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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</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Brisbane

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Real estate company JLL has bought the management rights of a Brisbane boutique residential development, Newstead Series.
The purchase is the first ‘off the plan’ acquisition of residential management rights in Queensland for JLL, said a media release.
Newstead Series is being developed by JGL Properties and comprises four boutique buildings – The Carlyle, The Donaldson, The Ajax and The Koerstz – named after Australia’s famous wool presses.
The buildings are set amongst half an acre of subtropical landscaped gardens with a 25 m pool, gymnasium, alfresco dining areas, outdoor cinema and recreational lawns. The project is due for completion in 2017.
“JLL’s property management business continues to be a major engine room for growth, and the Newstead Series acquisition further expands and diversifies our reach and allows us to leverage our extensive commercial management portfolio,” said Geoff McIntyre, managing director of JLL’s Queensland business.
JLL is the largest property manager in Australia. 
National head of Property and Asset Management Richard Fennell said, “diversifying our business has been a key strategy, and growing into the residential sector has been a successful factor.”
“We believe there will be strong future rental demand, driven by the boutique nature of Newstead Series, its spacious apartment and townhome designs, as well as the generous half an acre of lifestyle and community amenities.  
Newstead Series developer John Livingstone from JGL Properties said the investment by JLL delivered a strong endorsement for the project. 
“To have Australia’s largest property services firm acquire the Newstead Series management rights is a huge vote of confidence in the project and for the stakeholders involved,” said Livingstone.
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jonathanchancellor-7SQnKwU6yx

JLL buys into Brisbane residential project Newstead Series

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GUEST OBSERVER
Landmarks identify and define cities. Town-planning instruments usually protect these landmarks from development that does not respect the setting.
But inappropriate development is placing one of Brisbane’s most important landmarks in danger. A proposed 47-storey tower threatens Customs House, on Queen Street, from being seen as it was intended to be.
Such developments are neither a new problem nor unique to Brisbane. The “Toaster” apartment building has compromised the view of the Sydney Opera House. In Melbourne, the proposed shards of Federation Square threatened the view of St Paul’s Cathedral from St Kilda Road at Princes Bridge. The impacts of both of these actions were very much an afterthought.
In London, it was realised as the Shard Tower was being constructed that it would affect the view of St Paul’s Cathedral. Lord Mayor Boris Johnson thus moved to protect views of the cathedral from specific vantage points with a clear viewshed diagram to ensure the dome can still be seen from identified locations. This demonstrates how best to pre-empt what may happen in the future, prevent unsuitable outcomes and protect views of landmarks.
<h2>The Customs House case study</h2>
Brisbane’s city plan has prescribed a heritage precinct around Customs House and the adjoining land to the north to ensure views of it are protected.
However, the Brisbane City Council late last year approved the tower, which is to be built immediately to the north of Customs House. This proposed building is to replace a four-storey block that was already too large.
By approving this development, the council has ignored its own regulations. These were put in place to protect not only views of Customs House from the northern end, but also to allow views across the site to the Brisbane River and the Story Bridge from Queen Street in the other direction.
The design of Customs House, completed in 1889, was unusually accomplished. It responded to its particular site at the bend in Queen Street, which is the closest point to the river.
Views of the building from various points in the city and river are possible and intended. The most important view, however, is of the northern end, from Queen Street and the open space to the north.
 The building has a dome placed over its Long Room, positioned eccentrically at one end. This was intentional and informed by Customs House’s setting: the oblique views made it difficult to determine that the dome was not central.
In this way, the building is quite different to other landmarks, such as the General Post Office, where the main view to be protected is the front elevation, seen perpendicular to Queen Street. The city plan should include a diagram of the protected viewshed for each landmark in the city to prevent unsuitable developments that could have a detrimental impact on a landmark’s setting.
It is common practice to protect a landmark’s principal view. For Customs House, however, this is not the street elevation or the river elevation, but the various oblique views from further away, particularly the northern end with its semi-circular projection.
Although Customs House occupies part of a heritage precinct, no specific viewshed diagram has been made that would be able to prevent the current proposal. Nevertheless, that a precinct had been identified for Customs House and its adjoining lands should have been enough to protect it.
The existing building to the north, built in 1987 before the Queensland Heritage Act existed, is already too large. It did not comply with the Australian Heritage Commission’s determination that was given before it was built. The council made the mistake of approving it then, and will compound its error if the current proposal is allowed to proceed.
The federal Australian Heritage Commission has long been dismantled as state heritage controls were established. The Queensland Heritage Act followed similar legislation in other states but came considerably later and only after public outrage at demolitions such as the Bellevue Hotel and Cloudland. That was in the Bjelke-Petersen pro-development era – a time that now seems to be repeating itself.
If we care about Brisbane and its landmarks, this development should not be allowed to proceed.
Robert John Riddel is adjunct professor in Architecture, The University of Queensland and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-john-riddel-236135" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Development placing Brisbane’s Customs House in danger

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Melbourne-based property developer BPM has paid $8.2 million to purchase its sixth development site in Brisbane's Toowong.
But tougher financing requirements for investors has turned the group focus towards the owner-occupier market. 
The Young Rich lister Jonathan Hallinan's newly acquired properties, combining two sites at 15 Archer Street and 628 Coronation Drive, required agreements with 10 separate vendors and took almost 11 months to negotiate, he said.
Current BPM projects in Brisbane include its 60-apartment White Dawn project, in which 15 apartments remain unsold, and a 273-apartment project in Fortitude Valley, on the 358 Wickham Street site it purchased in 2014, which is due to be released to the market in May. 
The deal comes after BPM sold a 5984-square-metre site with permit for 742 apartments on Gladstone Street in Melbourne's Fishermans Bend to Singapore-listed developer Chip Eng Seng for $52 million. 
Hallinan told The Australian Financial Review that finance equity requirements are much greater.
"But that is being drive by the financial markets, not the property market. 
"The larger-scale developments are much more difficult to finance at this time."
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Property developer BPM pays $8.2 million for Brisbane site

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Loss making resales across Greater Brisbane is 7.9 percent for the December 2015 quarter, down from previous years according to CoreLogic RP Data.
Across South-East Queensland region council areas, Toowoomba (3.7 percent), Brisbane (5.4 percent) and Redland (8.7 percent) have the lowest proportions of loss-making sales. The highest proportion of loss-making resales were Ipswich (17.8 percent), Scenic Rim (15.5 percent) and Gold Coast (14.8 percent).
 
<a href="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%202.46.18%20PM.png" target="_blank">Click to enlarge</a>
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Greater Brisbane losing resales at 7.9 percent for December 2015 quarter: CoreLogic RP Data

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Nido Apartments represents an offering of 12 apartments above the canopy in Brisbane’s prestigious Ascot by developers Definitive Developments.
On offer are Lapraik Street apartments that combines high quality and exclusive design with functionality in a desirable location.
Each two and three-bedroom apartment is set over two levels with full-width balconies designed to capture the views and rooftops from their position on the edge of Bartley’s Hill. 
Apartments all have two car parks, large communal garden, secured lift access and additional lockable storage.
Place projects are offering a limited selection of two bedroom, two bathroom and ensuite and three bedroom apartments with two bathrooms and ensuite.
The asking price for these apartments is between $760,000 and $975.000 through agent Wes Press of Place.
Construction commenced with completion expected late this year.
 
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Nido Apartments, Ascot construction underway

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Brisbane’s inner city apartment precinct saw 5336 residential new and off the plan sales worth about $3.19 billion in 2015.
It was a 30 percent up on 2014 - and four times 2010, according to Place Projects’ 2015 analysis of the CBD apartment market.
The report found there were 18 new projects in the inner Brisbane precinct in 2010 compared with 26 last year.
There was only a 4 percent growth in average weighted sales price to $595,000.
Place Advisory director Lachlan Walker said one factor driving prices has been a recent shift from one-bedroom to two-bedroom apartments, which accounted for 56 percent of the market, compared with 39 percent in 2010.
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Brisbane apartment sales volume record

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<div>The December 2015 Residential Property Price Indexes figures confirmed the expected slowing in the final quarter of last year, although more timely private sector indices suggest that nationally prices began to rise again in the first quarter of 2016, perhaps by around +1.5 percent. Let's look through the macro trends from the 2015 figures in three concise parts. Part 1 - Market steadier in summer The total value  of dwelling stock increased only marginally to $5.9 trillion in the December quarter, rising by $482 billion or +8.9 per cent over the calendar year. This was broadly in line with capital city dwelling price growth of +8.7 per cent, plus a bit more reflecting the value of the new supply of new dwellings. The total value of dwelling stock has increased by a third or $1.5 trillion since December 2011, now tallying 3.5 times the size of nominal GDP. </div>
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<div> <img src="/images/2016/03/23/R4.jpg" alt="">
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<div> </div>
<div>The weighted 8 capital city average indexes showed that both house and unit prices steadied in the last quarter of 2015, with house price growth (+9.3 per cent) outperforming the market attached dwellings (+6.7 per cent) over the course of the calendar year, a triumph for scarcity over affordability. </div>
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<div>
Part 2 - City by city While Sydney showed the expected moderate final quarter correction and Darwin prices tumbled, Perth saw its prices increase by +0.5 per cent leading a number of commentators to call the bottom on Perth's market cycle and to project moderate gains for 2016. Melbourne prices rose by +1.6 per cent to record strong growth of +9.6 per cent for the year, second only to another immense calendar year for Sydney at +13.9 per cent. Canberra went on a tear with prices leaping by +2.8 per cent in the December quarter (for +6 per cent growth in 2015). while Hobart prices also spiked by +2.5 per cent for an annual result of +3.5 per cent, mirroring more timely reports from other private sector data providers.</div>
<div> </div>
<div>The most steadily consistent performer has been Brisbane, notching up another solid +1.6 per cent increase for its 14th consecutive quarterly gain and a +4.2 per cent annual increase. Since June 2012 dwelling prices have increased steadily by +17.1 per cent in Brisbane. Adelaide has followed a very similar trajectory with somewhat more suppressed nominal price growth. </div>
<a href="/images/2016/03/23/R6.jpg" target="_blank">Click to enlarge</a> <img src="/images/2016/03/23/R6.jpg" alt=""> 
<div>Over the past three years the total value of Australia's dwelling stock has increased by $1.33 trillion, with New South Wales (+$682 billion), Victoria (+$377 billion) and Queensland (+$143 billion) accounting for the bulk of the increase. </div>
<a href="/images/2016/03/23/R1.jpg" target="_blank">Click to enlarge</a>
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<div>Since December 2008 growth in property prices has been driven overwhelmingly by Sydney (+79.8 per cent) and Melbourne (+53.5 per cent), while Brisbane has recorded considerably less price growth (+22.1 per cent) over this timeframe. In fact since that time both Darwin and Canberra have fared better, although the Top End is now in correction mode.</div>
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<div>The ABS also now provides some interesting insights into the unstratified median price of established dwelling transfers, which also inferred a slowdown in Sydney house prices (in fact Sydney unit prices rose more than established house prices on this metric, jumping by +11.4 per cent to $685,000). This data series is most instructive in depicting just how far Sydney and Melbourne house price growth has outpaced that of its respective regional market counterparts. </div>
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<div>There are myriad ways to look at house price data, some of which involve inflation adjustments and carefully selected data points, while others use hedonic regression analysis, but the simple long run data from March 2002 shows the median transfer price of established houses to be as follows:</div>
<ul>
<li>Sydney up from $365,000 to $910,000</li>
</ul>
<ul>
<li>Melbourne up from $241,000 to $621,000 </li>
</ul>
<ul>
<li>Brisbane up from $185,000 to $499,800 </li>
</ul>
<div class="separator">At the state level the mean dwelling prices tell a broadly similar story to the capital city narrative for the past year, with New South Wales (+$76,300) and Victoria (+$56,100) once again recording the greatest gains in calendar year 2015, while the ACT (+$35,000) and Queensland (+$17,600) also saw notable increases.</div>
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<img src="/images/2016/03/23/R7.jpg" alt="">
 Part 3 - Supply response mixed 
<div>Finally, the data denoting the total number of dwellings at the state level shows how New South Wales added just +7,400 dwellings to its total stock in the December quarter. Nationally the total number of dwellings increased solidly by +162,900 or +1.7 per cent in 2015 to 9.62 million, having now increased by +578,600 or +6.4 per cent since December 2011. </div>
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Over the past four years, while the less densely populated territories of the Northern Territory (+10.2 per cent) and the ACT have added substantially to their stock of dwellings in percentage terms, the same has not been true everywhere.  Of the most populous states Western Australia (+8.9 per cent) and Victoria (+7.8 per cent) have co-ordinated the most material supply response as a percentage of established dwellings. However, the percentage increases in Queensland (+6.8 per cent) and in particular New South Wales (+4.6 per cent) have been less marked, reflected in their respective shallower gradients in the below chart. </div>
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<div>This seems likely to in part to reflect stock obsolescence and demolition in the larger capital cities, where older dwellings are often pulled down in order to make way for new apartment developments. However, in some locations there does remain an elevated volume of apartment construction in the pipeline, which you can doubtless see for yourself if you frequent the inner city hubs.</div>
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<div>The wrap</div>
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<div>Overall this historical data reflected already known market trends with the restraints on investor lending propitious in tapering price growth towards the end of the calendar year. At the macro level we can expect price growth nationally in 2016 to be lower than the +8.7 per cent seen in 2015, with investor lending have been successfully curbed and more supply due to come online. </div>
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<div>House price growth has resumed in 2016 in parts of Brisbane and Melbourne, Sydney's market has become a bona fide dichotomy, with many of the inner ring suburbs firing, but the outer ring now recording funereal auction results. Naturally at the sub-regional level results are far more mixed and trends more nuanced.</div>
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<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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Brisbane racks up 14th consecutive quarterly gain: Pete Wargent

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Brisbane's GPO Hotel Fortitude Valley, a popular icon in the Fortitude Valley nightlife scene, is up for sale.
CBRE Hotels has launched an expressions of interest campaign for the hotel on behalf of the Lantern Hotel Group. The EOI campaign closes March 31.
The hotel, sporting Victorian Italianate style architecture, is located at 740 Ann Street on a 956sqm corner site.
The freehold building earns $329,052 per annum, with fixed 3.5% annual increases. It is leased until 2019 with four 10-year options.
The zoning is flexible for future uses as retail, residential or office. There is potential for increased density subject to council approvals.
The listing agents are Glenn Price, Daniel Dragicevich and Darren Collins of CBRE.
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Brisbane's Fortitude Valley hotel on the market

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The debate around 'bad development' in Brisbane just got a new counterpoint. 
#yimbyqld – Yes, in my back yard Queensland – has been created to highlight the many benefits that good, innovative and well-planned developments bring to modern cities.
Brisbane property consultancy Wolter Consulting Group is spearheading the initiative, to bring back some balance to the development debate, after concerns that “good development” was being unfairly tarnished.
Wolter's director and planning manager, Natalie Rayment, said Brisbane had a track record of outstanding developments from successive Brisbane City Council administrations, including the Gasworks precinct at Newstead, the Urban renewal precinct at New Farm and Teneriffe and Waterline at Bulimba.
“Development is anything but adhoc. It is driven by the City Plan, a document prepared in conjunction with the people of Brisbane,” Rayment said.
“Residents were given double the usual period of time to comment on the City Plan to ensure the best outcome was achieved. The City Plan sets the direction of development in Brisbane for the next decade.
“It is misinformed to say that developers get to do what they like unchecked. The fact of the matter is there is an extremely rigorous system in place that takes into account every aspect of development as well as future planning."
She added that Brisbane City Council is one of the toughest to deal with for development, with anywhere from three to 12 months needed for an approval. Even a basic code assessable application involves detailed assessment against multiple land use, development and constraint codes examining anything from land use to landscaping, design to acoustics, traffic to engineering and much much more.
The debate around development -- always a political topic -- has gathered steam ahead of the Council elections on March 19.
The “yimby” concept has its origins from New York City as an initiative to discuss, document and promote good development against the negative “nimby” (not in my back yard) viewpoint often encountered by developers in big cities.
Rayment said we had not only come to enjoy but expect the benefits of good development, including exciting lifestyle precincts with vibrant public spaces.
“Residents want good interactive public spaces, public artworks, green spaces, environmental excellence, contemporary and innovative design and the housing options and jobs they create,” Rayment said.
“Unfortunately new developments are quite often faced with negativity and the ‘not in my back yard’ brigade. We want to create #yimbyqld to get factual information out there on cutting edge, good developments to encourage debate with an open mind.”
Rayment said recent and proposed developments including the Howard Smith Wharves, Queen’s Wharf, South City Square at Woolloongabba and West Village in West End were examples of good development the people of Brisbane could be excited by.
“Let’s not forget the places we live and play in have been produced by good development,” she said.
“There are many benefits that have flowed from that – including cycle ways, parks, footpath dining and even the recent focus on vibrant laneways and roof-top spaces.
“Our aim is to generate balance in the development debate and start an intelligent, grown-up discussion on what makes a good development,” she concluded.
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prateek24-ezbwHMbNAk

Why development in Queensland is a great thing: a property consultant's take

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A rare Gatsby style of home for Brisbane’s prestigious suburb of Hamilton has been listed.
Number <a href="https://www.realestate.com.au/property-house-qld-hamilton-121120010" target="_blank">9 Eblin Drive</a> is a 1920s original that has been restored to its original Gatsby-esque glory.
Refinements include crafted lead light doors and a sweeping staircase with exquisite wrought iron balustrades, elaborate ceilings and chandeliers.
The owners have invested two years restoring the detail in this 913sqm residence.
There five bedrooms and four bathrooms on three levels and additional features include outdoor kitchen, library, study, cinema, cool room and covered parking for five vehicles. Their investment is $3 million plus.
The property last sold in 2007 for $2,200,000 and is marketed by agent Christine Rudolph of Ray White.
 
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