<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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

<html><body>
When I described Australia’s price data mess at a recent seminar, many in the audience were incredulous.
Some had believed that if a national newspaper told them Sydney prices had risen 10 percent, based on figures from a well-known research entity, then that was a fact to be relied upon.
If a research report portrayed a 10 percent decline in Darwin apartment prices, that was information you could take to the bank.
I showed that audience how different the reality was. With scary regularity, figures about prices from one source are commonly contradicted by data from others.
The problem is, no one in Australian media seems to have noticed. If journalists are aware, they’ve decided to ignore that reality because it makes life complicated.
So this week media dined out on the latest price figures from CoreLogic. Here’s a sampling of the headlines:-
Sydney house prices cement return to double-digit growth (AFR)
Sydney, Melbourne, Canberra house prices galloping ahead (New Daily)
Strong early spring for Melbourne home prices as values rise again (Herald Sun) 
There were many other similar ones. Those headlines and the articles that followed showed a blind acceptance of the figures from that one source as absolute fact.
But they’re nothing of the sort. They’re just one version of the truth, which can change dramatically depending on who you’re listening to. 
Sydney house prices were stated by CoreLogic to have risen 10.9 percent in the past year. Stand by for another TV cameo from Alan Kohler, telling ABC watchers that Sydney’s still booming.
But the latest figures from Domain claim that annual house price growth in Sydney is just 2.1 percent. Meanwhile, SQM Research reports annual growth of 1.7 percent and Residex says 2.1 percent. 
There are similar discrepancies with the figures for the Sydney apartment market. CoreLogic reports an annual rise of 9.1 percent, while SQM says 4.0 percent, Residex 4.2 percent and Domain just 0.9 percent.
The most recent Property Price Indexes from the ABS reported a rise of 3.6 percent for Sydney.
Those are big differences. One source claims Sydney is still booming while others portray an end to the boom. You’ll notice that CoreLogic is very much the odd one out.
But the differences are even more startling in other cities.
CoreLogic reports a 10.2 percent annual rise for Darwin’s apartment market, but Residex records a 10.9 percent decline. One portrays a boom and the other a disaster. They can’t both be right – and there’s a strong possibility they’re both wrong. Domain records a 4 percent rise and SQM a 2.7 percent fall.
SQM says Hobart’s apartment market is up a rather spectacular 21.7 percent, but Domain reports an 11.7 percent decline. One claims a nation-leading runaway boom and the other a catastrophic decline.
What are we to believe?
CoreLogic reports a rise of 6.3 percent for apartment prices as the average situation across the eight capitial cities. Economists interpret this as “Australian apartment prices are up 6.3 percent” while myopic ratings agencies like Standard &amp; Poor’s see it (taken in conjunction with the high levels of new supply) as evidence that a “sharp correction” in prices is looming.
But are “Australian apartment prices” really up 6.3 percent? SQM records an overall position of a 0.1 percent decline for that same market, while Domain reports a rise of just 1.2 percent and Residex says the market overall is up 3.9 percent.
Similarly, what are we meant to believe about Sydney’s median house price? The price of the mid-range Sydney house is $920,000, $1,068,000 or $1,165,000, depending on which researcher you believe. There’s a difference of $245,000 between the highest and the lowest.
The greatest problem is the way media reports each set of figures. Each is re-cycled to the public as fact. No one highlights the reality that they’re statistics from a single source and that other sources are delivering different results.
It’s a serious situation. Consumers base big investment decisions on these figures. They shouldn’t, but they do. 
I’ve heard investors talking about their intention to dive into the Sydney market because they read somewhere that prices are still rising at a double-digit rate. They missed the previous week’s article which said prices were rising only 2 percent.
We’re at a point where consumers can believe almost nothing that they read on real estate prices.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
</body></html>

terryryder-YECXbqmri2

Consumers can believe almost nothing they read on real estate prices

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A recently listed investment property along the Sydenham to Bankstown rail corridor may benefit from NSW government plans for urban renewal.
The 667 square metre corner site at 47-51 Unwin Bridge Road has been identified for Main Street Shop Top Housing under the draft system.
It permits ground floor retail and up to five levels of residential above.
Richardson &amp; Wrench Pyrmont/Glebe are handling the marketing.
Principal Nick Countouris said the site could have potential for up to 28 apartments when rezoned.
“The current zoning is B1 Neighbourhood and what you see is what you get,” said Countouris.
“The draft strategy has substantial upside giving an investor or developer comfort to know they are buying an asset with strong income and great tenants, all while awaiting gazettal of the strategy, and without having to submit a planning proposal.”
The property is currently leased until 2020 to Pacific Brands with a Bonds Factory Outlet on the ground level and to the School of Self Defence on the floor above with options to 2025, returning income of $202,000 per annum.
<img src="/images/2016/11/01/unwins%20aerial.jpg" alt="">
The government’s Sydenham to Bankstown Urban Renewal Corridor strategy aims to create more housing, jobs and infrastructure around the 11 stations on the Sydenham to Bankstown line which will be converted to a Metro line by 2024.
Under the plan residential and mixed use developments would be allowed within 400 metres of the stations, resulting in densification that would generate an additional 36,000 dwellings.
Countouris said since the release of the strategy in October last year there had been intense interest in opportunities along the growth corridor.
“There have been very few sites put to the market since the release of the draft strategy and those that do are generally bought under fierce competition,” he said.
The vendor will be looking for a price in the high $3 millions when the property goes to auction on November 24.
The site is just 140 metres from Sydenham rail station and five kilomotres south of the Sydney CBD.
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j.ballantyne1990-6AQqhLzZaK

Prominent Sydenham investment property with redevelopment potential

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Retail sales growth has eased further at the expense of traditional major anchor tenants, according to Dexus Property Group’s latest quarterly report.
Consumers continue to limit spending on traditional retail goods in favour of retail services and dining/entertainment experiences.
Retail turnover growth eased to 2.6% for the year to August 2016.
NSW and Victoria continue to lead other states, but Queensland has been improving, having now recorded four consecutive months of increased growth.
WA is weak with mildly negative growth over the year.
<a href="/images/2016/10/28/Figure%2020.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2020.jpg" alt="">
At a category level, ‘clothing, footwear and accessories’ and ‘cafés, restaurants and takeaway’ are currently the best performers. ‘Household goods’ growth has eased and ‘department store’ sales are contracting.
<a href="/images/2016/10/28/Figure%2021.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Figure%2021.jpg" alt="">
There is significant development activity particularly in regional centres, as owners seek to expand their entertainment/leisure precincts to cater to new consumer preferences. The evolution of shopping centres is continuing to shift the balance from traditional anchor tenants, e.g. department stores to mini-majors/specialties.
<a href="/images/2016/10/28/Table%206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/28/Table%206.jpg" alt="">
Dexus noted the key themes included:
<ul>
<li>Consumer confidence has remained steady in the last few months</li>
<li>Several retailers have announced expansion plans including Costco, Harris Scarfe (13 stores with a focus on NSW) and David Jones’ high-end food offer (commencing with Market Street, Sydney)</li>
<li>The UK department store Debenhams has announced their first Australian store will be at St Collins Lane, Melbourne in September 2017</li>
<li>Consolidation of major retailers is increasing with JB Hi-Fi acquiring The Good Guys, Home Consortium purchasing Masters and Steinhoff’s planned takeover of Fantastic Holdings</li>
<li>As part of its restructure, Woolworths has announced a review of existing and planned stores, with 30 stores targeted for closure</li>
</ul>
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Consumers favour services and entertainment rather than traditional retail goods

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The largest available office floor in the burgeoning inner-city commercial precinct of Cremorne, Melbourne has sold for $3.15 million.
Fitzroy agents Chris Kombi and Rob Harrington sold the vacant property on the ground floor of <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502062242" target="_blank">159-161 Cremorne Street</a> via an expressions of interest campaign.
The 704 square metre property comprises a versatile floor plate with subdivision potential, with a 30 metre frontage to Cremorne Street and frontage to private communal gardens, and features abundant natural light from two sides and 18 car parking bays on title.
Kombi said the high quality and flexibility of the offering attracted enquiries from investors and owner occupiers.
“The space offered the tremendous efficiencies of operating on a single level, in communication, team output and cost, and also offered a projected fully-leased income of around $290,000 per annum,” he said.
“Located in a rapidly developing city fringe location, the property presented an opportunity for significant future capital growth.”
The property forms part of the mixed-use development ERA, which comprises three levels of commercial office space, a café, 140 apartments, 15 townhouses and 262 secure basement car parking bays.
Harrington said the Cremorne precinct has experienced rapid development in recent years and is now a hub of activity encompassing an exciting mix of commercial, residential and hospitality uses.
“Amenities surrounding the property are extensive, and it is only a short distance from the popular retail precincts of Swan Street and Church street and public transport facilities including Richmond Train Station and multiple tram and bus routes,” he said.
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Largest Cremorne, Melbourne office floor sold for $3.15 million

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Melbourne’s south and outer east have been characterised by a lack of speculative supply in all sectors of the industrial property market coupled with high levels of enquiry, according to Colliers International’s latest report.
Infrastructure developments such as the upgrades to the Monash Freeway and the strong workforce base in this market will continue to reinforce this demand, the agency suggests, to be driven by a healthy mix of localised businesses and national corporate occupiers.
Zoned land supply is extremely limited, particularly for greenfield sites in the outer east, which has seen occupiers and developers alike, seeking sites in core south-eastern locations including Dandenong South and Keysborough.
Zoned englobo land parcels for sale are all but non-existent in the east forcing users to zero in on brownfield sites which in many cases have been held for generations.
“Serviced vacant allotment sales have been strong, indicated by their shorter duration on the market – Frasers Property Australia’s sold 53 allotments within three months of release, from their property located on the north side of Greens Road, where land rates now reach $350 per square metre,” the report stated.
South-east markets have seen institutions seeking out core land banks in key locations which are generally starved of large scale vacant land opportunities. Earlier this year, Frasers Property snapped up a further 15.72 hectare of land in Keysborough, south of its 101 hectare “The Key Industrial Park”, where the success of this development has been largely driven by its proximity to Eastlink.
Local developers have been competing aggressively for serviced land, which has been driving up speculative development below 5,000 square metres where ongoing take up remains strong by localised users.
Larger properties (above 10,000 square metres) are currently in limited supply, with only five A-grade buildings available between 10,000-20,000 square metres and one greater than 20,000 square metres.
Tenants have few available options and coupled with limited land supply for this style of development, effective rents have been firming in this market.
Recent speculative development has been concentrated in the 5,000-8,000 square metres range, where supply has been historically low for new facilities.
This new supply has been met with positive demand, with the majority of these developments expected to be leased either prior to or shortly after practical completion.
Large investment grade industrial assets in the south-east and outer east continue to attract institutional investors, where growth in capital values has continued to outpace all other precincts.
These markets have also seen very limited investment opportunities for well-located assets, which has seen capital values increasing significantly over the year by 9.8% for the south-east and 12.8% in the outer east.
The yield compression has also been substantive during this period, with average prime grade yields compressing by 60 basis points to be at 6.3% for the south-east and 6.6% for the outer east.
Although investment stock remains in high demand at all price levels, there is unprecedented unsatisfied demand in the sub $20 million bracket where both private investors and syndicators have been aggressively pursuing passive leased investments in this proven logistics location.
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Positive demand for new industrial properties in Melbourne's south and east: Colliers

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A 64,000 square metre Keysborough industrial property looks set to fetch more than $20 million plus as investors seek scarce opportunities in Melbourne’s south-eastern market.
Located two kilometres west of Dandenong CBD, the office and warehouse facility at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-keysborough-502157002" target="_blank">68-80 Kirkham Road</a> comprises 32,203 square metres of office, factory and warehouse buildings, including three large 10 metre high factory cells and on-site parking for 130 cars.
According to Savills agents Ben Hegerty, Paul Jones, and Chris Jones, the property will be sold subject to a lease to Venture DMG Pty Ltd, a subsidiary of Venture Global, at a total net income of $1,584,000 per annum.
<img src="/images/2016/11/02/68-80%20Kirkhams%20Road%20Outline.jpg" alt="">
Jones said the property offered opportunities for owner-occupiers, core-plus, add value investors, and developers.
"The facility also offers huge warehousing and multiple hardstand and truck marshalling areas ideally suited for transport and logistics occupiers," he said.
According to Savills Research, approximately $2.08 billion worth of reported industrial property transactions occurred in the south-east market in the 12 months to September, well over half a billion more than the five year average of $1.44 billion.
The research also revealed a strong south-east leasing market with nearly 500,000 square metres leased over the same period, well up on the five year average of 276,407 square metres.
Expressions of interest close November 24.
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$20 million plus expected for Keysborough warehouse

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DEXUS Wholesale Property Fund has exchanged conditional contracts to acquire Carillon City, a CBD retail mall, located in the core retail precinct of the Perth CBD.
The property has been acquired for $140 million, with settlement expected to occur in November 2016.
Carillon City is located with frontages to both the Hay Street and Murray Street malls combined with linkages to Forrest Chase, St Georges Terrace and Perth Railway Station.
The centre comprises 10,700 square metres of retail space across four floors, with 108 tenancies including Topshop Topman, Priceline and The Reject Shop.
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DEXUS acquires Carillon City retail mall in Perth

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The $280 million mixed-use project Esplanade Norwest has not just received development approval, its planned commercial spaces have sold out in record time. 
The 36 workspaces have sold between $6200/sqm and $7500/sqm – averaging $6900/sqm, well above Norwest’s average of commercial rates of typically between $4500/sqm to $5600/sqm, according to a media release.
The pace of selling created a local sales record for Norwest Business Park in the process. The properties were marketed by PRDnationwide Norwest on behalf of development manager Capital Corporation.
Managing director of Capital Corporation, Steve Grant, said, “We’re breaking sales records for Norwest only because Esplanade is offering businesses what they want: great location, integrated development with residential apartments and a dining precinct, as well as boutique workspaces.” 
Commercial buyers at Esplanade include a mix of accountants, real estate agents and doctors along with investors.
“Businesses and investors obviously see the future value of the Sydney Metro Northwest railway line and the transformation of Norwest from a business park into a vibrant urban hub which has been kick started by Esplanade that brings the live-work-recreation combination together so thoroughly.”
Grant has delivered a $700 million portfolio of 45 projects in Norwest Business Park since 1990.
The Sydney West Joint Regional Planning Panel has signed off on plans for Esplanade, where two towers, 18 storeys each comprising 247 apartments, are planned. More than 60% of released apartments were sold prior to approval. 
PRDnationwide Norwest director David Inkster said there was a social element to doing business in Norwest, because “the most productive meetings are often over a coffee or meal, making Esplanade - with its casual and formal dining options - the ideal workplace setting”. 
“And there really isn’t any other specifically-designed commercial workspaces in Norwest that come with a wintergarden overlooking the lake within a short walk to the station,” Inkster said.
“There are some 20,000 people working in Norwest right now with projections that could grow to 35,000. More than 400 companies – some among the largest in the country – base themselves here and investors will see the obvious opportunity in locating attainable urban-style living within such a successful employment centre,” added Capital Corporation’s Steve Grant. 
The workspaces at Esplanade can be designed to include outdoor rooms suitable for meetings or social work gatherings. Other features include communal meeting rooms and breakout areas. 
Construction on Esplanade is expected to start in 2017 with completion targeted for 2019.
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Commercial spaces notch perfect score at Esplanade Norwest 

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Melbourne pub baron Bruce Dixon has taken control of six of Sydney's most popular bars, but has no interest in buying Jamie's Italian.
Following the demise of Keystone Group, Dixon Hospitality Group have acquired Bungalow 8, Cargo Bar, The Rook, The Winery, Manly Wine and Kingsley's Woolloomooloo.
However, Dixon has decided against buying the celebrity chef's six restaurants from the Keystone Group, suggesting the restaurant doesn't fit with the core strategy of the business.
He also decided against buying Chophouse in Sydney for the same reason, the Daily Telegraph advised.
Any sale of the six Jamie Oliver's restaurants cannot go ahead until it is approved by the celebrity chef himself.
Dixon already boasts an impressive portfolio that includes 26 venues in Melbourne, three pubs in the Riverina and a bar in Brisbane.
He now has 13 venues in Sydney after adding the most recent six. He has two venues at Barangaroo and The Norfolk Hotel and Forresters in Surry Hills.
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No sale of Jamie's Italian outlets just yet

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Investors continue their love affair with Australia’s retail property with sales of more than $8.4 billion nationally in the year to September, $1.3 billion over the five year average, as yields continue to tighten, according to Savills Australia’s latest research.
The buyer profile varies across the states however trusts and foreign buyers again figured prominently with each accounting for 30 percent of total purchases nationally while private investors also took a large chunk with 20 percent of purchases. 
According to Savills National Head of Research, Tony Crabb, Brisbane lead the capital city markets with sales of $2.39 billion just ahead of Sydney ($2.3 billion) and Melbourne ($2.1 billion) while Perth recorded sales of $989 million and Adelaide $649 million. While some totals were down on the previous corresponding period all were up on the five year average.
Yields for enclosed centres continued to firm with Regional centres in the most populous states of New South Wales and Victoria as low as 4.75 per cent, while Neighbourhood centres were as low as 7 percent in Melbourne and up to 8.5 per cent in Perth.
Shop yields were again lowest in Melbourne with 3.5 percent and Sydney (4 percent) for CBD malls and up to 9 per cent for strips in Perth while bulky goods sales again reflected the strong housing market with $1.13 billion in sales up 31.5 percent on the five year average of $857 million.
"Retail property continues to attract significant investment dollars and while foreign investment has again been very strong, local buyers, institutional and private, have also figured prominently in snapping up any opportunities that are put to the market,’’ Mr Crabb said.
The figures include a number of major September quarter transactions including:
<ul>
<li>Adelaide – Hilton Plaza - $19.2 million - Fort Street Capital.</li>
<li>Brisbane - Annandale Central Shopping Centre - $33.5 million - SCA Property Group</li>
<li>Melbourne – Bentons Square - $38.25 million (50 percent share) – Vicinity Centres</li>
<li>Perth - Subiaco Square Shopping Centre - $38.35 million - private investor</li>
<li>Sydney - Campbelltown Mall - $197 million -  Charter Hall</li>
</ul>
By far the largest transaction in the quarter was South African retail giant Woolworths Holdings Ltd’s sale of the David Jones Sydney store (pictured above) for $360 million to Scentre Group and Cbus Property.
In Sydney, Savills’ National Director Retail Investments, Steven Lerche, said the availability of  retail assets for sale continued to diminish and while the amount of money chasing retail remained huge, yields would continue to tighten.
"Yield compression can only go so far, eventually it is going to taper off. The question is when do yields become so tight that private investors are tempted to sell? We may see some evidence of that soon as privates capitalise on the tight market and look at selling.
Timing is important here because it is only going to be when they see that the market is on the cusp of turning, and they are going to realise absolute full value for their assets, that they will feel comfortable making that move,’’ Mr Lerche said.
In Melbourne Savills Associate Director Retail Investments, Pat De Maria, agreed that both the number of properties on the market and yields were falling in unison leading investors chasing yield to a broader retail offering.
He said there was evidence that the bigger players were increasingly being forced to look at the smaller end of the market for opportunities.
"Six per cent is now seen as a reasonable return and, what you might call alternative sectors of the market such as petrol stations, are attracting increasingly greater scrutiny,’’ Mr De Maria said.
He said what had been a frenetic retail market looked set to continue for the foreseeable future.
<a href="/images/2016/11/02/Retail%20property%20sales%20buyer%20profile.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/02/Retail%20property%20sales%20buyer%20profile.jpg" alt="">
Retail sales, 12 months to September 2016, at a glance:
Adelaide
$649m up from $514m to September 2015 and up on the $466m five year average
Perth
$989m up from $525m to September 2015 and up on the $755m five year average
Melbourne
$2.1b down from $2.64b to September 2015 and up on the $1.86b five year average
Sydney
$2.3b up down from $2.9b to September 2015 and up on the $2.1b five year average
Brisbane
$2.39b down from $2.74b to September 2015 and up on the $1.93b five year average
Totals
$8.428b down from $9319b to September 2015 and up on the $7.11b five year average
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