<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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If you rely on mainstream media for your news, you probably won’t be aware of this: there has been a significant improvement in housing affordability in Australia recently.
In fact, my reading of the HIA’s Affordability Report for the March Quarter is that the Housing Affordability Index for Australia is now the best it’s been in five years. In some parts of the nation, the situation is the best it’s been in 13 years.
Affordability nationally improved 2.7 percent in the March Quarter, compared to the December Quarter, despite slightly higher interest rates.
Affordability is significantly better than it was five years ago, because interest rates are much lower (notwithstanding the recent out-of-cycle increases), average earnings have been gradually rising and price growth (meaning changes in the national median dwelling price) has been relatively muted, despite three years of big growth in Sydney.
Very little was said about this in Australia’s major newspapers. They’re simply not interested in facts that conflict with their cherished storylines about an affordability crisis, young Australians being priced out of the market by foreign investors and negatively-geared Australian investors, and the Great Australian Dream being dead.
A long-standing joke in journalistic circles is that you never let the facts get in the way of a good story. A good story is, by definition, a negative one. If it bleeds, it leads. If something comes along that doesn’t fit the formula (for example, portrays a positive scenario or contradicts beloved beliefs), bury it. 
So we have a situation where the national affordability index portrays a strong position but few people realise it. The national median dwelling price has decreased and average earnings have risen. The situation would be better were it not for major banks lifting their mortgage rates. 
That’s the average national situation. As the HIA report points out, “the differences in affordability across and within states are still considerable”.
In aggregate, affordability improved 4.1 percent in the eight capital cities in the March Quarter, with a lesser improvement in the regional areas.
Sydney’s quarterly improvement was considerably larger than the national average. It recorded an 8.9 percent increase in affordability, while Perth was 4.9 percent better and Darwin 4.4 percent.
Sydney’s affordability is now at its most favourable since the March 2015 Quarter. Price growth has stopped and incomes have risen. But it still has some way to go before it gets in line with the national average situation of being the best in over five years. Regional NSW, on the other hand, needs only a marginal improvement to achieve that.
Melbourne’s affordability index has improved with a slight reduction in the median dwelling price and increases in earnings, but remains 4.4 percent less favourable than a year ago.
Brisbane’s affordability position, on the other hand, has deteriorated because the median dwelling price is up and average earnings are down (slightly). 
But in Perth the affordability index improved 4.9 percent in the quarter and 9.9 percent for the year, because prices have been falling and incomes, surprisingly perhaps, have risen. Perth’s affordability position, and that of Western Australia generally, is the best it’s been for a long time. “Statewide affordability in WA is at its most favourable since the final quarter of 2003,” the HIA report says.
The position has improved also in Hobart and Tasmania. There the economy has been making notable strides and income growth is well above the national average. The HIA notes: “For Tasmania as a whole, affordability has reached its most favourable level since late 2003.” 
In the Northern Territory, the housing affordability index is 11.3 percent better than a year ago. And it’s better than it’s been any time in at least the past five years. Darwin’s index has improved 13.9 percent compared to a year ago. The Darwin market peaked more than three years ago and prices have been trending downwards since then, but average earnings have been rising.
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>
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terryryder-YECXbqmri2

Significant improvement in housing affordability: Terry Ryder

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Demand for strata office property in the Melbourne CBD has grown in the first quarter of the year, as evident from a recent sale for $1.75 million and another lined up, according to Colliers International.
A 320 sqm whole floor at Level 8, 21 Victoria Street was bought by a private investor for $1.75 million. The sale, through Colliers, represented a yield of 5.62%.
Colliers International executive for Melbourne City Sales, Chris Ling, said the first quarter of 2016 had seen significant demand for CBD strata floors, including both investments and vacant floors.
Another office suite, spread over 360 sqm on the mezzanine level of 58 Franklin Street, is due to hit the market in coming weeks.
Colliers International expects the whole floor, close to Melbourne’s core retail and university precinct, to attract interest for both commercial use and potential residential conversion.
“Our Melbourne City sales team is currently seeing an unprecedented surge in demand for CBD strata office properties in the CBD,” Ling said. “This demand is powered by record low interest rates, a low Australian dollar and instability in offshore markets.
“In addition, given the current timing in the calendar year, business owners and operators are looking to secure new office space to set themselves up for the rest of the year. CBD vendors, meanwhile, are piggy backing off the momentum seen throughout 2015 in order to capitalise on the current environment.”
The property on Victoria Street saw strong competition between local and offshore buyers and sold prior to the close of the EOI campaign, Ling said. 
In 2015, Colliers International recorded more than $35 million in strata office sales in the CBD, with an average sale price of $1.95 million and an average size of 367 sqm.
According to the latest Colliers International CBD Office Research &amp; Forecast Report, Melbourne’s CBD market continued to go from strength to strength, with high levels of net absorption and a corresponding low vacancy rate. The vacancy rate for the Melbourne CBD dropped to 7.7% in Q1 of 2016, dropping to as low as 5.1% in the north eastern pocket.
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Victoria St office fetches $1.75 million as strata office demand rises in Melbourne

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The former petrol station at Dulwich Hill - which has almost shrine like status for devotees of the conservative Prime Minister John Howard - has been listed for sale as a residential development site.
It was the corner servo where the future 25th Prime Minister cut his teeth in the family's battling small business in the 1940s.
The Wardell Road offering will go to auction alongside an adjacent property.
They have a combined price guide of between $3.8 million and $4.2 million.
Born in 1939 John, like his older brothers, Wal, Stan and Bob pumped petrol at weekends for his father who was a supporter of the then newly-formed Liberal Party.
They lived through the post-war turmoil of a long coal strike and petrol rationing, and although he was only 10, John Howard maintained a clear recollection of the 1949 election campaign that brought his hero, Robert Menzies to power.
"I can remember listening to the policy speeches on radio with my father," he told journalist Craig McGregor in 1982.
"I can remember the talk around the house, which was very anti-Labor. It had a particular bias because of petrol rationing.
One of Menzies' slogans had been "Empty out the Chifley socialists and fill up the bowsers." 
John Howard also recalled the family elation on the night of the Menzies election and of a celebratory backyard bonfire to burn the rationing coupons. 
Howard's garage proprietor father, Lyall, who died in 1955, had bought into the business with his own father, Walter who'd purchased the property in 1930. It was the family's livelihood for decades. 
The two properties are being marketed as offering "enormous capital growth potential" coupled with a good holding income.
According to the listing agent, Luke Smith, at Raine &amp; Horne Commercial, the combined 455 square metre site was producing $153,868 revenue annually plus GST. 
The site also has a 2.6:1 floor space ratio, which will attract developers keen to land-bank. 
“This auction represents a rare opportunity to purchase a site in Dulwich Hill,” he added.
It is located just 100 metres from Dulwich Hill train station and the light rail. 
“Buyers can look forward to achieving strong re-sales as part of any future redevelopment,” said Mr Smith.
Over the past two years, five projects have been completed within 100 metres.
<img src="/images/2016/04/21/Lyall20Howard27s20Garage.jpg" alt="" width="2054" height="1092">
Mr Smith believes the property’s links to Australia’s 25th Prime Minister might attract some buying attention.
269 and 271-275 Wardell Road will go under the hammer on May 24.
The garage, on the corner of Wardell Road and Ewart Street, was sold for $100,000 by the family to a Greek immigrant in the mid-1980s, well ahead of John Howard's 1996 election triumph.
He once referred to the days of pumping petrol to empathise with drivers at high petrol prices.
"I know people are feeling it. I learned from a very early age that when you fill your car up you actually look at that click, click, click," he said, referring to the now obsolete bowser price counters.
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Former PM John Howard's Dulwich Hill family petrol station for sale

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Charter Hall Group is in exclusive due diligence to acquire the 100 per cent leasehold interest in Macquarie Group's headquarters on Sydney's King Street Wharf precinct for more than $500 million from Brookfield Office Properties. 
The sale of 1 Shelley Street could be one of the most closely watched commercial sales this year and is expected to set new benchmark yields for core property in the CBD. The office tower, next to the Barangaroo development, could sell on a yield of close to 5 per cent, according to a report in the Australian Financial Review.
Charter Hall is likely to tip the 11-storey building into its $2.6 billion wholesale Core Plus Office Fund. CPOF was the top performing unlisted office fund in 2015 with a 20 per cent return and earlier this week bought 130 Lonsdale Street in Melbourne, the AFR said.
The deal, if it goes through, will be the second major office property in Sydney's CBD to sell to a local institutional player this month after the Investa Commercial Property Fund paid $443 million for a majority stake in 420 George Street earlier this month.
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<div>One of the key reasons for Sydney's appeal is the strengthening office market. In the Sydney CBD, the vacancy rate in the March quarter dropped to just 6.8 per cent - the first shift under 8 per cent since the financial crisis, according to global real estate group, JLL </div>
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A Charter Hall spokesman declined to comment when contacted but it is understood to be in the early stages of due diligence. CBRE and Savills, who marketed the property, did not comment. 
Charter Hall beat the competition, including UOL out of Singapore and AMP's wholesale office fund, for the deal.
The Macquarie headquarters is one of two Sydney assets Brookfield put on the market to fund its development pipeline. The other is a half stake in KPMG Tower at 10 Shelley Street but it is understood no party is in due diligence yet, the AFR said.
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Charter Hall Group enters due diligence on Sydney's Macquarie HQ for $500 million

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The former Underdale &amp; Airport Bowling Club site in Adelaide has been bought by a private developer for $2.975 million after an expression of interest campaign.
The developer plans to turn the 189 Holbrooks Road, Underdale site into a retirement village, said selling agent David Ente of Raine &amp; Horne Commercial SA.
The Underdale &amp; Airport Bowling Club was established after the First World War when members were gifted land by a local winery. 
The property came onto the market recently following a merger between The Underdale &amp; Airport Bowling Club and nearby Hindmarsh Bowling Club. The merged club is now known as Torrensville Bowling Club.
“The Underdale site is now surplus to the merged club’s requirements, but unlike the famous movie <a href="https://www.imdb.com/title/tt0291832/" target="_blank">Crackerjack</a>, starring Mick Molloy, which tackled bowling club closures, Torrensville Bowling Club will use the sale proceeds to build Adelaide’s first all-weather green at its Torrensville site,” said Ente.
“The Underdale property could also have been utilised for an aged care facility or childcare centre subject to the usual consents.”
The property is close to the Adelaide CBD, airport and shopping precincts. 
The existing clubrooms are nearly 485 square metres and the former bowling club is within the City of West Torrens and is zoned as Residential Policy Area 21. 
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Adelaide bowling club lands crackerjack $2.975 million sale

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Industrial land prices along Brisbane's Trade Coast have recorded their second quarterly increase according to the Brisbane industrial briefing for April from Savills.
Savills recorded around $1.133 billion worth of industrial property transactions under $2 million in the 12 months to March 2016, an increase from the $1.019 billion recorded in the previous year, and up on the five year average of $779 million.
According to the report private investors are also starting to emerge within the sub $2 million price range  - a sure a sign that confidence is beginning to return to the market. 
"Buyers within the $2 million to ten million dollar price range remain the most active with 75 percent of industrial sales for the year ending March 2016," Savills reported.
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"Englobo land sales continue to dwindle within the Brisbane metropolitan area due to a lack of availability within the key industrial precincts. A number of industrial properties sold over the year however had subsidiary land available for further development, such as the sale of 1-5 Bishop Dr, Fisherman Island which reportedly included an additional three hectares of land suitable for further industrial accommodation.
"The highlight of the year remains the $1.073 billion purchase of the GIC portfolio by Singapore based Ascendas. The portfolio included assets from Victoria, New South Wales and Brisbane. There were seven Brisbane properties included in the deal amounting to $317.2 million."
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Sub $10 million price bracket driving Brisbane industrial market

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Competition for scarce assets is compressing yields in Melbourne’s inner east, with a Chinese group subsidiary paying $17 million on a tight four percent yield for a property in Hawthorn.
The sale was through an expressions of interest campaign managed by Teska Carson and attracted more than 200 enquiries from local and off-shore investors. Ultimately, it was snapped up by LYZ Property Group.
The 283-285 Burwood Road property comprises 4,509 square metres of building area over two levels on a 2,655 square metre site with Commercial 1 zoning. 
The property is securely leased to Snooze on a 10-year term with seven years remaining, and National Storage on a 15-year term with four years remaining, at a total current net return of $682,660 per annum.
LYZ, known for its high-end apartment projects, including the Elenberg Fraser designed Chiara and Lucia projects in Daly Street, South Yarra, would hold the property as a long-term investment with potential for redevelopment, according to selling agents Tom Maule and Michael Taylor. 
Maule said the property attracted enormous attention from a market starved of opportunities in the early part of the year.
"We had enquiry from more than 200 parties including privates, developers, high net-worths, local and off-shore. Given the lease profile, this was a pure investment play and as such has sold on a sharp yield which is in record territory for this type of property in Hawthorn,’’ Maule said.
"We have plenty of enquiry but while the investors are still out there owners have not been out there in the same numbers."
LYZ Property Group parent, Hengmao Group, has been involved in several developments in China totalling more than two million square meters of residential property and mixed-use projects including Hengmao Metropolis a 500,000 square metre community living complex including a 100,000 square metre shopping mall.
The vendor was a local private investor.
 
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Melbourne's Hawthorn site sells for $17 million on a tight 4% yield 

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Industrial sites in Brisbane’s inner north are hot picks, as indicated by the results from two recent sales. 
The first site at 31-37 Bunya Street, Eagle Farm, (above) sold for $850,000 plus GST. At 1,618 sqm, the sale represents a land rate of $525 per sqm.
The site offers nearly 310 sqm of warehouse/storage space and features a demountable office and amenities block. The site was acquired by the owner of the adjacent block, who plans to utilise the General Industry B zoning for future development.
The second sale at 235 Robinson Road, Geebung sold for $1.4 million. A 3,408 sqm vacant corner site, it has the potential to accommodate a number of retail, wholesale and industrial businesses.
CBRE’s Dan Munnich and Nick Witheriff brokered the sale of the two sites.
Munnich said both sites sold well above the reserve, demonstrating the strong demand for industrial sites.
“Both auction campaigns attracted over 20 enquiries, with approximately eight registered bidders present on each auction day," added Witheriff.
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Two industrial sites in Brisbane sell above reserve at auction 

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A tenanted industrial site with future development upside at Noosaville on the Sunshine Coast has fetched $948,000 through Ray White.
The property on two titles at 5 Production Street was sold to a Brisbane-based investor for a yield of 11 percent.
The 4,096 square metre site has a 1,010 square metre tenanted building.
It is currently leased for a rental of nearly $105,850 per annum with a five-year lease expiring in 2019.
“There is the ability to approximately double the shed space subject to council approval. The site is on two titles and underutilised in terms of under-roof area,” said selling agent John Petralia of Ray White Commercial Noosa and Sunshine Coast North.
“It was a great result as the property was originally listed for sale via an offers to purchase campaign before it was decided to go to auction.”
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Tenanted Noosaville industrial site sold at auction for $948,000

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Foreign investors have been driving the industrial property market in Sydney over the 12 months to March 2016, accounting for 46 percent of industrial stock sales according to Savills.
The total dollar value of these transactions came exceeds $865 million, according to the April industrial briefing from Savills.
According to the report, foreign investors are looking for industrial property due to the typically high yielding and generally long lease expiry profiles attributed to these assets.
"The fourth quarter of 2015 saw Singaporean giant M&amp;G Investments, increase its Australian real estate exposure, paying $79.75 million in November for two Sydney industrial properties, in Ingleburn and Erskine Park," the report said. 
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