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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

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

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

<html><body>
A double-storey heritage building in Melbourne's Richmond suburb has been sold for $1.3 million to a private investor in an off-market transaction by Fitzroys.
The building at 111 Bridge Road has a land area of 127 sqm and a building area of 112 sqm, with ground floor retail of 75 sqm and first floor office/storage of 47 sqm.
It was sold with a temporary tenancy in place by Fitzroys agents Terence Yeh and Tom Backay, on behalf of a private landlord.
Yeh said that despite the high vacancy rate of retail premises on Bridge Road, investment interest remained strong in this city-fringe location.
“The rental market has seen improvement, with retail and office enquiries spiking since March,” he said.
</body></html>

jonathanchancellor-7SQnKwU6yx

Heritage building in Melbourne's Richmond fetches $1.3 million in off-market deal

<html><body>
<div>It looks as though 2016 is shaping up to be a year within which the residential construction boom, which has mostly served the demands of foreign investors, begins to tail off.</div>
<div> </div>
<div>We should never read too much into the results of one month, of course, but reflecting trends that have already been reported by Housing Industry Association (HIA) finance for the purchase of new dwellings fell by more than 15 percent in February.</div>
<a href="/images/2016/04/13/A5.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><img src="/images/2016/04/13/A5.jpg" alt=""></div>
<div class="separator"> </div>
<div>Although it is not yet much reflected in the rolling annual data below, finance for the construction of new dwellings also ticked back by -1.9 per cent in February.</div>
<div> </div>
<div>It may or may not be too early to call the peak on finance for dwelling construction after a very solid run through this cycle, but market releases suggest that building approvals are now on a downslope, and construction will probably follow suit in time too.</div>
<a href="/images/2016/04/13/A11.jpg" target="_blank">Click to enlarge</a> <img src="/images/2016/04/13/A11.jpg" alt="">
<div>Market shifting away from investors</div>
<div> </div>
<div>Figures showed investor lending steadying at around a seasonally adjusted $11.9 billion, which is still a historically high figure, but some way down from the August 2015 peak.</div>
<div> </div>
<div>A quick glance at the chart for loans outstanding shows how banks and lenders have shifted their focus in favour of home loans, a direct response to APRA's regulatory intervention.</div>
<a href="/images/2016/04/13/A6.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/13/A6.jpg" alt="">
 
<div>We know that there remain blurred lines between investor and home loans, but the February data shows that overall the balance has tilted back in favour of owner-occupier finance ($21 billion) over investment housing finance ($11.9 billion).</div>
<div> </div>
<div>Overall, 2016 looks likely to be a steadier year for property markets, as investors are limited in their borrowing capacity. It's worth remembering that owner-occupiers represent a greater share of the market, and as such have the potential to push prices up in the areas in which they are buying (think middle-ring suburbs, catchments for good schools, good transport links, appealing shopping and lifestyle locations). Investors should now begin to account for about one third of the market, which is much more in line with historical averages.</div>
<div> </div>
<div>With returns from fixed interest accounts so low and mortgage repayments much lower than they were, many in the home ownership sector will look to improve the value of their own homes, or look to acquire renovation projects.</div>
<div> </div>
<div>Indeed major renovations activity is now at long last trending up in all three of the most populous states, with Sydney leading the way by a margin. Renovation activity is presently less popular in Melbourne, with considerably more modern housing available following a strong decade of construction and dwelling supply.</div>
<a href="/images/2016/04/13/A10.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/13/A10.jpg" alt="">
 
<div>First homebuyers subdued</div>
<div> </div>
<div>While 2016 looks set to be the year of the homebuyer, much of the activity is being driven by refinancing and existing home-owning folk looking to trade up or down, rather than by new market entrants.</div>
<div> </div>
<div>Even if the ABS data is not quite complete or accurate, it seems fair to surmise that the share of dwellings financed by first homebuyers is tracking some way below the long run averages.</div>
<div class="separator"><a href="/images/2016/04/13/A9.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/04/13/A9.jpg" alt=""></div>
 The wrap 
<div>2016 therefore seems likely to be a year wherein markets are increasingly moved by homebuyers ahead of investors.</div>
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<div>It is worth reiterating here that in part due to high transaction costs, whether bought as a home or a pure investment, property works best as a long term play.</div>
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<div>The internet and financial media is largely - though, of course, not absolutely - a fusion of noise, short-termism, misinformation and guesswork when it comes to property market commentary. You only need to look back to 2012 for some classic examples of that. In my opinion there is very little value in comparing returns with the share market over a one or two year timeframe. Each asset class has its merits and place in a portfolio, but generally speaking property needs at least a ten year time horizon in order to justify the transaction costs.  The data yesterday confirmed that home loan activity levels - although not necessarily aggregate mortgage values - are rising solidly in Queensland, and this is readily visible in some of the family-friendly middle ring suburbs of Brisbane. Investor hubs are considerably patchier, and many of the resources regions are an absolute disaster zone.  A final point of interest for today is that markets had increasingly been lining up bets for an interest rate cut as soon as May, though I personally didn't like the odds of that happening.  I don't spend hours deliberating over monetary policy wording, but clearly the Reserve Bank (RBA) noted in its most recent decision release that "continued low inflation would allow scope for easier policy, should that be appropriate...". There are probably three things that would need to be in place for an interest rate cut, being a cooling of property investor lending (tentative tick), confirmation that hiring is weakening, and evidently confirmation of continued low inflation.  The Labour Force figures for March are due out on Thursday, and the market consensus sees a fairly moderate result as likely, with some clear risks to the unemployment rate reading, while the March inflation data is due out towards the end of the month. There's a bit of water to flow under the bridge between now and then, but a nice bump in key commodity prices overnight and an incredibly strong result from NAB's Business Survey really don't point towards a rate cut at this stage.  A cracking NAB survey showed a surge in business conditions at their highest level in fully eight years since 2008, and while the employment gauge jumped to a five year high. Business conditions are now showing a reading of +12, absolutely miles above the long run average of +5, and capacity utilisation has improved strongly (I do note here, though, that the outlook for mining remains dire).  The RBA has arguably been a reluctant cutter through this cycle, so I reckon that rules out a May cut. In fact, interest rates could be on hold for as far as the eye can see.  As ever, happy to be proven wrong on that, though.</div>
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<div>
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>.
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Residential construction boom tapering off: Pete Wargent

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Gosford on the NSW Central Coast is firmly on the investor map, with the city council attracting more than $1 billion worth of potential development to its city centre since mid-2014, according to Raine &amp; Horne.
Since mid-2014, the council has received $1.01 billion worth of development applications for the city centre alone.
Raine &amp; Horne Commercial principal Brett Hunter predicts the Central Coast’s next property boom will be led by its commercial market.
“We’ve seen plenty of commercial space sitting idle for a while now, however, the worm is turning and improved business confidence is driving more leasing and buying enquiries,” said Brett.
“We’re seeing plenty of new developers who are buying greenfield sites on the Central Coast. The plan is to develop them, market them and make a profit.”
He said the reinvigoration of Gosford remained a vital cog in the development of the region’s commercial credentials.
“The ATO is relocating to Gosford, but we still need more high-rise residential blocks similar to say St Leonards, along with the development of the waterfront on Brisbane Water, which has the potential to be the equivalent of Rushcutters Bay in Sydney,” he said.
“A strong nautical industry would be very good business for the Central Coast, what with regattas, the building and trade of yachts and so on.”
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Money pouring into NSW's Gosford: Raine & Horne

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The valuation firm Herron Todd White has issued its latest property clock for the industrial market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
South West WA is alone at the top -- peak of the market, according to the April property clock. 
<div><a href="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.52.57%20PM.png" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2016/04/7/Screen%20Shot%202016-04-07%20at%202.52.57%20PM.png" alt="" width="808" height="554"></div>
 
Sydney is a market in decline, while Melbourne and Brisbane are approaching the peak.
Industrial is a great real estate leg-up for investors graduating from residential holdings into a commercial portfolio, according to HTW.
The sector has certainly presented affordable options in the past few years, but could it be due an upswing in 2016? The best way to buy well is to draw on local knowledge, say HTW. It’s not just broad markets that present the best opportunities. Variations between secondary to prime property play their part, as do different locations throughout the same town. 
 
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South West WA at the peak of industrial property market: HTW property clock 

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Work has begun on renovations to Brisbane's 133 Mary Street office tower to include a new forecourt, fittings and finishings and tenant facilities.
The first stage of works, shown this week, include 78 bike racks and 150 lockers, change rooms, bathrooms and showers and is designed by Heise Architecture. 
Work is slated to to kick off on the forecourt this year, which will feature glass, ceramic tiles, pressed metal features and batten cladding. 
Quadra Pacific property manager Michael Cartwright said the refurbishment, due to be completed by December 2016, would deliver a 16-storey, A-Grade office building with commercial and retail leasing space and a 4 star energy rating. 
“The refurbishment comes at a time when we’re looking to attract new tenants to complement the building’s existing mix of government and private-sector tenants, including TAFE Queensland and the Queensland Resources Council," he said
“The new facilities and upcoming refurbishment have already sparked new leasing agreements, with TAFE Queensland recently committing to 2500sqm of office space at 133 Mary Street.
“To deliver safe and spacious facilities, we created a separate and secure zone in a part of the building’s basement that once included five car parks. The stylish entry and sleek interiors ensure it’s comfortable and inviting."
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Quadra Pacific begins $3 million-plus refurbishment of CBD tower

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ASX-listed marketing services company Salmat has signed a six-year lease for office space in Melbourne's commercial CBD with the Lendlease-managed Australian Prime Property Fund Commercial (APPF Commercial). 
Salmat will occupy eight floors at 485 La Trobe Street, taking nearly 8,400 square metres in the South Tower.
Salmat will move into the building in January 2017 and has expansion rights over a further 3,300 square metres.
It will join other corporates at 485 La Trobe Street including Catholic Insurance, BP Elite and MV Anderson Accountants.
The 33,500 square metre, A-grade commercial complex was purchased by APPF Commercial in December 2013 and will undergo a refurbishment of the ground floor and end of trip facilities this year.
Salmat CEO Craig Dower said the decision followed 12 months of due diligence to find a suitable location.
“Maintaining a CBD presence, with accessibility to public transport from all surrounding areas will minimise the impact on our staff, clients and the business, as well as provide access to a pool of new staff to support our growth strategy,” said Dower.
Leon Kriewaldt of Tenancy Solutions represented Salmat, while Phillip Cullity of Savills advised Lendlease.
 
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Salmat signs lease deal for office space in Melbourne's La Trobe Street

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Canberra's Franklin’s recently saw sales of eight mixed-use commercial suites at 227 Flemington Road, minutes from the CBD.
The sale of the ground floor commercial spaces at the Aamira development were brokered through CBRE’s Mark Nicholls and Patrick Sammon on behalf of developer Taofei (Australia) International Pty Ltd.
The units, between 129sqm and 190sqm, sold at premium rates, said Nicholls, attributing it to the strong commercial demand for sites in the Franklin area.
“The majority of purchasers were owner-occupiers, however, a couple of units were purchased by investors. This demonstrates the increasing confidence buyers have in the long term investment potential of the Canberra commercial market, especially those situated on the proposed Capital Metro route.”
The units were offered to the market individually or combined, catering for a variety of commercial office, restaurant and retail businesses, added Sammon.
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Eight commercial suites sold at Aamira development in Canberra's Franklin

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An office property in the Melbourne suburb of Burwood East has sold at auction for $502,000.
The 15 Royton Street building occupies 110 sqm with a total land area of about 186 sqm.
The ground floor retail/office space building is ready to occupy or has the potential to be developed subject to Council approval (STCA).
It was previously trading as a restaurant and has both rear and front parking.
The auction was through George Kelepouris and Paul Rizzo of Ray White Commercial.
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Ground floor office building in Melbourne's Burwood East sold at auction

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The literacy levels of construction workers are low relative to other industries, and yet prescriptions about how to work safely are often buried inside long and complicated documents.
Our research suggests workers may not even read these documents before they commence work. Also, no matter how complex they are, documents cannot cover all eventualities. There’s a gap between the way work is described in formal health and safety documents and the way it is practised on site.
Visual methods, including video, can overcome some of these difficulties. For a long time videos have been used to communicate health and safety information to workers. But safety training videos are often produced by technical experts or media companies and shown to workers in stand-alone presentations. In such uses, workers are passive audiences to generic video materials.
Construction companies are legally required to consult workers on health and safety issues, but this is often done in a very formal top-down way, rendering it meaningless.
This is a missed opportunity because construction workers possess a wealth of knowledge based on their practical experience, often gained over many years. Research conducted at RMIT University (undertaken in partnership with Melbourne-based firm CodeSafe Solutions) examined the potential for digital and mobile technologies to be used to access, capture and share workers’ health and safety knowledge.
In the research, construction workers were involved in making films about their everyday work practices. Unlike documentary, in which subjects have little or no say in how they are portrayed, participatory video engages people in making films about their everyday experiences.
Construction workers received basic media training before making digital videos about their work practices. The video making enabled workers and managers to understand and reflect on the way work is routinely done and, in doing so, identify constraints and enablers of safe and healthy ways of working. Only when watching the video footage did managers and workers identify problems inherent in standard operating procedures that were either poorly understood or impractical due to physical features of the work environment.
Gaps were identified between the way work was documented and the way that it is routinely practised. Understanding these gaps meant they could be discussed and collaboratively resolved.
In several instances work equipment, processes or procedures were redesigned to improve safety. In some instances tasks that had been undertaken the same way for many years were redesigned to make them safer. Both workers and managers described how watching the video footage gave them a different perspective and enabled them to view and understand work in new ways.
In one example an access platform erection process was redesigned after workers were seen working adjacent to an unprotected edge.
The collaborative redesigning of a long established work task reveals how workers’ tacit knowledge – which is not easily captured or written down - was made explicit and usable through the participatory video activities.
Once made, the digital videos are disseminated at participating worksites using quick response codes, accessible via smartphones. Some workers share these videos with workers outside their organisations, while others show them to builders and principal contractors to explain why they need to work in certain ways to remain safe.
The workers described video as being a powerful way to share “know how” as opposed to “know what.”
Digital and mobile technologies are now an integral part of everyday life. Using a smartphone to capture and share knowledge, experiences and ideas in video format is not only possible, but now second nature to many. The research shows it can also improve construction workers’ health and safety.
Helen Lingard is professor, Construction Occupational Health and Safety, RMIT University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/helen-lingard-170971" target="_blank">here</a>.
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Construction workers safer when they ditch the manual: study

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Over the week ending 25 March 2016, a total of 51 commercial auction results were reported with just under half (49 per cent) selling, according to CoreLogic RP Data.
Over the previous week, both auction volumes and auction clearance rates were higher, with 58 auctions held and a clearance rate of 55.2 per cent. At the same time last year, 103 auctions were recorded and 61.2 per cent were successful.
Over the four-week period ending 25 March, 207 commercial auctions have been reported with 108 sales. Of the 108 sales, 73 have been reported with a price and the total value of these transactions was just over $122.52 million.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%2012.27.37%20PM.png" target="_blank" style="font-size: 12.16px; line-height: 1.3em;">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%2012.27.37%20PM.png" alt="" width="626" height="274">
 
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