Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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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The BRW Rich-lister Mark Rowsthorn had sold one of Melbourne’s best-known CBD sites, the old Savoy Tavern on the Bourke and Spencer street corner.
It has been bought by the Fragrance Group, a Singapore-listed hotel and ­residential developer controlled by the property tycoon Koh Wee Meng who has been busy acquiring Australian sites.
The 1800-square-metre site was bought for $44.5 million.
It last traded in 2005 at $9.9 million, when bought from the Republic of Nauru who had approval for a 47-storey office tower.
The single-storey 1970s-era brown brick-veneer pub which on opening sold more beer than any other in the state long stood derelict for almost two decades until Mark Rowsthorn re-opened the pub in March this year.
The then Melbourne eyesore was described by the Melbourne Lord Mayor Robert Doyle as “a scab on the knee of the city.”
It is one of the first views of Melbourne that arrivals at Southern Cross station are greeted with. “Subject to obtaining all regulatory approvals, the group intends to redevelop the property into a high-rise mixed-use development,” Fragrance Group told the Australian Financial Review after its off-market sale by Colliers agent Matt Stagg.
Last week Fragrance secured 555 Collins Street from the developer Harry Stamoulis for $78 million.
Photo source: <a href="https://www.facebook.com/TheSavoyTavern" target="_blank">Facebook</a>.
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jchancellor-FAypfDUnLy

Mark Rowsthorn sells Savoy Tavern site on Spencer Street, Melbourne

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Another of the six apartments in The Block Sky High block in South Melbourne has become are available for rent through Hocking Stuart agent Jacob Davis.
The fifth floor penthouse (pictured above)<a href="https://www.hockingstuart.com.au/UNIT_501_142_PARK_STREET_SOUTH_MELBOURNE_VIC_3205_RENTAL" target="_blank"> is available at $1,495 a week</a> which reflects a reduction in its asking rents. 
<a href="/news/south-melbourne-block-sky-high-penthouse-available-for-1-600-weekly-rental">Last July, Property Observer wrote</a> that the penthouse apartment - Trixie and Johnno's renovation -  had been listed for rent. It <a href="https://www.hockingstuart.com.au/UNIT_501_142_PARK_STREET_SOUTH_MELBOURNE_VIC_3205_RENTAL" target="_blank" style="line-height: 1.3em;">was available at $1,600 a week</a>, reflecting a 5.1% gross rental yield.
The fully furnished apartment sold at $1.605 million at its televised late July 2013 auction.
Three of the six apartments in The Block Sky High block in South Melbourne were recently available for rent. The furnished apartments were pitched at the corporate relocation market.
The offering included the second floor apartment renovated by indie-pop duo Matt and Kim and the third floor apartment renovated by the Melbourne couple, Bec and George.
Designed by architecture firm Brenchley Architects, the building at 142 Park Street in South Melbourne is a conversion from a 1960s motel building. It comes with with shared rooftop entertainment facilities.
The second floor, full floor 220 square metre had a $1600 weekly asking price through Lina D’Ambrasio at City Residential Real Estate Docklands. It is now longer available.
It has three double bedrooms all with ensuites.
The 201/142 Park Street, South Melbourne apartment has electronic blinds throughout and a television in every room.
The apartment at 301/142 Park Street (pictured below) - undertaken by Bec and George in the 2013 series of The Block Sky High - was also available at $1,600 a week rental, but is now no longer available
<img src="/images/2014/05/15/south%20melbourne%20may%2015%20two.jpg" alt="">
It was listed through Arlette Humphry at Interface Property Group Armadale.
The third apartment recently for rent was the garden apartment which was renovated during the final week challenge, and then retained by the Watercress production company.
It had a $1,450 weekly asking price <a href="https://www.realestate.com.au/property-apartment-vic-south+melbourne-413086599" target="_blank">through Dingle Partners leasing agent Daniella Ferraro</a>, but is no longer available.
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Block Sky High, South Melbourne penthouse up for rent for less

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There are many measures of affordability in the marketplace, sadly I believe that many of these measures fail to accurately depict the affordability or otherwise of housing in Australia.  
The main reason being that housing affordability is an extremely complex issue and many factors drive the affordability of housing. In my future posts I am going to investigate some of these factors and tell you what you should really be asking yourself about affordability when purchasing a home.
Can I start by stating that simplistic means of comparing property prices between countries I believe are ineffective. 
Due to different tax regimes, standards of housing and attitudes to property and wealth accumulation there may be perfectly good reasons why a household is prepared to spend more on housing in Australia for example than they are in the United States.  I think common measures such as the median multiple (ratio of household income to property prices) are not necessarily a good way to measure affordability or otherwise, there are a lot more factors at play.
Interest rates
Interest rates are obviously an important component in determining housing affordability.  When interest rates are lower, interest repayments on home loans are lower and as a result ‘affording’ the repayments on a mortgage should be easier.  Of course, as we are seeing at the moment, lower mortgage rates often encourage higher property values. 
So while it’s true that lower interest rates make housing relatively more affordable, if values are rising and sales increase then it can somewhat off-set the affordability benefit of lower mortgage rates.
Furthermore, the typical home loan in Australia is 25 years and the vast majority of home loans are on a variable rate.  As a result, as the Reserve Bank adjusts monetary policy there is virtually an instant effect on household budgets and balance sheets.  For example, at the moment the standard variable mortgage rate sits at 5.95% however, over the past 10 years the variable mortgage rate has averaged 7.27%, over the last 20 years it has averaged 7.45% and over the past 25 years (the typical home loan length) it has averaged 8.47%. Over the past 25 years, standard variable mortgage rates have been as high as 17.0% and as low as 5.75%.
The point is that interest rates can vary greatly over 25 years and over the life of the loan the current interest rate is not a great means of measuring the cost of a mortgage over its lifetime.
Wages / Income
If you are going to take out a mortgage on a home (as most purchasers do) you are going to need an income and you are going to need some savings.  In Australia there are a number of measures of wages/income and it is difficult to know exactly which one is best to use to measure housing affordability.
The National Accounts measure the ‘Real net national disposable income – chain volume’.  This measure does have a number of shortcomings in that it is not an individual measure and that it includes items that one can’t really spend such as superannuation.  Additionally this data is only available from a national standpoint. 
The Australian Bureau of Statistics (ABS) publishes its wage price index each quarter however, it measures wages only and doesn’t measure income captured from other sources.  The Census is undertaken each five years and does report on the median weekly household income however, the shortcoming here is that it is only updated every five years. 
We also have the Household Income Survey from the ABS however it is only undertaken bi-annually and takes a fairly macro view of household incomes
Unfortunately all of these measures have significant shortcomings which need to be considered when looking at any housing affordability measure.
Article continues on next page. Please click below.
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Labour force / unemployment
Paying off a mortgage eats up a significant portion of a family’s wage.  Undoubtedly if home values weren’t so high and mortgages weren’t so large disposable incomes would be much greater.  Although labour force data or unemployment statistics need not necessarily be an input into any housing affordability measure they are a key consideration for someone looking to purchase. 
The threat of unemployment means that despite the fact housing may seem affordable it is less likely someone would purchase. Obviously if you are unemployed it is going to be difficult to purchase a home.
Another factor to consider is although measures of income show that over recent years wages and disposable income have increased, what they don’t take into account is how many more women are working nowadays.  Labour force data shows that in May 2014, 54.1% of the workforce was male and 45.9% was female, 30 years ago 62.3% was male and 37.6% was female.  Today, 35.5% of full-time workers are female compared to 28.9% 30 years ago. 
The point here is that although household incomes have increased, a big proportion of the increase is due to the structural change associated with a greater number of women in the workforce.  
The rising prevalence of dual income households means that whereas 20 to 30 years ago couples could afford mortgage repayments on a single wage, today they largely require dual incomes.
Home values / prices
Most measures of housing affordability look at median prices or median values. 
The important thing to remember here is that a median is just the middle value so there are just as many homes worth more and less than that figure.  In fact the median price looks only at the middle value of properties which have sold over a period.
This obviously has significant shortcomings because what is predominately selling could be at the affordable or expensive end of the market and this could bias the median one way or another.  Remember that typically only 5% to 7% of total housing stock transacts in a given year.
Another important consideration here is that a national median measure doesn’t really tell you very much at a localised level.  In Australia, 66% of residents live in a capital city with around 55% in Sydney, Melbourne, Brisbane or Perth. 
Quite simply many residents don’t have a choice but to live in a capital city so if you are trying to determine affordability in Melbourne, the cost of housing in Mildura is of no valuable comparison whatsoever.
Rental rates
If you don’t own a home or pay-off a mortgage you have to live elsewhere, for the most part non-homeowners rent.  The cost of renting is an important consideration when trying to determine housing affordability.  If rents are increasing but home values are flat or falling purchasing a home may start to look a more attractive prospect. 
Once again the challenge with a measure which compares rents to house price (or mortgage repayments) is that it is not a localised analysis.  For example for the cost of renting in Paddington in Sydney you may actually be able to pay off a mortgage in Guildford but to the renter is the opportunity cost of owning their own home and being further away from the city centre, harbour and the beaches worthwhile? 
Who knows but for anyone looking to purchase these are the sorts of questions they need to be asking themselves.
The other key consideration is that the ongoing costs associated with owning a home as opposed to renting are difficult to determine, but they are much more than renting.  As a renter, the ongoing costs generally include: the rent, the bond, electricity, gas (if applicable), cleaning (if you move rentals) and the cost of moving if/when you move. 
As an owner of a home the costs incurred include: the mortgage, electricity, gas, council rates, stamp duty when you purchase, ongoing maintenance of the property, strata fees (if you own a unit) and agent fees if/when you decide to move.  The ongoing costs associated with owning a home are much greater than the ongoing costs of renting.
Who does housing affordability affect most?
Housing affordability affects everyone.  The high cost of housing acts as a disincentive for people to move to more appropriate locations, discourages people from upsizing and downsizing and discourages movement intra or interstate for employment.  The group most affected by housing affordability however is those who don’t as yet own a home.
Again if we think about many of the measures of affordability used they look at typical or median prices values and compare to interest rates and typical wages.  The problem with this approach is that very few people are actually typical.  As a generalisation, most people that rent are younger, starting out their careers. 
There is a high likelihood that their wage is currently lower than the median (although there is a good chance it will increase as they are promoted or move jobs).  If their wage is below the typical wage then they should not be looking to buy the typical (or median house).
Of course there are plenty of renters that earn above average wages but choose not to purchase as well but when trying to tackle the affordability question I think many of the measures that we look at are far too simplistic, but hamstrung by the quality and granularity of income data. 
Housing affordability is an individual thing and none of the measures really tell the true story about how affordable or unaffordable housing in Australia is.  When determining whether you can afford to buy a home I think the most important things to consider are:
<ol>
<li>What are current mortgage rates and at what higher level would I not be able to repay my mortgage?</li>
<li>How secure is my job and what would happen if I was to lose my job for an extended period?</li>
<li>Over the next few years what is the realistic expectations for my wage, will it rise and by how much?</li>
<li>What impact would it have if I found a partner or lost a partner on my ability to repay the mortgage?</li>
<li>If I plan to have children, children cost a lot what impact would that have on my ability to repay the mortgage?</li>
<li>Compared to my current rent and associated costs, how much more is paying off a mortgage and the other day-to day costs of home ownership really going to be and can I afford this?</li>
<li>What am I willing to sacrifice in order to buy a home; lifestyle, location, overseas travel etc?  What is the opportunity cost of buying a home?</li>
</ol>
I am sure there are many more questions to ask when looking to purchase but I think as a start these questions are essential.  I say that the measures of affordability which are readily available should be taken with a grain of sale. 
It’s more important to ask yourself some tough questions about whether or not you can really afford to be a home owner.  If you have any doubt you really need to consider whether it is worth the risk or not.
For what it’s worth, I think that housing affordability is a significant issue for young Australians, particularly those within our capital city markets.  he major problem is that most Australian’s choose to build wealth through property and 23 years of unabated economic growth has on exacerbated this. 
The challenge now is how can you deliver affordable housing for younger Australians without bringing down the cost of existing housing which politically and economically would be detrimental to the overall health of the Australian economy.
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ckusher-ujnxiKuFQs

Forget affordability measures and ask yourself some tough questions

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Well, more real estate baloney.
This time it is about first home buyers – or the lack of them.
The ABS statistics released today show that first home buyer activity, measured as the proportion of all owner-resident lending, is the lowest in 23 years.
You would have heard all about it on the news tonight or will read about in tomorrow’s papers.
But something is wrong here.
<blockquote>
The fact is, we should all question a lot more of the real estate data that is being fed to us.
</blockquote>
And like many things these days in the real estate world, it’s the figures that are incorrect.  The ‘official’ statistics are measuring only part of the whole, yet very few question the results.
In short, there is a hell of a lot of first home buying taking place.
Most first home buyers buy an established property, and in most places across Australia, first home buyer grants do not apply to established property, only new stock.  And where it does apply, it amounts to very little, and to many it isn’t worth the paper work.
So, for mine, the ABS (along with others) is not correctly corralling first home buying activity.
It is interesting to watch the property intelligentsia trying to explain the reasons for the fall in first home buyer interest, as shown in the first two charts below.
"Generation X are choosing to rent rather than buy – they are buying investment housing instead of homes for themselves – housing is unaffordable so they cannot buy – we need more grant monies"; and it goes on.
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-1.jpg"><img class="alignnone size-full wp-image-7359" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-1.jpg" alt="FHB #1"></a>
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-2.jpg"><img class="alignnone size-full wp-image-7360" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-2.jpg" alt="FHB #2"></a>
I think the statistics are wrong.
Why wouldn’t first home buyers be buying?
<ul>
<li>Interest rates are extremely low</li>
<li>Banks are keen to lend</li>
<li>Mum and dad are practically paying for the deposit to get rid of their ‘boomerang’ adult children (at 30, one wonders if ‘children’ should really apply)</li>
<li>Yet according to the same talking heads who claim low first home buyer take-up – housing affordability is the best in over a decade</li>
<li>And to prove that point, there has been little change in the size of the average first home loan in recent years – see my third chart below</li>
</ul>
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-3.jpg"><img class="alignnone size-full wp-image-7361" src="https://matusikmissive.com.au/wp-content/uploads/2014/06/FHB-3.jpg" alt="FHB #3"></a>
Late last year the ABS put out a great study – sadly it comes out only every five years or so – called Housing Occupancy and Costs (catalogue number 4130.0 for those who want to read the 92 page document).  This shows that first home buyer activity is much higher than the housing finance loan data suggests.
The HOC study shows that over the past three (3) years (and importantly, covering much of the recent first home buyer slump) just short of 1 million households (988,000) bought a property across Australia.
Of the 988,000 transactions over the last three years, 36% or 355,000 were first home buyers.  Eight out of ten first home buyers (289,000 or 81%) bought a second-hand or established home.  Just 19% bought a new property or something off-plan.
My conversations with real estate agents, including those selling new stock, indicate that first home buyer activity is much higher than the low levels officially reported.
I suspect that first home buying activity is close to the historic average – something around 35% of the total owner-resident market and around 20% of the total housing market, when including investors.  This is what I am seeing on the ground; and it explains the strong sales results across much of the country over the last 12 to 18 months.
First home buyers must be taking part; otherwise those upgrading or downsizing would not be able to sell as fast or as often as they currently are.  It is first home buyers that make up a significant part of the buying audience for their established homes.
It is good to see that others, too, are starting to question the results.
I note that the RBA, in their current chart pack (June quarter), have left off first home buyers in the graph outlining loan activity across the country.  See the last chart on page 6 of <a href="https://www.rba.gov.au/chart-pack/index" target="_blank">this</a> document.  It has been included in previous RBA charts.
Michael Pascoe, too – thinking man that he is – has also questioned the results.  See <a href="https://www.smh.com.au/business/comment-and-analysis/first-home-buyer-statistics-not-adding-up-20140609-39sam" target="_blank">here</a>.
You should too.
The fact is, we should all question a lot more of the real estate data that is being fed to us.
The media – for the most part – aren’t interested in checking the statistics before they regurgitate them.
Much of what you read these days about property is sadly bunkum.
Ohh…….. and don’t get me started on the need for or accuracy of a daily price index or suburban median house/unit prices!
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

Have first home buyers really gone missing?

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Retail magnate Solomon Lew has increased his stake in the department store David Jones by just short of 10%, in a bid to undercut the recent $2.2 billion Woolworths Holdings’ takeover or gain influence on the board, <a href="https://www.theage.com.au/business/retail/david-jones-war-heats-up-as-solomon-lew-emerges-from-the-shadows-to-grab-more-shares-20140618-3ack5">reports Fairfax</a>.
The bid confirms market watchers’ suspicions that Lew has been buying shares in takeover target David Jones since 9 May.
Lew’s owned Australian Retail Investments has announced on Wednesday that it now owns 9.89% of David Jones after buying 53.11 million shares for around $200 million.
This considerable stake in Lew’s command could give him the influence to vote down the Woolworths takeover when it is put to David Jones shareholders in 13 days’ time.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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po-LsXgBTHBmX

Stakes increased in retail battle for DJs as Solomon Lew grabs shares

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A new tender has been announced for the Bennelong, Sydney Opera House restaurant site which was vacated at the end of 2013 by the Paddington-bound chef, Guillaume Brahimi.
“We have scoped potential improvements to the venue and will work with the new operator on those plans, while being careful to respect our obligations as a World Heritage-listed site,” Opera House chief executive Louise Herron said in a statement on the trust website.
It is now more than three months after the Stokehouse plans by the Melbourne-based Van Haandel Group dissolved given their decision opting instead to concentrate on rebuilding their burnt-out Stokehouse premises at St Kilda.
It will be a new, two-part tender commencing late next month.
Chef Matt Moran's Aria Catering will run Bennelong until sometime in 2015 as a premium functions venue while the tender process is being conducted.
Opera House Trust chairman John Symond wants an operator with a concept that embraces Bennelong’s unique qualities and magnificent setting.
Chef Guillaume Brahimi ended his 10-year tenure declining to bid declaring his fine dining style was unsuited to the required seven-day operation. But Ms Herron has affirmed the venue needs to be open day and night, seven days a week. 
The Australian food columnist John Lethlean says those who expressed interest initially have gone "ice-cold" on the idea of an Opera House address where it has been suggested the trust was seeking a base rent of $700,000 to $900,000 a year as well as 5-8% of turnover.
A who's who of restaurant identities were believed to have vied initially for the opportunity including Vue de Monde's Shannon Bennett, <a href="/expert-insights/investing/bills-of-sydney-rides-wave-of-international-success-to-waikiki-hawaii">Bill Granger of Bills</a>, Maurice Terzini of Bondi Icebergs and the operators behind Quay, one of the tender finalists.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
As announced last year, the Opera House is conducting public tenders for all its expiring food and beverage contracts in accordance with NSW Government procurement policy. 
The Opera House received a strong response to the first expressions of Interest stage for the lower concourse bar and restaurant. It has now invited shortlisted applicants to participate in the second stage of the confidential tender process. Their offers will be finalised by late next month. 
The existing long-term contract for the lower concourse venue expires at the end of August. The successful applicant is expected to be operating before the busy summer season later this year. 
</div>
</div>
</div>
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Fresh Bennelong, Sydney Opera House restaurant site tender 

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Less than one bedroom of purpose built student accommodation is available per 10 students, according to JLL’s Australian Student Accommodation Market Update for 2014, and there's $1 billion of equity waiting to find an opportunity in this market.
<img src="/images/2014/06/18/chart%20of%20the%20week%20june%2018.png" alt="">
Source: Universities websites, JLL Student Accommodation Database 2014, ABS Census 2011, Department of Industry 2012, UCube, HESA 2011/2012
The graph above shows where students are currently living, with the majority opting to live with parents, rent or live elsewhere – such as in serviced apartments – as opposed to in university or commercial provisions. With student numbers increasing, this could be of further detriment to supply and perhaps open an opportunity for a student accommodation provider.
By 2020, growth is expected to result in a total of 760,000 international student enrolments in Australia, which is double 2012 figures.
Chinese students in 2013 made up a 29% share of international students, with 8.8% from India and 4.9% from Korea.
<img src="/images/2014/06/18/student%20number%20june%2018%20one.png" alt="">
JLL director of student accommodation services, Conal Newland, said that purpose built housing by private sector operators is “primarily occupied by international students, at approximately 75%”.
“We anticipate the demand for purpose built student accommodation will increase as international student numbers continue to grow,” said Newland.
“International students bring differing requirements for the design and operation of student housing based on their experience of residential accommodation from their countries of origin and also by the way in which they socialise.”
He noted that this provides an opportunity for the provision of purpose built accommodation, and for domestic and international investors who attempting to enter the Australian market.
“We estimate there is currently over $1 billion of equity looking to invest in the Australian student accommodation market.  These investors are seeking both opportunities to invest on and off campus, existing assets and development opportunities,” he said.
With a lack of assets currently available, transactions have also been limited – bringing just three large transactions, totalling $250 million, in the past 12 months.
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jduke-EHk3XBmHkn

Over $1 billion of equity looking to invest in student accommodation market: JLL report

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Andrew Nicholson, formerly of Swire Properties Limited, will join CBRE as the head of asset services for Asia Pacific in September.
Nicholson was a portfolio manager, managing a commercial and development portfolio worth more than US$2.5 billion. He handled Hong Kong office investments and major commercial developments on behalf of European and Asian joint venture partners.
Since 2011, he has been a lecturer on asset management at the International Real Estate Business School at Regensburg University, Germany and with the Asian Cities program of the Real Estate Academy in China and Tongji University, Shanghai.
Nicholson, who will remain based in Hong Kong, takes over the position from Sam Cuccurullo, now the executive manager and head of asset services for CBRE Asia Pacific. After 19 years with CBRE, Cuccurullo will retire at the end of 2014.
In addition to Cuccurullo’s work on CBRE’s Asia Pacific activities, he has participated in the company’s fundraising efforts and was involved with CBRE’s Walk for a Wish program for five years.
CBRE  Global president of asset services Tony Long said that Nicholson will build on the Cuccorollo’s work at the company.
“Sam has been a true asset to CBRE since he joined our Pacific operations 19 years ago and we are hugely grateful for his many contributions,” said Long.
“We are equally fortunate to have Andrew coming onboard. His wealth of international experience will continue to drive our world-class Asset Services business. As a global leadership team, we are focused on building a consistent, globally-enabled platform of standards, training and technology that foster best practice generation from around the world. “
 
 
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jrichardson-uRX5hFdKfN

CBRE appoints Andrew Nicholson as head of asset services for Asia Pacific

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New zoning and Chinese developer interest have combined to deliver half million dollar windfalls for three Bentleigh households.
The off-market deal through Savills Australia, saw three neighbours at 14, 16, and 18 Bent Street, sell their adjoining homes to a developer for $5.76 million.
It was estimated by Savills to be $1.8 million more than could have been expected from separate individual sales.
Savills Australia selling agent Julian Heatherich said the neighbours could have reasonably expected $1.3 million to $1.5 million in separate sales but the combined property provided a more valuable development opportunity.
The undisclosed purchaser intends to seek permission to develop a multi-level apartment building on the amalgamated 1985 square metre site.
Julian Heatherich said an opportunity was created following state government zoning changes last July, after which the local Glen Eira municipality implemented its new Urban Village Policy allowing for multi-storey development of up to four levels in certain locations.
Savills has been active at Bentleigh as it sold just down the street at 23 Bent Street last year. It was a corner allotment of 1058 square metres with a permit to develop a 27 apartment four levels block which sold for $3.4 million, also to a Chinese developer. 
Savills also sold a 748 square metre site at 261 Centre Road, Bentleigh for $2.735 million to a local developer with a permit to develop 28 apartments in February after attracting 150 enquires from local and off-shore developers.
 
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Glen Eira urban village rezoning a windfall for trio

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Innovative plans are among the five Australian finalists shortlisted from 144 entries in the City of Sydney’s competition to design the Green Square Aquatic Centre and neighbouring Gunyama Park.
The shortlisted entries add green touches to habitats lost during Zetland’s industrial expansion. 
The five finalists are:
Andrew Burns Architect – Sydney Cullinan Ivanov Partnership – Sydney CHROFI &amp; McGregor Coxall – Sydney Andrew Burges Architects – Sydney TYP-TOP Studio (Andrew Daly and Kevin Liu) – Sydney
Scenarios depicted within some of the final designs include  a picket-fence reminder of old cricket fields, a grand central foyer with sprawling views, swimming pools sunken amid revived wetlands, a beach and boardwalk, and connected pools that can be rearranged for fun.
Lord Mayor Clover Moore said the number of high-quality entries was a testament to the City of Sydney’s commitment to design excellence.
“Green Square is Australia’s biggest urban development and one of Sydney’s fastest growing and most exciting new communities,” the Lord Mayor said.
“With 40,000 residents and 22,000 workers on the way, the City is moving ahead with the construction of new community facilities. Our new aquatic centre, parks and library will be at the heart of this growing community.”
Located on Joynton Avenue, opposite the former South Sydney Hospital, the aquatic centre will house an outdoor 50 metre, an indoor 25 metre pool, a leisure pool, a hydrotherapy pool and a gym.
The aquatic centre and park will form part of the commercial, retail and cultural heart of the $8 billion greater Green Square redevelopment on the city’s southern fringe.
An independent jury selected the five finalists in the design competition. The second stage over the next 10 weeks requires the finalists to prepare more detailed designs and carry out cost assessments.
The jury will recommend a winner to Council with an announcement expected later this year.
 The five members of the Aquatic Centre and Gunyama Park Competition Jury are:
Chair: Carey Lyon, architect – Director of Lyons, an award-winning architecture and urban design practice based in Melbourne; acknowledged leader in urban design, sustainability and the design of research/learning environments.
Professor Richard Johnson MBE AO, architect – Director of Johnson Pilton Walker, an award-winning architecture and urban design practice based in Sydney; Life Fellow of the Australian Institute of Architects; RAIA Gold Medalist;
Camilla Block, architect – Director of Durbach Block Jaggers, an award-winning architecture and urban design practice based in Sydney; acknowledged design leader for residential, commercial and civic projects;
Professor Gini Lee, landscape architect – Elisabeth Murdoch Chair of Landscape Architecture, University of Melbourne; registered landscape architect; member of City of Melbourne Parks &amp; Gardens Advisory Committee; and
Greg Holman, architect/aquatic buildability and construction – Principal Architect at Harry Seidler &amp; Associates, in charge of the winning design and construction oversight of the Ian Thorpe Aquatic Centre in Sydney. 
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