The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Apartments

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Builder turned developer Pellicano Group is seeking approval for a residential apartment development in Oakleigh that promises to further propel the suburb toward higher density living. The Mount Waverley-based firm is proposing 111 residential apartments at 89-93 Atherton Road which if approved would become the tallest building within the suburb.

Over a 2,620sqm site, the land in question is located on the north side of Atherton Road and is currently for the most an open air at-grade car park.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image8_2.jpg" rel="gallery-all" title="Ground level perspective. Image courtesy SJB"><img alt="" class="image-article-full-width-580px" height="327" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image8_2.jpg?itok=h_7BFMDc" title="Ground level perspective. Image courtesy SJB" width="580"></a>

<figcaption>Ground level perspective. Image courtesy SJB</figcaption></figure>Requested is a part 5, part 8 and part 10 storey residential building which would sit within the Oakleigh Activity Centre. Limited street frontage and space confines has seen project lead SJB create a multi-building outcome with the expectation that its orientation will allow for maximum natural light to penetrate the development.

Included within 89-93 Atherton Road are 26 single bedroom options supplemented by 85 dual bedroom apartments with either a single or double bathroom in tow. A 200.2sqm retail tenancy faces Atherton Road whilst communal facilities for the project are expected to include a terrace, indoor and outdoor gym and BBQ/teppanyaki area.

In context Pellicano Group's proposal is in close proximity to another SJB-designed apartment project, Atherton &amp; Atkinson, which is currently under construction.  Atherton &amp; Atkinson is second only to Kokoda Property Group's 94-apartment Infinity Oakleigh project which was completed during 2015 in terms of the current wave of Oakleigh apartment project completions.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image7_6.jpg" rel="gallery-all" title="Drummond Hill plus Atherton &amp; Atkinson are adding to the Oakleigh apartment mix"><img alt="" class="image-article-full-width-580px" height="268" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image7_6.jpg?itok=kiLVjDLq" title="Drummond Hill plus Atherton &amp; Atkinson are adding to the Oakleigh apartment mix" width="580"></a>

<figcaption>Drummond Rise plus Atherton &amp; Atkinson are adding to the Oakleigh apartment mix</figcaption></figure>The spread of apartments within Oakleigh has also landed upon Dandenong Road with a number of current projects also showing on the Apartments.com.au Project Database.  CGHS Developments have guided Drummond Rise to construction whilst the adjoining site is being marketed by developer Intraland as 8 Degrees Apartments.

Immediately north of Intraland's site another application is under consideration for a 34-apartment project at 16-18 Dalgety Street. The recent sale of 807-811 Warrigal Road to Chinese affiliated Viapac Australia Pty Ltd further underpins Oakleigh's apartment hot spot credentials with the 3,686 sqm site sold by CBRE City Sales featuring an indicative development scheme for 190 apartments.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image1_2.jpg" rel="gallery-all" title="CBRE City Sales have foreshadowed 200 apartments for 807-811 Warrigal Road"><img alt="" class="image-article-full-width-580px" height="396" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image1_2.jpg?itok=2y8CT__a" title="CBRE City Sales have foreshadowed 200 apartments for 807-811 Warrigal Road" width="580"></a>

<figcaption>CBRE City Sales have foreshadowed 200 apartments for 807-811 Warrigal Road</figcaption></figure>Factoring in the numerous large at-grade car parks within the Oakleigh Activity Centre capable of taking sizeable development, the suburb's proximity to the massive drawcard that is Chadstone Shopping Centre as well as increased rail capacity within 5-10 years with the advent of the Melbourne Metro Rail project / Dandenong rail corridor improvements and the proliferation of smaller scale projects such as 33-35 Ferntree Gully Road, and Oakleigh is in the initial throes of an apartment-based transformation.
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silvermb

Pellicano Group cements Oakleigh as an upcoming apartment hotspot

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Apartments in Brisbane, Sydney and Coffs Harbour are in the peak of the market, according to the Herron Todd White December 2015 property clock.
Townsville, Mt Gambier and Canberra apartments are now deemed at the bottom of the market.  
The valuation firm said the residential property market has weakened during 2015 and it is searching for direction.
"While we have previously maintained that the market remains in the early stages of recovery, albeit tenuously and with a pace of recovery that is incredibly slow, we now believe the market has reverted to the bottom of the cycle," they said.
Herron Todd White's December report suggested the volume of house sales has remained relatively steady throughout 2015, however the median house price has declined.
"Our impression is that buyers are only purchasing properties they regard as affordable based on their current economic circumstances, leading to a reduction in the median price of houses that are actually transacting," they added.
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They also said that the unit sale volumes fluctuated during the year with the median sale price for established units remaining relatively steady.
The report mentioned that vacant land sales have declined and median sale prices have softened slightly, reflecting a lack of buyer confidence in the market stemming from the subdued economy, as well as the wide price differential between new versus existing houses retarding the economics of new house construction.
The valuation firm suggested the rental market has continued to demonstrate an over supply.
"It was our belief that during the course of 2015, the rental market would progressively return to the balanced market range following the construction of National Rental Affordability Scheme (NRAS) properties coming to a close," they said.
"This however has not been the case, with the overall trending vacancy rate remaining above the balanced market range."
Herron Todd White at the start of 2015 they predicted that the year ahead would remain cautious with the overall level of activity very much dictated by the local economic factors of unemployment and business confidence.
They said that whilst business confidence showed some improvement throughout the year, unemployment and job security along with limited local stimulus have heavily weighed on the direction and confidence of the residential property market. 
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Below is a list of the cheapest Townsville units (postcode 4810) sold recently that Property Observer could find:
<img src="/images/2015/12/16/700_towns.jpg" alt="" width="562" height="341">
1. A two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-west+end-120474529" target="_blank">4/105 Livingstone St West End Qld 4810</a> (above) sold for $182,000. The one level property last traded for $160,000 in 2013, an annual appreciation of 6.46 per cent.
<img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%208.59.11%20AM.png" alt="" width="676" height="409">
2. A three-bedroom unit at <a href="https://www.realestateview.com.au/real-estate/19-ryan-street-north-ward-qld/property-details-sold-residential-9458778" target="_blank">10/19 Ryan Street, North Ward, Qld 4810</a> (above) was sold recently for an undisclosed price, however the agents put a price guide of low to mid $200,000.
<img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%209.04.54%20AM.png" alt="" width="685" height="434">
3. A two-bedroom unit at <a href="https://www.realestateview.com.au/real-estate/6-24-henry-street-west-end-qld/property-details-sold-residential-9339432" target="_blank">10/6-24 Henry Street, West End, Qld 4810</a> (above) went backwards in price with the $280,000 sale in November. The spacious property sold for $335,000 in 2009, an annual depreciation of 2.62 per cent.
Below is a list of some of the units up for sale in Townsville:
<img src="/images/2015/12/16/main.jpg" alt="" width="566" height="424">
1. A one-bedroom unit is up for sale at <a href="https://www.realestateview.com.au/portal/search?sort=price&amp;viewAlertId=&amp;frequency=&amp;smt=Buy&amp;ftl=&amp;loc=Townsville%7CQLD%7C4810&amp;iss=True&amp;pt=Unit&amp;Kw=" target="_blank">4/1 Burke Street, North Ward, Qld 4810</a> (above). The apartment that last traded in 2003 for $101,000 comes with mid $100,000's expectations.
<img src="/images/2015/12/16/tend.jpg" alt="" width="525" height="334"> 
2. Around the median price, a three-bedroom apartment on <a href="https://www.realestateview.com.au/real-estate/1-7-gregory-street-north-ward-qld/property-details-buy-residential-9317150" target="_blank">27/1-7 Gregory Street, North Ward</a> (above) is up for sale for $398,800. Another property which is heading backwards in the market having last traded for $455,000 in 2008, an annual depreciation of roughly 1.8 per cent.
<img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%209.18.41%20AM.png" alt="" width="532" height="336">
3. At the higher end, a three-bedroom apartment at <a href="https://www.realestateview.com.au/real-estate/72-the-strand-north-ward-qld/property-details-buy-residential-9644258" target="_blank">301/72, The Strand, North Ward</a> (above) is up for sale for $579,000. A slightly less depreciation than the previous property, but a depreciation none the less. The huge apartment in a complex with a swimming pool and gym last traded for $620,000 in 2003, a depreciation of around 0.75 per cent.
The median unit price for units in Townsville city was $420,000, according to the latest Corelogic RP Data For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
 
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jonathanchancellor-7SQnKwU6yx

Townsville apartments are at bottom of cycle: HTW property clock

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The Southbank development scene is forever in a state of flux, with last week no exception. News has flowed through concerning three of postcode 3006's biggest and best high rise projects, with all three demonstrating a high level of design ability relative to their stubby neighbours.

Surrounded by a host of smaller residential towers (some of which have little to no aesthetic design merit), 258 City Road, 93-119 Kavanagh Street and Australia 108 at 70 Southbank Boulevard are set to further enhance the look of Southbank. While looks are one thing, 93-119 Kavanagh Street in particular is set to fundamentally change the feel of its surrounding street level public domain; a boost for what is currently an unappealing and underutilised area.

A brief overview events of the past week reads as follows:

<h2>258 City Road</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/alt2343_cam_01.jpg" rel="gallery-all" title="Altus Developments' new City Road endeavour."><img alt="" class="image-article-full-width-580px" height="237" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/alt2343_cam_01.jpg?itok=jkAwH6kg" title="Altus Developments' new City Road endeavour." width="580"></a>

<figcaption>Altus Developments' new City Road endeavour.</figcaption></figure>Altus Developments has unveiled itself as the developer behind <a href="/buildings/home-southbank-256-260-city-road-southbank">256-260 City Road</a>. Moved on by Apex Vic Pty Ltd who gained approval for the skyscraper, the site is now set to host a 190 metre plus mixed use tower with a development value in the vicinity of $330 million.

12 levels of penthouses will crown the tower which was initially designed by Hayball and has since seen exterior adjustments to its appearance, resulting in a edgier design outcome. In addition Pan Pacific Hotels Group have committed to 130 serviced apartments within the project according to the developers website, with the balance set to be sold as private dwellings.

Probuild has been secured as the builder while Bella Charlton will handle project sales; identical to the team which Altus Developments put in place for their initial Melbourne high rise within Docklands.

<h2>93-119 Kavanagh Street</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image49_2.jpg" rel="gallery-all" title="Kavanagh Street is set for some activation"><img alt="" class="image-article-full-width-580px" height="301" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image49_2.jpg?itok=s2618pGL" title="Kavanagh Street is set for some activation" width="580"></a>

<figcaption>Kavanagh Street is set for some activation</figcaption></figure>Arguably Southbank's most impressive development in waiting, 93-119 Kavanagh Street has taken a leap toward approval. Last night the Future Melbourne (Planning) Committee sat with the knowledge that Melbourne City Council planners have recommended the six tower project for approval..

Subject to conditions sought by Melbourne City Council planners, the $1.15 billion project championed by Malaysian firm PJ Development Holdings is one step closer to replacing a long vacant block. Planning Minister Richard Wynne will have the final say regarding approval, although a green light from Melbourne City Council tends to be a very good indicator in the current environment.

93-119 Kavanagh Street's numbers are impressive: <a href="/news/southbank-set-to-gain-a-new-park">7,000sqm of open space</a>, 2,610 dwellings, 59,000sqm of commercial office space, 687 hotel suites, 10,090sqm of leasable retail space and 894 podium car parking spaces.

<h2>Australia 108 officially commences construction</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image48_2.jpg" rel="gallery-all" title="Australia 108 is on the rise. Image courtesy genesis"><img alt="" class="image-article-full-width-580px" height="389" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image48_2.jpg?itok=lcFAD4_b" title="Australia 108 is on the rise. Image courtesy genesis" width="580"></a>

<figcaption>Australia 108 is on the rise. Image courtesy genesis</figcaption></figure>Although equipment has been onsite for some time, yesterday marked the official launch of construction for the city's tallest building. The 319 metre Australia 108 will be delivered over five stages, with the final stage of the $500 plus build slated for delivery during 2020.

<blockquote>
This is a major milestone for the southern hemisphere’s tallest building, which will go where no development has ever gone before. The construction process will be complex, which is why we are proud to be working with Brookfield Multiplex – arguably Australia’s most experienced skyscraper builders.
<cite>Koh Wee Seng, Aspial CEO</cite>
</blockquote>

<blockquote>
Our appointment follows a fruitful Early Contractor Involvement process with World Class Land where we were able to build a partnership during the planning phase of the project and achieve the project deliverables. We look forward to successfully constructing this landmark tallest tower in the southern hemisphere for World Class Land.
<cite>Graham Cottam, Brookfield Multiplex Regional Managing Director</cite>
</blockquote>

<h2>Comment</h2>

It didn't seem all that long ago that Southbank received Planning Scheme Amendment C171 which cemented mandatory buildings heights in some areas, discretionary separation distances between towers and urban design provisions among other changes. At the time it was expected that the amendment would provide a more uniform tower height across Southbank.

Mercifully height variations have remained and many of the recent taller Southbank proposals are far superior in design and aesthetics to the earlier generic shorter Southbank 'boxes'. I suspect I am in the minority but a well designed tall tower should always usurp a squat, poorly designed building that adheres to a set height limit.

<a href="/new-apartments/elysium-54-clarke-street-southbank">Elysium</a> below is the prime example. Derided by Lord Major Robert Doyle as far too tall for its location, it is leaps and bounds ahead in terms of design ingenuity and quality. Elysium along with the three towers outlined above and projects such as Crown's <a href="/new-apartments/one-queensbridge-street-1-23-queensbridge-street-southbank">Queensbridge Tower</a> and <a href="/new-apartments/38-freshwater-place-southbank">38 Freshwater Place</a> maintain both height and exceedingly good design

Sometimes, just sometimes, height is not the devil it is made out to be.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image1_1.jpg" rel="gallery-all" title="Elysium is not just another Southbank box"><img alt="" class="image-article-full-width-580px" height="328" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image1_1.jpg?itok=GPqUDC6R" title="Elysium is not just another Southbank box" width="580"></a>

<figcaption>Elysium is not just another Southbank box</figcaption></figure>
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Taller projects and better design outcomes on Southbank

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A string of new entries has pushed the Apartments.com.au Project Database to 1,000 listings. That is 1,000 projects which have a status of planning assessment, approved, registration &amp; sales or are under construction throughout metropolitan Melbourne.

2015 has seen the Project Database subject to expanded criteria and a subscription service, with both having aided in the database reaching the 1,000 listing milestone. The primary criteria for adding projects to our public database is that a medium or high-density project must have at least three levels, or at least 10 dwellings contained within.

Broken into its constituent parts, the current 1,000 listings are surprisingly even. 240 projects are at planning, 262 are listed as approved, 249 at registrations of interest or sales and a further 249 are under construction.

The Project Database also continues to shed more light upon lesser known participants within Melbourne's property development industry. In the past week alone, builders Aspekt Construction Group and EyeQ Constructions have been added for the first time, along with architecture firm DesignWorx Studio.

Overall the database sees 90 builders and 216 architecture firms represented within Melbourne's medium to high density development sphere.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image31_0.jpg" rel="gallery-all" title="9 Prospect Street, Havenlea and Voyager are new Project Database additions"><img alt="" class="image-article-full-width-580px" height="252" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image31_0.jpg?itok=QS3Hw6fR" title="9 Prospect Street, Havenlea and Voyager are new Project Database additions" width="580"></a>

<figcaption>9 Prospect Street, Havenlea and Voyager are new Project Database additions</figcaption></figure>Notable recent additions to the Project Database have been generally residential in nature, headlined by Mirvac's 43 level Voyager project at Yarra's Edge. Glen Iris, Pascoe Vale, West Melbourne, Moonee Ponds, South Yarra and Box Hill have also seen new project additions in recent days, with Box Hill's 9 Prospect Street also a stand out listing.

It is perhaps fitting that the 1,000th listed project is a residential development located within what is a typical infill suburb. Cairnlea's first taste of apartment living is in the form of MakShaq's Havenlea project which will see dual buildings and 192 apartments inserted into an area that was the domicile to detached housing thus far. Times do indeed change!

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image33_3.jpg" rel="gallery-all" title="Projects that have yet to enter the Project Database"><img alt="" class="image-article-full-width-580px" height="356" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image33_3.jpg?itok=8I6eDsHW" title="Projects that have yet to enter the Project Database" width="580"></a>

<figcaption>Projects that have yet to enter the Project Database</figcaption></figure>Apartments.com.au's shadow or holding database also keeps tabs on upcoming projects which have yet to hit planning or have yet to be publicly sourced. In excess of 100 projects are expected to be added to the Project Database over the coming months, with Fishermans Bend for example subject to as many as 15 new entries.

Seen above as examples are Elenberg Fraser's 488 Elizabeth Street giant and AZX Group's intentions for 28-78 Bouverie Street, Carlton, with the former set to join the official database shortly.

Subscribers to the Apartments.com.au Data Portal gain access to an expanded number of categories over and above what is publicly available on Apartments.com.au. Subscribers also have the ability to export the entire database to allow for deeper research and analysis.

To view more information about the Data Portal, see the sign up page.
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The Urban.com.au Project Database hits 1000!

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Meriton’s two-tower project Centrium in the business district of Chatswood was launched by Lucy Turnbull, on Thursday evening shortly after it was advised that she will head the new organisation charged with overseeing planning and development across Sydney, the chair of the Greater Sydney Commission.
Centrium will have one tower as serviced apartments and the other as long-term rental accommodation, according to Meriton Group CEO Harry Triguboff.
He said Meriton was giving the Chatswood business district much-needed rental options.
It is now is one of the North Shore’s major commercial, retail and residential districts. Some of Sydney's best shopping, dining and transport facilities can be found in Chatswood.
“If we see a gap in the market, we fill it accordingly,” Triguboff said.
“If we see that there is a great need for long term rental accommodation we retain the building to help boost the depleted rental market."
Chatswood was named after Charlotte Harnett, wife of the then mayor of Willoughby, Richard Harnett. Her nickname was ‘Chattie’ and wood came from the original wooded nature of the area. It was Chattie’s Wood and the date it actually changed to Chatswood is not precisely unknown.
The announcement that former Sydney Lord Mayor Lucy Turnbull will head up the Greater Sydney Commission was good for Sydney but there are major challenges ahead, says the Urban Taskforce CEO Chris Johnson.
“Her background as Lord Mayor of Sydney and her interest in metropolitan wide planning auger well for ensuring the commission acts with big picture thinking,” he said.
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Harry Triguboff to retain Meriton's Centrium towers in Chatswood

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City of Port Phillip are set to consider the merits of a handful of proposed apartment buildings within Fishermans Bend, representing the next tranche of projects due for a planning outcome within the precinct. Council will provide feedback on five separate projects that when combined are capable of adding 1,750 dwellings to the urban renewal zone.

While two of the projects under consideration are present on the Apartments.com.au project database, the three remaining applications are new to the public sphere.

Seen below are the projects which City of Port Phillip will consider during their December sitting.

<h2>261-281 Ingles Street, Port Melbourne</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image126.jpg" rel="gallery-all" title="A new face for Ingles Street? Image courtesy Bruce Henderson Architects"><img alt="" class="image-article-full-width-580px" height="325" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image126.jpg?itok=boeZt65W" title="A new face for Ingles Street? Image courtesy Bruce Henderson Architects" width="580"></a>

<figcaption>A new face for Ingles Street? Image courtesy Bruce Henderson Architects</figcaption></figure>APN Property Group's plans for its 23,011sqm Ingles Street land parcel have been revised since first landing with the Metropolitan Planning Authority at the start of the year. The Bruce Henderson-designed project consists of three residential towers with the tallest at 52 levels or 155.69 metres.

1290 dwellings are included, consisting of 474 x 1 bedroom apartments, 719 x 2 bedroom and 97 x 3 bedroom apartments. Plans for the project show an intensely activated ground plane with 2,822sqm of retail space and a further 1,123sqm of mixed retail and/or commercial space.

1101 car spaces and 1447 bicycle spaces are included within the development.

<h2>163-169 Ferrars Street, Southbank</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image128_0.jpg" rel="gallery-all" title="CHT Architects' design for Ferrars Street"><img alt="" class="image-article-full-width-580px" height="377" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image128_0.jpg?itok=2Mxxwznf" title="CHT Architects' design for Ferrars Street" width="580"></a>

<figcaption>CHT Architects' design for Ferrars Street</figcaption></figure>Also new is CHT Architects' work at 163-169 Ferrars Street. Auto shop Corso Body Works are currently onsite and have initiated the development which would see an 18 storey residential building approved, consisting of 68 x 1 bedroom, 28 x 2 bedroom and and 2 x 3 bedroom apartments.

An open-ended covered pedestrian breezeway will link Ferrars Street and Railway Place with two ground level commercial/retail tenancies included. Patterned and plain precast concrete with an off-white finish will act as an undulating feature wall to the site's boundary.

Incidentally 163-169 Ferrars Street is diagonally opposite 134-142 Ferrars Street which was subject to a 49 level building which during October was amended to an application for an 18 and 23 storey mixed use set of buildings, in line with imposed height restrictions over the precinct.

<h2>31-37 Buckhurst Street, South Melbourne</h2>

Developer Alpha 14 Property Group has ventured into Fishermans Bend for the first time with a residential building on Buckhurst Street. What is currently a warehouse is poised to become an 18 level building carrying 121 dwellings with studio, 1, 2 and 3 bedroom options.

Dual commercial tenancies cover 293sqm at ground level with 83 car spaces located within the podium.

Should it find approval 31-37 Buckhurst Street will likely proceed to construction at pace. Alpha 14 Property Group's West Melbourne residential project titled Bond Quarter received planning approval during October and is already subject to early site works.

<h2>51-59 Thistlethwaite Street, South Melbourne</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image144_0.jpg" rel="gallery-all" title="Inhabit Design have included a public thoroughfare within their project"><img alt="" class="image-article-full-width-580px" height="617" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image144_0.jpg?itok=d-AQx0Qx" title="Inhabit Design have included a public thoroughfare within their project" width="580"></a>

<figcaption>Inhabit Design have included a public thoroughfare within their project</figcaption></figure>SPEC Property's attempt to gain a foothold in Fishermans Bend continues with plans for their Thistlethwaite Street project redesigned once more. The development which also faces City Road will top out at eight levels, half the initial 16 level tower proposed.

Despite the changes, 51-59 Thistlethwaite Street is bound for VCAT where its fate will be decided upon. 161 dwellings are proposed for the development, as is 1,278sqm of communal space.

As part of the development's slant toward community facilities a public toy exchange will be included.

<h2>15-35 Thistlethwaite Street, South Melbourne</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image146_1.jpg" rel="gallery-all" title="Initial and revised schemes. Image courtesy ROTHELOWMAN"><img alt="" class="image-article-full-width-580px" height="341" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image146_1.jpg?itok=monYVBni" title="Initial and revised schemes. Image courtesy ROTHELOWMAN" width="580"></a>

<figcaption>Initial and revised schemes. Image courtesy ROTHELOWMAN</figcaption></figure>15-35 Thistlethwaite Street is representative of the change thrust upon Fishermans Bend via the introduction of reworked height controls. The initial design of 30 levels has made way for a far more modest project at 8 levels, also the handy work of firm ROTHELOWMAN.

Planning documents also show Linkon Pty Ltd as the developer behind the amended application, a change from Circa Property Group who initiated the taller development.

The 8 level complex would see 49 single bedroom and 34 dual bedroom dwellings above three retail tenancies and car parking provisions for 72 vehicles.
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Further Fishermans Bend projects revealed

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In hindsight it seemed like such an obvious choice that Box Hill would be sit at the peak of high density living in greater Melbourne. A natural hub with multimodal transport options, established health, retail and entertainment offerings and a diverse population, it has the ingredients to underpin what is an now unprecedented boom in apartment living within postcode 3128.

In all actuality Box Hill's rise has been a long process to this point, with a string of unrealised projects over the past decade. While Whitehorse City Council have been proactive in accepting measured higher density living within Box Hill's core, the market dynamics were such that various projects never actually proceeded to construction.

It has only been in the last 12 to 18 months that Box Hill has asserted itself as the dominant suburban apartment hot spot, with the exclamation mark coming in the form of Whitehorse Towers. With its 511 apartments selling in no time and its taller tower soon to reach 115 metres, Whitehorse Towers is the first in a new batch of buildings that will transform Box Hill.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image93_2.jpg" rel="gallery-all" title="A selection of Box Hill projects that never saw the light of day"><img alt="" class="image-article-full-width-580px" height="430" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image93_2.jpg?itok=LO2wjXCX" title="A selection of Box Hill projects that never saw the light of day" width="580"></a>

<figcaption>A selection of Box Hill projects that never saw the light of day</figcaption></figure>A sweep through the Apartments.com.au Project Database shows 23 current residential apartment projects within Box Hill, with in excess of 2,250 apartments in play. Of these 23 projects, 9 are currently under construction with the latest to join the ranks being Elland Avenue which began piling during November.

Further to these a number of other noteworthy projects are also on the Box Hill radar, the most prominent being 12-14 Nelson Road which is seeking approval for a 22 storey building containing 164 dwellings. Whitehorse City Council have indicated 12-14 Nelson Road is satisfactory in its site context and two further apartment developments at 5 Rodgerson Road and 9-11 Bruce Street received planning permits during October, the latter project advancing via VCAT.

Factoring in the projects that have yet to enter the Apartments.com.au Project Database, the overall count of current apartment projects centred around Box Hill's core would exceed 30; a massive number in context.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image95.jpg" rel="gallery-all" title="Box Hill's largest to date - Sky One and Whitehorse Towers"><img alt="" class="image-article-full-width-580px" height="376" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image95.jpg?itok=xoGp0-pA" title="Box Hill's largest to date - Sky One and Whitehorse Towers" width="580"></a>

<figcaption>Box Hill's largest to date - Sky One and Whitehorse Towers</figcaption></figure>The smaller projects underpin Box Hill's apartments success story, it's the tall projects surrounding Whitehorse Road that garner public attention. The latest to break cover is the most recent incarnation of 545 Station Street which has appeared in many guises, but is now known as Sky One.

Expected to be Box Hill's tallest development, Sky One is championed by Golden Age Group after their purchase of the site from AXF Poperty. Registrations of interest are open for the project which will be officially launched during early 2016.

The northern side of Whitehorse Road will likely also receive a substantial tower with plans afoot for a mixed-use building tower for the Spotlight Box Hill outlet that may well usurp Sky One as the suburb's tallest building.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image91_2.jpg" rel="gallery-all" title=" 9-11 Ellingworth Parade and 701 Station Street. Image courtesy Lindellas and Artisan Architects"><img alt="" class="image-article-full-width-580px" height="259" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image91_2.jpg?itok=PJ_T2YO_" title=" 9-11 Ellingworth Parade and 701 Station Street. Image courtesy Lindellas and Artisan Architects" width="580"></a>

<figcaption>9-11 Ellingworth Parade and 701 Station Street. Image courtesy Lindellas and Artisan Architects</figcaption></figure>Box Hill's popularity has also flowed into land sales with multiple development sites currently on offer. The buoyant residential sector has evidently given vendors confidence to hit the market with the expectation of receiving top dollar for their respective sites.

Seven large residential development land parcels are currently on offer within Box Hill, with two holding approval for residential schemes, namely 701 Station Street and 9-11 Ellingworth Parade. These sites follow hot on the heels of 820 Whitehorse Road which was sold recently with the onsite commercial complex expected to make way for a tower in excess of 25 levels.

The frequency and scale of the residential projects flowing into Box Hill have seen it become the apartment hot spot right now. A time of intense change is upon the suburb.

The following is a list of all Box Hill projects we have added to the Apartments.com.au project database to date.
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Box Hill: The new suburban apartment powerhouse

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GUEST OBSERVER
The property market always moves reliably in swings, peaks and corrections. Just like the stock market it can be fuelled by skittishness, nerves and sheer hype. When you add emotion to that, you get a dangerous mix.
A number of property experts, from Goldman Sachs, Merrill Lynch and the University of NSW and many others have all come out recently to warn of an oversupply of apartment products and a projected decline in demand. While Melbourne seems to be headed for a certain oversupply, Sydney is also in danger of falling down this path.
In such a fertile time for property investment how could this be? To understand this you need to comprehend the historic reasons that have led us here.
In the aftermath of the GFC confidence in the property market, in any market really, was at an all time low. It was extremely difficult for even some of the strongest property groups in Australia to get their projects up. Major lenders were very cautious and the whole market was flat and carefully ticking along. Land developers were actually trying to encourage people to buy blocks out in Western Sydney – which, only five years on, seems absurd now.
The real trigger that caused a turnaround was the last Federal election. This led to a feverish run in investor sentiment. A realisation dawned that it wasn’t the end of the world and that financially speaking. Australia had actually been in pretty good shape.
Sentiments quickly changed and this caused a sharp spike in prices. As everyone started buying land or apartments there was a massive price escalation. The problem, of course, is that it takes a while to get any stock on the market. Consider the general bureaucratic hurdles in getting a DA approval or land subdivisions.
The low interest rates, a relatively strong economy and the appeal of property (which has now overtaken the share market as a better place to invest cash) all served to create hype and euphoria. Add to this the average assets in Sydney and Melbourne being so much higher than in other parts of Australia, has allowed people to borrow off their equity and make big investments elsewhere. Then, because everyone has seen values increase quickly in a short space of time, this has led to a frenzy of buying and investment.
So a log jam of development submissions and big land projects from a few years ago is now bursting into fruition. The problem is that it’s now outstripping demand. A recent report by BIS Shrapnel has estimated that we’ll see almost  12,000 new apartments built in Sydney in the next three years. There’s still quite a waiting list in land out in western Sydney as this is now all that’s available in Sydney.
The big problem has been buying the wrong kind of product at the wrong time. Specifically the mistakes made by investors has been mostly found in off the off the plan products. Developers are very good at feeding off hype. They will create the most gorgeously glossy brochures loudly broadcasting apartments that you can buy into, starting at only $700,000 for a one-bedroom apartment in Sydney.
But, as we often discover, that can mean you’re buying the worst apartment and the prices in the complex just start escalating from there. Many investors are buying believing the recent gains will continue at the same pace. What they risk is over-paying or buying at the top of the market and seeing their prices go sideways for many years. The climate is similar to 2002/2003 wherein Sydney had already seen an incredible run up in prices, when the market then peaked.
Sydney then had the worst property market for a decade, in terms of growth up to 2012. The last 3 years have been quite dramatic, yet it would be very foolish to pay record prices at the top of the market hoping that in 12-18months you will have made a gain. The opposite could very well be the result.
The other problem has been investors trying to get finance for off-the-plan apartments. Loan approvals only last three months yet the settlement may not occur for 12 – 18 months. In the background, APRA have been putting a squeeze on banks to slow down investor lending, so this too has a consequence.
So by the time the investor is ready for finance, the banks may reduce their initial valuation of the property and demand a higher deposit. For investors working with tight margins this can be disastrous. The investor is then unable to settle because they don’t have enough cash and the banks have valued lower. They default and lose their deposit and their property becomes another form of supply on the market.
 This then creates a perfect storm where values start dropping and the positive sentiment disappears. This has another consequence that with an oversupply of apartments (often negatively geared) there’s too much competition and so rents start dropping, which in turn pushes the investment downwards.
 So from a confident position of market jubilation it’s remarkable and instructive how quickly things can change. The key message is that it doesn’t matter how good the conditions are if you purchase the wrong product and don’t look at the bigger picture. Far too many first time investors make classic mistakes through eagerness and not talking to an expert.
It’s worth remembering that a market driven by hype will always be found out.
 
SAM KHALIL is founder and director of <a href="https://www.dpn.com.au/" target="_blank">Direct Property Network</a>.
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jchancellor-FAypfDUnLy

Apartment oversupply will ensure recent gains not continue at same pace: DPN's Sam Khalil

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2015 shapes as a pivotal year for Central Equity with three current sizebale planning applications for the Southbank-based developer set to underpin their intentions for the coming years. After highlighting <a href="/news/central-equity-breaks-the-mould-71-87-city-road-southbank">71-87 City Road during October</a>, the wraps are now off 268-274 City Road on Southbank and 556-558 Lonsdale Street within Melbourne's CBD.

The latter two if delivered in their initial form would have a joint development value approaching $350 million. Coupled with 71-87 City Road the three proposals which are still before the Minister for Planning and DELWP would all comfortably surpass the 200 metre height benchmark, a first for Central Equity which has for years elected to stick with towers of lesser height.

While the towers will almost invariably be subject to design refinements as they pass through the planning process, they do represent Central Equity's next tranche of high density projects. In recent years Central Equity like many other developers in the Melbourne apartment market has enjoyed robust demand for its product which has seen a handful of their projects sell heavily in next to no time.

The towers at planning are a continuation of Central Equity's penchant for not tinkering with their winning formula. Doig Architecture and Guilford Bell &amp; Graham Fisher Architects are the design firms behind either tower highlighted below, each having an established relationship with the prolific developer which has yielded many residential projects over recent years.

<h2>268-274 City Road development summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image73_2.jpg" rel="gallery-all" title="Doig Architecture's 268-274 City Road"><img alt="" class="image-article-full-width-580px" height="876" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image73_2.jpg?itok=AM3omSa9" title="Doig Architecture's 268-274 City Road" width="580"></a>

<figcaption>Doig Architecture's 268-274 City Road</figcaption></figure><ul>
<li>Design: Doig Architecture</li>
	<li>Proposed: 70 level tower at 222 metres</li>
	<li>Historic building onsite retained within podium structure</li>
	<li>570 apartments: 237 x 1BR, 271 x 2BR, 62 x 3BR</li>
	<li>273sqm ground floor retail tenancy</li>
	<li>Provision for 221 vehicles and 309 bicycles</li>
	<li>Level 10 amenities including terrace, pool, cinema and gym</li>
	<li>Estimated development cost: $120 million</li>
</ul>
<h2>556-558 Lonsdale Street development summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image74.jpg" rel="gallery-all" title="556-558 Lonsdale Street in its initial form"><img alt="" class="image-article-full-width-580px" height="983" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image74.jpg?itok=VMIiJIQ3" title="556-558 Lonsdale Street in its initial form" width="580"></a>

<figcaption>556-558 Lonsdale Street in its initial form</figcaption></figure><ul>
<li>Design: Guilford Bell &amp; Graham Fisher Architects</li>
	<li>Likely to be titled Melbourne Grand Apartments</li>
	<li>Site area: 2,187sqm</li>
	<li>Proposed: 67 level tower at 233 metres to top</li>
	<li>889 apartments: 100 x studio, 262 x 1BR, 366 x 2BR, 161 x 3BR</li>
	<li>3 ground floor retail tenancies</li>
	<li>Provision for 308 vehicles and 275 bicycles</li>
	<li>Amenities including pool, gym, theatre room, function room and common area</li>
	<li>Estimated development cost: $200 million</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image75_0.jpg" rel="gallery-all" title="71-87 City Road, 54-68 Kavanagh Street and 1 Balston Street"><img alt="" class="image-article-full-width-580px" height="352" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image75_0.jpg?itok=UegcAPRs" title="71-87 City Road, 54-68 Kavanagh Street and 1 Balston Street" width="580"></a>

<figcaption>71-87 City Road, 54-68 Kavanagh Street and 1 Balston Street</figcaption></figure>556-558 Lonsdale Street and 268-274 City Road join 71-87 City Road as Central Equity's projects which are still at planning, with all three lodged just prior to the implementation of the Metropolitan Planning Levy which commenced on 1 July 2015. In addition, 54-68 Kavanagh Street was granted a planning permit in recent days, allowing for a further 597 dwellings.

Brookfield Multiplex has established itself as Central Equity's builder of choice, with three builds for the developer in progress. Southbank's 1 Balston Street is at piling while 612 Lonsdale Street and 601 Little Lonsdale Street are well into construction.

Overall Central Equity has approximately 1,410 apartments currently under construction, 597 approved by way of 54-68 Kavanagh Street and 2,241 seeking approval as per the initial planning submissions mid year.
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Two giants round out Central Equity's massive development pipeline

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A string of recent planning approvals throughout inner Melbourne has allowed for the addition of some 750 dwellings. Spread over eight separate projects, the residential schemes further add to Melbourne's pipeline while not being confined to one particular postcode or municipality.

Strictly the only non residential approval, Southbank's 64-68 Clarendon Street, has seen its permit issued during November after being lodged during February of this year. Designed by Bruce Henderson Architects, the 27 level tower will accommodate 161 serviced apartments.

Located diagonally opposite Crown Metropol Hotel, the approved tower is now likely to be touted to prospective operators.

Also in Southbank and Evolve Development look to have gained final approval for 25-27 Coventry Street with all public applications for the intended 20 level tower noted as approved. 25-27 Coventry Street shapes as Evolve Development's next major inner city project following Jewel Apartments heading to construction and the firm's sale of Williamstown's high density Waterline Place project.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image68_4.jpg" rel="gallery-all" title="25 Covenrty Street and Southbank's latest hotel"><img alt="" class="image-article-full-width-580px" height="414" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image68_4.jpg?itok=rF9W3xFd" title="25 Covenrty Street and Southbank's latest hotel" width="580"></a>

<figcaption>25 Covenrty Street and Southbank's latest hotel</figcaption></figure>Two projects have found favour north of the CBD. Alpha 14 Property Group are poised to receive final planning approval for 386-394 Spencer Street, West Melbourne after receiving a notice of decision to grant a permit during November.

Set behind retained historic buildings, the new 16 level apartment building will rise with a distinctive pink motif applied to the facade if initial plans for the project are realised. The Hayball creation is likely to consist of 105 apartments split between one and two bedroom options.

Arden-Macaulay Precinct has received another approval with 114-116 Haines Street given the green light during October. It joins a number of other immediate residential projects which will transform the pocket of North Melbourne into a high density, mid-rise enclave.

A creation of Kyriacou Architects, 114-116 Haines Street will present as a 10 level building with in excess of 30 apartments included.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image70_1.jpg" rel="gallery-all" title="Haines Street and Spencer Street will receive new residential buildings"><img alt="" class="image-article-full-width-580px" height="412" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image70_1.jpg?itok=ccKo2WfH" title="Haines Street and Spencer Street will receive new residential buildings" width="580"></a>

<figcaption>Haines Street and Spencer Street will receive new residential buildings</figcaption></figure>VCAT have ruled on two noteworthy projects within City of Port Phillip.

Highlighted on Apartments.com.au during the early stages of 2015, a <a href="/news/designed-to-inspiire-k1-union-street-melbourne">unique tree-laden proposal</a> has been given the green light at K1 Union Street adjacent to St Kilda Road. KMK Developments received their permit for the project this month, allowing for the delivery of a 13 level apartment building with 13 whole floor apartments split between 3 or 4 bedroom options.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image59_1.jpg" rel="gallery-all" title="K1 Union's unique exterior and viewline along with 550 Williamstown Road"><img alt="" class="image-article-full-width-580px" height="379" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image59_1.jpg?itok=ZcQO1I2f" title="K1 Union's unique exterior and viewline along with 550 Williamstown Road" width="580"></a>

<figcaption>K1 Union's unique exterior and viewline along with 550 Williamstown Road</figcaption></figure>Also gaining approval is 550 Williamstown Road with VCAT issuing a permit for the 967sqm site that borders but is not within the Fishermans Bend Urban Renewal Area. The Jackson Clements Borrows design will see 33 apartments created within a six level building that sits opposite Port Melbourne Cricket Ground.

A permit for the project was issued within the last two weeks.

Slightly further afield and 649 Chapel Street has progressed after a number of failed proposals for the site. During October a notice of decision to grant a permit was advertised for the project which Malaysian developer Mitraland has slated as <a href="/news/malaysias-mitraland-looks-to-enter-the-melbourne-apartment-market">their first Melbourne project</a>.

Valued at $50 million, the project will deliver 72 apartments within a narrow 20 level residential building designed by Fender Katsalidis Architects. At 488sqm, the site and subsequent tower will eventually be wedged in between appreciably larger residential developments.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image63_3.jpg" rel="gallery-all" title="649 Chapel Street and Brunswick West's 350-364 Moreland Road"><img alt="" class="image-article-full-width-580px" height="328" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image63_3.jpg?itok=Tw4Vrn16" title="649 Chapel Street and Brunswick West's 350-364 Moreland Road" width="580"></a>

<figcaption>649 Chapel Street and Brunswick West's 350-364 Moreland Road</figcaption></figure>VCAT has also ruled on a deceptively large apartment development in Brunswick West. 350-364 Moreland Road presents as a four level building to the street, yet is large enough to carry in excess of 70 apartments over a 2,082sqm site. In planning for over a year, the project was given the green light during September.
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