<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

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Data from the ABS show residential building approvals increased by 3 percent in April, exceeding a monthly total of 20,000 according to the housing Industry Association.
HIA economist Geordan Murray said approvals for multi-unit dwellings drove the headline growth in April, with approvals growing by 8.1 per cent during the month.
“The growth in multi-unit approvals was driven by the eastern sea-board states, where we saw multi-unit approvals jump by 20 percent in Queensland, 19 percent in New South Wales, and 7 percent in Victoria. South Australia also posted an increase of 3 percent," he said.
“Approvals for detached houses continue to flow through at a steady rate. While there was a decline of 2 percent in the month, there were a total of 9,695 detached dwellings approved which is still on par with the monthly average over the last couple of years. 
“In contrast to the situation with multi-unit approvals, the number of detached house approvals fell across the eastern sea-board states while all other states and territories posted improvements. It’s pleasing to see the likes of South Australia post the strongest month of detached house approvals in more than two years.
"We maintain our view that the level of new home building activity in to 2016 is likely to be lower than we saw during 2015, however this result suggests the 2016 level may be closer to the peak than initially expected.” 
According to the HIA, during April 2016, total seasonally adjusted new home building approvals saw the largest increase in South Australia (+13.7 percent) with growth in Tasmania (+13.6 percent), New South Wales (+10.4 percent), and Queensland (+6.7 percent). 
Approvals fell by 2.7 percent in Victoria and by 0.6 percent in Western Australia. 
<a href="/images/2016/05/31/Screen%20Shot%202016-05-31%20at%202.47.05%20PM.png" target="_blank">Click to enlarge</a>
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jonathanchancellor-7SQnKwU6yx

Resurgence in multi-unit dwelling approvals: HIA

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With elections announced for July 2, domestic gripes are back and Australians are facing a few weeks of spin from polarised think tanks, economists and shock jocks, according to Rita Avdiev, managing director of the Avdiev Group.
In Oz, the economic divide is between the healthy service sector economies in the East and the hard yakka states where falling commodity prices bring rising unemployment and property value collapse. 
The property bubble
"It’s back, the slow leak mended by the Reserve Bank," she writes in a post on avdiev.com.au.
The RBA has dropped interest rates to a new low, great for borrowers, especially negatively geared investors, but another blow for self-funded retirees. What will be the unintended consequences on investor behaviour? What impact on welfare needs?
The negative gearing debate is continuing. Removing it was tried and abandoned in the mid-1980s, but that was too long ago for the lessons of history to be remembered. The current government intends to keep it. 
According to Rita Avdiev, it was a win for the property industry which has been the stand out performer of the Oz economy.
"We’ve done well in the pay stakes too. Salary rises in other markets have been low to negligible, property is well ahead."
Although the 2016 Avdiev Property Industry Report findings show a 3% median rise overall, under the surface there are stand out market sectors where shortages are severe and the attraction and retention strategies aggressive. Contributors reported massive pay increases and forecasts in development and building companies, for development managers, project managers and architects with 3-D modelling software skills, all in short supply.  
There’s been lots of action at the top of the property food chain – the major listed property funds, she says. Profits are up, foreign investment continues. Amalgamations, joint ventures and a spectacular but unsuccessful takeover attempt has resulted in resignations and renewal in the senior echelons of both companies. 
Commercial property is doing well, spare space capacity is being absorbed, especially in Sydney. 
Retail is softening - unseasonal weather, consumer sentiment and sluggish sales impact on rents and yields. Regulation, the availability of local finance and a potential slowdown of foreign funds are a worry for developers, especially for the seasoned ones who have seen it all before.  But hope springs eternal for the young ones, they are joint venturing with their sources of capital and looking ahead.
Real Estate has been super busy, at the big end of the property market, and in residential as well. But listing on the stock market is a brave move and does not guarantee success, even if it’s a large franchised residential network and a well known brand name. Time will tell.
The built environment consultants in the active market sectors of property are doing well, but a recent study of business conditions for architects in South Australia tells a tale of woe – fee cutting, low salaries, not enough work. They are not unique, similar conditions exist in other states too, depending on opportunity, specialisations and feral tendering competition.
The Sydney v Melbourne rivalry is still on, she writes.
Both are magnets for foreign investment, both have a healthy economy, dysfunctional planning controls, and infrastructure and transport problems. But the solutions are very different. The NSW government will fund a second harbour rail crossing. Victoria, having abandoned the East West road link at the cost of $1.1 billion, is now focused on removing road and rail level crossings which should have gone a long time ago. What will living next to overhead rail do for the residents of the world’s most liveable city? Shades of Chicago? NSW has completed a review of planning regulations – the latest of how many? What’s the next step? The Victorian Planning Minister has stopped reviewing and started making decisions to allow large CBD developments with foreign funding proceed.
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j.ballantyne1990-6AQqhLzZaK

Commercial property doing well, retail softening, but property still standout of Oz economy: Avdiev 

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A private investor from Queensland has snapped up Aviation House in Canberra for $68.1 million.
The sale by Colliers International director Tim Mutton represents the largest office building deal in Canberra this year.
Located in Woden, Aviation House was sold via an EOI process in conjunction with JLL.
The property is an A-Grade office building comprising 14,812 sqm of high quality office accomodation over nine levels.
It is a fully leased commercial asset underpinned by three Commonwealth Government tenants.
It received interest from international and local buyers seeking to invest in metropolitan markets across the eastern seaboard.
Tim said that Canberra is attracting maiden investors who are finding that supply is becoming increasingly scarce in the Sydney and Melbourne major office markets.
“Major office buildings with Commonwealth leases located in our town centres are seen as attractive investments as the Australian Government considers local impacts before moving tenants out of town centre locations, which we’ve recently seen with Customs and Border Protection staying in Belconnen.
Mutton said that Aviation House represented another strong sale in a Canberra town centre and is great news for businesses in the Woden area, being one of Canberra’s major community and commercial hubs servicing a retail trade area of about 432,000 people and with some 130,000sq m of office space occupied by Government tenants.
Woden has seen an increase in infrastructure projects undertaken by the ACT Government, including the investment of more than $10 million in improving the Bus Interchange and street scapes.
The nearby Westfield Woden Shopping Centre is also to be extended and redesigned.
According to Colliers International research, four major office buildings have sold in 2016 totalling $152.325 million. Tim Mutton expects four more major office buildings to transact before the end of the year.
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Aviation House in Canberra sells for 2016 record

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An Officeworks tenanted site in Ballarat has been listed through CBRE.
The 4,857sqm retail holding, located at 116 Creswick Road, Ballarat Centre, features a substantial freestanding building of 2,117sqm.
The property benefits from a new eight year lease to prominent national retailer Officeworks, with option for up to 12 years extension.
CBRE noted recent sales of Officeworks Vermont South (4.9 percent initial yield) and Officeworks Woollongabba (5.8% initial yield) indicated the demand from the buyer market.
Strong future growth projected for the Ballarat market is expected to increase to 139,600 residents by 2031.
Offers are due June 17.
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Officeworks Ballarat site for sale

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A Brunswick development site has been sold by Raine &amp; Horne at $1.2 million.
Its town planning permit consist of 10 generous two bedroom apartments, 1 one bedroom apartment and a 52sq metre office on the ground floor.
Set within walking distance to cosmopolitan Sydney Road, the <a href="https://www.rhcommercial.com.au/properties/15-breese-street-brunswick-3056-victoria-cd7744c8-1283-4440-958e-0cd86e076c66" target="_blank">Breese Street property</a> was offered by Raine &amp; Horne agent Tim Frian.
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jchancellor-FAypfDUnLy

Brunswick development site sold by Raine & Horne Commercial

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A private buyer has secured a foothold in the caravan park market, after recently acquiring the Woronora Village Tourist Park south of Sydney for $6.75 million.
Located in the Sutherland Shire region, the Woronora Village Tourist Park comprises 67 sites on a 9,017sqm landholding.
The Woronora Village Tourist Park, located at 1 Menai Road, generates an annual income of approximately $600,000.
CBRE Hotels’ Andrew Jackson negotiated the deal on behalf of Mona Enterprises Pty Limited, with the sale representing an initial yield of 9.31% and site rate of $98,881.
Mr Jackson said the sale result was evidence of recent intensified demand.
The Woronora Village Tourist Park also includes a three bedroom manager’s residence, park office, amenity block and extensive grounds.
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Caravan park at Woronora sells through CBRE Hotels

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Sales in Sydney CBD strata offices are being drive by record low interest rates, limited supply and strong demand for investors and owner-occupiers.
Ray White Commercial agent Anthony Harris said that there is now strong demand from tenants looking to buy as they are being forced to move due to the Sydney Metro Project, which will require compulsory acquisition of 19 commercial buildings.
“I think we will see some occupiers having to get out of the CBD to locate their business due to the shortage of supply,” he said. 
“On the leasing side we are seeing multiple tenants compete for space and in some cases tenant advocates offering to pay higher than the advertised rental in an effort to secure properties for their clients.”
Anthony completed two sales in a York Street building for $8.35 million, and one of them was on the first day of market.
The whole 541 sqm office space at level 2/33 York Street sold for $4.25 million on behalf of a private syndicate to an owner occupier who will use it as a medical business.
“The office comes with four car spaces and the sale price represents a rate of just over $7,100 per sqm, assuming a value of $100,000 per car space,” Harris said.
The other 545 sqm office on level six of the same building sold for $4.1 million to the Egyptian Consulate on behalf of Century 21 Australia chairman Charles Tarbey.
“This office comes with three car spaces, representing a rate of around $7,000 per sqm and $100,000 per car space,” Harris said.
 
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Sydney metro project causing Sydney CBD office strata sales surge

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Kern Group have leased a 580sqm office space on level 23 at 300 Queen Street in Brisbane's CBD ahead of their relocation from 215 Adelaide Street.
They are paying $685sqm and have signed on for a total of five years, plus incentives.
JLL director of office leasing in Queensland, James Montague said the fringe-to-city trend was growing.  
“The Kern Group successfully used the sublease market as an opportunity to re-enter the Brisbane CBD market with the long term strategy to establish a permanent headquarters in an A-Grade building in the heart of Brisbane," he said.
“Over the past twelve months we have seen a growing number of near-city based companies move back into the Brisbane CBD, taking advantage of the current market climate."
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Kern Group to move from Brisbane fringe to CBD

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Australian developer Flagship Property Holdings has been appointed by Plenary Group to develop a 331-room, 20 storey four-star hotel as part of the $300 million expansion of the Melbourne Convention and Exhibition Centre (MCEC) and South Wharf Precinct.
The hotel is due to be completed in the first half of 2018. Probuild, architects Woods Bagot and NH Architecture will also work on the project.
Flagship Property Holdings chief executive officer Steve Wise said Flagship and Plenary previously partnered on the Hilton Melbourne South Wharf hotel, developed as part of the Melbourne Convention Centre and South Wharf DFO Retail Precinct.
“The MCEC is one of Australasia’s leading conference centres, so we’re excited to be given the opportunity to develop the new hotel in conjunction with our project partners as part of the Centre’s broader expansion," he said.
“We’re now looking forward to progressing plans and commencing on-site works for the new hotel, which is going to play a key role in helping MCEC attract even larger and more diverse events to the city.”
For more information click <a href="https://www.flagshipgroup.com.au" target="_blank">here</a>. 
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Flagship to develop new hotel as part of $300m MCEC expansion

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<div id="post-body-3534858795590951741" class="post-body entry-content">
<div>The Detailed Labour Force figures reported that Greater Sydney's unemployment rate fell to just 4.8 percent in April. </div>
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<div>When tracked in rolling annual terms to smooth out the monthly volatility, Sydney's unemployment rate has been cascading lower for 26 beautiful months now.</div>
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<div>The unemployment rate in Melbourne has also been trending lower for 17 months, although the unemployment rate in Brisbane has stopped falling for the time being after an impressive run. </div>
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<div>Across most of the capital cities ex-Sydney unemployment rates seem to be converging to around a 6 per cent level, neither great nor amazingly bad. Adelaide has been the outlier on this measure.</div>
 <div class="separator"><a href="/images/2016/05/31/UNEMPLOYMENT.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/05/31/UNEMPLOYMENT.jpg" alt=""></div>
 <div>Over the past two years New South Wales and Victoria (read: Melbourne) have created more than 85 per cent of net new employment (+333,000 jobs), although Brisbane has had a more than decent past 12 months (+34,900 jobs). </div>
 <div class="separator"><a href="/images/2016/05/31/DLF1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/05/31/DLF1.jpg" alt=""></div>
 Residex April update <div>
 CoreLogic is reporting that Sydney's median home value has increased by 6.9 percent over the last quarter, the figure perhaps skewed higher by the running of some new parameters. 
</div>
<div>In its monthly market update Residex reported that Sydney's median house price increased by 0.4 percent month of April to $1,046,000.  </div>
<div>
 This is 10.6 per cent higher than one year ago, although the median looks to be struggling a bit to break new highs now.</div>
 <div>Despite various gloomy predictions and talk of oversupply, Sydney unit prices increased by 1.3 per cent in the harbour city over the thee months to April to be 10.5 per cent higher over the year. The median Sydney unit price is now at a new record high for unit prices anywhere in Australia of $695,000. Dichotomy
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<div>How is this occurring despite lower stock turnover and somewhat lower mortgage finance in New South Wales?</div>
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<div>Without generalizing too much, the inner suburbs (where most units are located) are seeing feisty activity, but many of the outer or secondary suburbs are struggling. </div>
<div> </div>
<div>You can witness this trend in auction clearance rates, with the eastern suburbs, lower north shore, city &amp; south, and northern beaches sub-regions continued star performers. </div>
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<div>As you move away from the prized inner suburbs the market begins to look a little sketchier, while some areas are in all likelihood experienced declining prices.</div>
 <div class="separator"><a href="/images/2016/05/31/Crs.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/05/31/Crs.jpg" alt=""></div>
 <div>Remember that the reported median price is a midpoint of the frequency distribution, but it doesn't necessarily reflect what is happening across all markets.</div>
 <div>Elsewhere, Residex reported that over the year to April there have been solid increases in house prices in Melbourne (10.8 per cent) and Brisbane (5.3 per cent). </div>
<div> </div>
<div>Residex noted that value declines in resources regions, although ongoing, appear to be easing.</div>
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<div class="post-footer"> 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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