being in coastal locations. The top 10 list also includes one region each in Melbourne, Perth and Adelaide as well as the ACT.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg7.jpg" alt="Top 10 regions of arrival from Darwin 2016-17" width="665" height="394">
 Residents of Canberra that leave don’t have the option to move elsewhere within the territory however, a substantial number of them move to the Capital Region located adjacent in NSW. Seven of the 10 most popular regions for people from Canberra to migrate to are in NSW and 6 of them are in Sydney. Elsewhere in the top 10 Canberrans have migrated to two regions of Melbourne and the Gold Coast.
<img src="https://www.corelogic.com.au/sites/default/files/2018-05/2018-05-14-pulseimg8.jpg" alt="Top 10 regions of arrival from Canberra 2016-17" width="660" height="396">
 The data shows that overall a significant number of those people that moved away from a capital city over the past financial year moved to an area adjacent to the capital city. Some of these are coastal/lifestyle markets while also being locations where housing is more affordable. The reality is the reasons for moving to these locations likely vary somewhat from one in which the residents are seeking more affordable housing or one in which residents are looking for a seachange/treechange. 
CAMERON KUSHER is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

Where do people migrating away from capital cities head?

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The syndicate headed by the Melbourne restaurateur Guy Grossi has secured around $7.25 million for the Bottega restaurant premises.
The unconfirmed deal for the Bourke Street premises was struck on an estimated 2.9 per cent yield.
The selling price was well above the initial $5 million-plus expectations when it was listed for sale last month.
More than 250 parties inspected the premises, with 15 formal offers, including three parties who travelled from Asia to inspect the property.
The Melbourne CBD building housing Italian restaurant Bottega offered a 254sq m floorplan and 198sq m landholding.
Savills Australia agents Clinton Baxter, Nick Peden and Benson Zhou were selling the property via an expressions of interest campaign.
Marketing it as an “extremely rare CBD freehold investment” with the restaurant recently extending its lease to paying “a modest rental” of $211,940 per year.
Bottega is run by restaurateur Denis Lucey.
Grossi owns the 1880s-built two-storey building with his wife Melissa, sister along with business partner Liz Rodriguez and her husband, Grossi executive chef Chris Rodriguez. 
Grossi, a judge on My Kitchen Rules, and his partners paid $2.375 million in late 2001 for <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502772874" target="_blank">72-74 Bourke Street</a>.
Savills Australia agent Clinton Baxter told the Herald Sun the buyer was a local private investor with other CBD property holdings.
“The scarcity of Melbourne CBD properties on the market, particularly below $10 million, is … resulting in significant pent-up demand,” he said.
 
 
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j.ballantyne1990-6AQqhLzZaK

Guy Grossi syndicate sells Bottega restaurant premises 

Economic outlook in 2018 and 2019 expected to be better than 2017: RBA

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Melbourne has been attracting most of the population growth headlines, justifiably, but many of the outstanding growth areas of Australia are regional centres.
The population numbers confirm my view that there’s too much emphasis on capital cities and not enough on regional areas.
We have numerous regional centres which are larger than some of our state and territory capital cities. 
The Gold Coast-Tweed Heads and Newcastle-Maitland urban areas are both larger than the national capital, Canberra. 
The Central Coast, the Sunshine Coast, Wollongong and Geelong are all significantly bigger than Hobart; while Townsville, Cairns and Toowoomba are all larger cities than Darwin.
A recent analysis of the 50 largest urban areas of Australia by “id the population experts” shows which cities grew the most last year and over the past five years. I’d like to focus in particular on the top 20 urban areas.
In terms of growth in 2017, Geelong is the national growth star with a 2.7% increase, following by nearby Melbourne on 2.6%.
Next come the Gold Coast and the Sunshine Coast, which both grew 2.5%. Brisbane grew 2%, so the unavoidable conclusion is that Australia has two major centres of exceptional population growth – the Melbourne-Geelong region and South-East Queensland.
In terms of five-year growth, the top six growth centres are Melbourne (13.5%), the Sunshine Coast (12.7%), Geelong (12.3%), the Gold Coast (11.4%), Darwin (10.2%) and Sydney (10.1%).
All of those urban centres, apart from Darwin (which has fallen into a bit of slump in recent years), had significant growth in 2017.
Other locations to record strong growth in both 2017 and the past five years include Ballarat (the 18th largest urban area in Australia) and Bendigo (the 19th largest).
Looking at centres in the 50 largest urban areas but not in the top 20, the two standout growth areas are Melton and Warragul-Drouin.
Melton, out in the far west of the Melbourne metropolitan area, grew 5.3% in 2017 and 26.6% in the past five years.
Warragul-Drouin, in the Gippsland region east of Melbourne, increased 3.4% in 2017 and 16.7% in the past five years.
Other ABS information shows that many of these regional areas are gaining population from people moving from nearby capital cities. The greatest beneficiary of this trend last year was the Gold Coast, followed by the Sunshine Coast.
Others to gain from refugees from the city include regional areas close to Melbourne, including Latrobe-Gippsland, Geelong, Bendigo and Ballarat. 
So there’s an undeniable pattern to the population growth achievers of Australia. Victoria is a stand-out, both Melbourne as the leading capital city and numerous regional centres which are surging ahead, including Geelong, Ballarat, Bendigo and Warragul-Drouin.
Beyond Victoria, it’s all about South-East Queensland, with Brisbane, the Sunshine Coast and the Gold Coast all achieving consistently high growth.
If we change the focus and concentrate on Local Government Areas rather than continuous urban areas, there’s a slightly different focus, although Melbourne remains the star.
In terms of percentage population growth in 2017, the top 10 LGAs in Australia, according to “id the population experts”, include six municipalities in the Melbourne region, two in Sydney and two in Perth.
From this perspective, the leading population growth LGA last year was Camden in the far south-west of Sydney, which there is ample land for new housing development. The Camden LGA grew 8.4% in 2017.
In the Perth region, the LGAs of Serpentine-Jarrahdale (up 6.5%) and Kwinana (up 4.6%) ranked No.3 and No.7 among the nation’s municipalities for population growth rates in 2017.
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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Too much emphasis on capital city population growth and not on regional: Hotspotting's Terry Ryder

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Over half of the apartments in a Newtown apartment block are set to sell having been maintained by one owner for the last 45 years.
All of the 15 one bedroom units have been renovated internally.
They sit in a block of nearly 30 apartments in a three level, 1970s building at <a href="https://www.realestate.com.au/property-unitblock-nsw-newtown-127704298" target="_blank">48-52 Darley Street.</a>
The apartments have a price tag of $7.85 million through NG Farah agents Martin Farah and David Yacoub.
It works out to $523,000 per apartment, well below Newtown's $655,000 median price for a one bedroom unit.
Combined the apartments yield over $343,000 per annum.
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Half of Newtown apartment block for sale

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More Paddington commercial space is hitting the market with the listing of a Glenmore Road property in the popular Five Ways precinct.
Listed for the first time in over 60 years, the <a href="https://www.realestate.com.au/property-other-nsw-paddington-128165074" target="_blank">two commercial premises</a> are currently leased to bakery giant Sonoma, with next door occupied by Vietnamese restaurant Mr T.
It has a current net income of over $207,225.
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There had previously been approval for 14 residences and two shops on the 440 square metre adjacent to The Royal Hotel, but that lapsed in January.
The property currently has three apartments, a three bedroom and a one bedroom above the shops, as well as a ground level studio at the rear.
There's also an internal courtyard and garden.
Laing + Simmons agent James Agonstini has the listing.
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Paddington's Sonoma and Mr T premises listed

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An owner-occupier has paid $1.16 million for a boutique retail property in the inner eastern Melbourne suburb of Glen Iris.
Teska Carson’s Tom Maule and Matthew Feld sold the 7-9 Bardolph Street property.
It attracted five bidders driving the price well beyond the vendor’s reserve.
The price reflected a land rate of $5346 a square metre.
The property comprises a 118 square metre, single level, double-fronted, shop with on-site parking.
Zoned Commercial 1, the 217 square metre site provides nearly ten metres frontage to Bardolph Street and more than 12 metres to a ROW at the rear.
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Owner-occupier pays $1.16 million for Glen Iris shop 

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GUEST OBSERVATION
Nightlife precincts in Australian cities have come under intense scrutiny in recent years following a spate of “one punch” assaults and other incidents. Places like Sydney’s Kings Cross, Brisbane’s Fortitude Valley and Perth’s Northbridge have been framed as unsafe and unruly “problem spaces” – the kind of places that parents warn their teenage children to avoid.
Simultaneously, local politicians, urban planners and other policymakers have been spruiking the importance of the night-time economy to a city’s image and growth. A “vibrant” nightlife is seen as essential for attracting tourism and investment and creating jobs. If a city can get itself on some kind of “Most Exciting Cities in the World” list, this becomes a crucial part of its city boosterism strategy.
The championing and criticism of nightlife spaces create something of a paradox. On the one hand, the promotion of vibrant nightlife spaces may be seen as an invitation to people to revel and consume. It’s thought that failing to attract enough people to these spaces spells economic disaster for venue operators and for the city itself.
On the other hand, violence and fear discourage or exclude people from participating in nightlife. And labelling nightlife precincts as disorderly or “out of control” stigmatises these spaces and revellers, leading to more exclusion.
The policy challenge is to establish the right amount and types of regulation so that nightlife spaces allow for mild transgression in a safe environment.
When security excludes
Part of the response to these issues has been tighter regulation and security in nightlife spaces. “Lockout laws” were controversially introduced in parts of Sydney, following the example set in Newcastle and in trials in Perth, Melbourne and Brisbane. These laws wound back the operating hours of licensed venues in popular night-time precincts.
Other responses from governments and private operators have included expanding CCTV surveillance, introducing ID scanners at venue entrances, increasing police and private security presence, and slowing or suspending the issuing of new liquor licenses.
These measures are intended to make people safer and to make them feel safer, to reduce the exclusionary effect of fear. Ironically, these hyper-visible forms of security can in fact make people feel more unsafe.
These regulatory interventions are more than just about tackling violence and threatening behaviour. Ultimately, they are about imposing particular ideas of social and moral order not only within nightlife spaces but the city more broadly.
Gentrifying the night
Alongside the expansion of hyper-visible security, major public and private investment has flowed into nightlife precincts and surrounding areas over the last decade or so.
In Perth, as we have recently outlined, the impacts couldn’t be clearer. Four major redevelopment projects – New Northbridge, Perth Cultural Centre, Perth City Link and Yagan Square – have drastically reshaped the built form and sense of place within the inner city.
These developments have “changed the face” of Northbridge, which has been gradually gentrifying. The rapid rise in the number of small boutique bars, high-end restaurants and apartments is evidence of this.
The gentrification of Northbridge and other nightlife precincts across metropolitan Australia – whether through new “sophisticated” venues replacing older downmarket ones, or through residential development displacing nightlife altogether – is not a recipe for less exclusionary spaces. Rather, these developments produce a different kind of exclusion due to two factors.
First, certain groups may be priced out of more upmarket venues offering an “exclusive” or “sophisticated” experience. Second, these venues and the types of customers they attract can make other individuals and groups feel out of place. If they don’t fit the written and unwritten admission criteria they may be denied entry altogether.
Making space for transgression
In reshaping the moral geography of nightlife precincts, securitisation and gentrification are suppressing one of the fundamental appeals of nightlife – the opportunity for behaviour that transgresses social, cultural and even legal codes.
Participating in nightlife spaces in cities has been a way to briefly escape the often mundane orderliness of everyday home and work life. Nightlife spaces have historically been important for minority, subcultural and countercultural groups – LGBTGI communities, minority ethnic groups, punks, goths, fetishists and so on – to socialise and to express their individual and collective identities.
The increasingly expensive cost and overbearing regulatory regimes governing nightlife seem designed to attract the “right type” of people and to make them feel safer.
The risk of all this is that we might be sleepwalking into the creation of sanitised and yet more homogenous and exclusionary nightlife spaces.
Alistair Sisson, PhD Candidate, Urban Geography, University of Sydney
Paul Maginn, Associate Professor of Urban/Regional Planning, University of Western Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/sanitised-nightlife-precincts-become-places-where-some-are-not-welcome-95870" target="_blank">original article</a>.
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'Sanitised' nightlife precincts become places where some are not welcome

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Historically, Melbourne properties of $3 million and above have been classified as prestige. 
Recently, the ultra-prestige price for detached housing has increased to properties above $5 million and up to $15 million to $25 million, following the increasing number of properties falling between the $3 million and $4 million mark. 
Similarly, any townhouse or apartment above $3 million is labelled as prestige.
HTW, the valuation firm, says Melbourne has four main prestige areas, comprising parts of the Stonnington, Boroondara, Bayside and Port Phillip City Councils.
The main prestige suburbs in the City of Stonnington are Toorak, South Yarra, Armadale, Malvern and Malvern East, located in Melbourne’s inner south- eastern suburbs alongside the Yarra River and a short distance to Melbourne’s CBD.
Kew, Hawthorn, Hawthorn East, Camberwell, Balwyn, Balwyn North and Canterbury make up the City of Boroondara’s prestige market. Approximately ve kilometres east of the Melbourne CBD, the area is primarily residential in nature, with a number of renowned private schools such as Scotch College Hawthorn, Fintona’s Girls School Balwyn and Xavier College Kew.
Almost two-thirds of Boroondara consists of water courses and parklands such as the Yarra River and Yarra Bend Park.
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Bayside and Port Phillip City Councils run along the north-east coastline of Port Phillip Bay. Most prestige properties are seen in Brighton, Middle Park and Albert Park, which are primarily residential suburbs with occupants attracted to the inner city lifestyle as well as the luxurious beach surroundings.
The prestige apartment market is evident in East Melbourne, St Kilda Road, Melbourne and St Kilda. Some addresses of note include: 150 Clarendon Street, East Melbourne; 60-66 Clarendon Street, East Melbourne; 51 Spring Street, Melbourne; and 576-578 St Kilda Road, St Kilda.
High net-worth individuals are the buyers driving these sectors. 
Similarly, developers drive prestige sales, where the current improvements add little value and the site is suitable for potential multi-unit or single dwelling development.
The inclusions high net-worth individuals seek are modern kitchens and bathrooms including stone benchtops, designer joinery and tapware, and oor to ceiling tiles in bathrooms. 
Other sought out inclusions are quality oor coverings such as timber ooring (parquetry or American Oak), travertine tiles and luxurious carpets, typically large gross building areas, basement car spaces, self-cleaning designer swimming pools, championship tennis courts, and landscaped properties.
Popular Melbourne based architect, Nicholas Day, has crafted multiple prestige properties throughout Melbourne. Other prestige architects include Phillip Mannerheim, Bruce Henderson and landscape architect Jack Merlo. Visioneer Builders is an award winning company specialising in the construction of prestige properties. These renowned property experts attract buyers who drive these sectors.
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The Stonnington, particularly Toorak, market, Boroondara and Bayside markets have revealed good median house price growth in 2017. 
The current cycle has been generally firm for approximately six years, with the last softening occurring in mid-2012 (realestate.com.au). 
For instance, the Toorak median house price as at 9 April 2018 was $4.4 million, which has doubled since December 2016 and seen a growth of 30.9% over a year. According to Domain Group chief economist Dr Andrew Wilson, overall prestige prices in Melbourne itself rose by 11.6%.
The Reserve Bank of Australia’s rst meeting for 2018 agged the possibility of interest rate rises later in the year on the basis of the strengthening economy. 
Notwithstanding this, the commencement of the 2018 auction period in February revealed moderate results with auctions well contested in general and clearance rates at 70%. The current market appears to be in a steadying phase with a balance between buyer demand and vendor expectations.
HTW note premium, A grade property continues to command good demand from purchasers.
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The Melbourne prestige market looks to be continuing on from its 2017 growth in the short to medium term outlook. 
Prestige buyers are seeking great properties closer to the CBD. 
John Bongiorno of Melbourne’s Marshall White was cited in the HTW.
 “I see a big trend that will continue over the next decade of inner suburb Melbourne in particular becoming more and more bullet-proof," the veteran agent noted.
"With the development of infrastructure and congestion on the roads, people are getting fed up with waiting times in traf c and want to live, increasingly, within an eight- to 10-kilometre radius of CBDs. That’s where the best investments will be, too.” (domain.com.au).
In the long term view, the Autumn 2018 Herron Todd White report suggests, there is caution, as the prestige market could be reaching its peak.
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Caution in Melbourne's trophy home market as peak nears

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The prestige market in Sydney is spread across a number of regions including riverfront locations in the south and inner west, to large estates in The Hills, to large modern inner city apartments, to harbour side and beachside areas of the east and north.
Traditionally prestige properties were considered to be those with a value above $3 million, however in some areas this is now $5 million and above, the valuation firm Herron Todd White's latest report suggested.
It noted the prestige market has experienced significant growth over the past five years, however has experienced some softening of prices over the past six to twelve months, with some areas holding up better than others. A recent CoreLogic article indicated a 5.7% fall in the prices of the 25% most expensive properties in Sydney over the past 12 months.
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HTW consider the prestige market to be less dependent on affordability issues than other markets. 
Instead, the market is driven by global flows of wealth and a supply versus demand balance. It noted the factors that will help stimulate the Sydney prestige market include the Australian dollar, domestic and international share markets, business performance, business confidence, company profits, Chinese interest in trophy homes, buyer activity from expats and migration interest under the Significant and Premium Investor Visa Program.
The report did noted that rhe eastern suburbs prestige market has started 2018 fairly strongly, carrying over from what was considered a solidly performing 2017.
Good quality family homes in the $5 million to $10 million price range are the strongest sector of the prestige market. 
The harbourside suburbs of Bellevue Hill, Rose Bay, Woollahra, Double Bay, Dover Heights and Vaucluse and beachside suburbs such as Bronte, Tamarama and Clovelly have all seen steady numbers of prestige sales in the year to date.
Local high income families have been the typical buyers for these types of properties which is driving this sector. Vaucluse saw approximately 11 registered sales above $5 million in 2018 (as at 19 April) with two of these sales being above $10 million (source: PriceFinder, RP Data and Realestate.com.au.).
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The higher price points of $15 million plus, often referred to as trophy homes, have seen limited transactions and some market softening with extended selling periods. Vendor expectations have had to become more realistic to meet the market.
This is fairly similar with the prestige unit market with somewhat mixed results and limited transactions occurring in the $5 million plus category.
Buyers are becoming more cautious particularly in regard to those considered to be secondary prestige properties (busy road positions, steep sloping sites, etc). There are also an increasing proportion of prestige properties being sold off market though local agents.
Overall there are some mixed results within the eastern suburbs prestige market and the rest of 2018 is expected to see a continued stable market with some of the price points and property types experiencing some softening.
Some examples of recent prestige sales in the area include 148 Old South Head Road, Vaucluse, which sold in March for $8.2 million after 30 days on the market and 178 Hopetoun Avenue, Vaucluse, which sold in April for $17 million after 253 days on the market with original expectations in August 2017 of $22 million.
A Vaucluse brand new architecturally designed house over three levels with harbour views was sold on May 3 (pictured below).
Designed according to traditional Feng Shui principle, <a href="https://www.realestate.com.au/sold/property-house-nsw-vaucluse-127494758" target="_blank">the 148 Old South Head Rd</a> house is graced with prestige appointments and finishes of the finest calibre.
The indoor features include five bedrooms, living/dining and family areas with balconies, home cinema and Miele marble kitchen.
The outdoor area comes with mosaic tiled pool, rooftop terrace with superb views and five car garage. 
Positioned on a 700 sqm block, it is opposite Christison Park and the iconic Macquarie Lighthouse. 
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Another Vaucluse seven bedroom harbourside house was sold in April (pictured below).
Architect designed by Michael Suttor less than 20 years ago, the <a href="https://www.realestate.com.au/sold/property-house-nsw-vaucluse-126089194" target="_blank">178 Hopetoun Avenue house</a> features light filled interiors and resort style living.
It comes with seven bedrooms, separate formal lounge and dining areas, and gourmet open plan kitchen.
Outdoor features include level garden, pool, and full tennis court.
It is located within a stroll to historic Watsons Bay and convenient to Rose Bay and Bondi Beach.
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