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

SIERA kicks off construction at Northcliffe tower Exhale

Brisbane

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Brisbane recorded a 14th consecutive quarter of growth with its median house price reaching $632,000 in the December quarter of 2015, according to REIQ's latest Market Monitor for Queensland.
The Brisbane house market was once again the strongest market, with a new median house price and a six percent increase in total listings. The days on market edged out to 78 days from 73 last year, however, vendor discounting is the same, 5.1 per cent.
REIQ CEO Antonia Mercorella said the market’s consistency was its strength and meant that it was probably the most stable capital city.
“Our market has avoided the pitfalls of a boom and bust cycle, performing consistently over the past 14 quarters, which is more than three years of sustained growth.
“I know some property owners in Sydney and Melbourne who envy that record,” she said.
Brisbane’s new median represents an increase of 1.6 per cent for the quarter, a rise of 6.1 per cent on 12 months ago and an increase of 14.2 per cent on five years ago.
In the southeast corner, eight out of nine LGAs recorded either a median house price increase or static price when compared with the previous quarter.
The housing market, statewide, was reasonably positive with increases in most markets. The exceptions to those were Fraser Coast (-7.3 per cent) and Mackay (-3.7 per cent).
The Mackay market continues to struggle to find certain ground. The median house price slid 3.7 per cent compared with the September quarter.
“We are watching Mackay very closely and our hope is that the government infrastructure projects will create jobs and lead to more vigour in the local economy,” Mercorella said.
“Mackay has a diverse local economy and it is our hope that markets such as sugar and education can help create some revenue for local businesses,” she said.
The apartment market in Mackay recorded a 64 per cent increase in activity and a 12 per cent increase to the median apartment price, to $280,000, however, this was off a very small base of 22 sales last quarter, rising to 36 sales in the December quarter. Almost all of the additional sales were within one project, which settled in December.
In the regional centres, Gladstone and Townsville defied expectations to record increases in their respective median house prices.
Gladstone lifted by 3.2 per cent to $359,500, while Townsville lifted by 2.1 per cent to $350,000.
These results were surprising, considering December’s traditionally quiet trend. However, local agents reported “flurries” of activities in the final days of December that has obviously lifted these results in both markets.
Sales volumes in the apartment market softened throughout the state in the December quarter, even in the apartment powerhouse market of the Gold Coast, where activity was down nine per cent.
However, even with fewer sales, the Gold Coast recorded a median price increase of 2.6 per cent to $374,500.
The Sunshine Coast also increased its median apartment sale price, up 1.0 per cent, to $365,000.
Outside the southeast corner, Townsville once again surprised all with a 5.1 per cent lift in median apartment price to $290,000.
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Brisbane hits new median house price as Queensland growth continues: REIQ

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A South Brisbane site with 304 apartments designed by the award-winning Cottee Parker have been launched.
Positioned on a 2,021sqm site at 15-19 Brereton Street, the DA approved elevated site is being marketed through Brendan Hogan and Pat George of Colliers International and Blake Goddard and Elliot O’Shea of JLL via an international expression of interest campaign closing April 20.
The development has mostly two-bedroom apartments, communal facilities as well as podium parking allowing for significant cost savings.
“We expect to receive significant interest from both offshore and onshore developers as currently there are very limited opportunities of DA approved sites available in the area that enable immediate commencement of pre-sales and construction of the development," said Hogan.
Goddard of JLL added that “south Brisbane is a transforming residential hub with entertainment venues, leisure precincts and over 275 restaurants, cafes and bars all within close proximity. It is just over 1km from the Brisbane CBD and well connected by rail, bus and ferry services".
 
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prateek24-ezbwHMbNAk

DA approved South Brisbane residential site comes to market

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An apartment offering in Brisbane’s CBD is a rarely available CBD Sky Home.
It is on level 58 with uninterrupted views of the Story Bridge and Brisbane River.
Recently renovated and split over two levels, the layout offers open living space on the lower level including the dining room.
Upstairs are three bedrooms, bathroom, ensuite and study.
Complex facilities include lap pool, spa, sauna, gym, theatre, 24 hour reception and 5 high-speed lifts.
The <a href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-119634323" target="_blank">581/420 Queen Street</a> apartment has been listed by overseas sellers through Brandon Wortley of Ray White, New Farm who is seeking offers over $1,400,000.
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Queens Street, Brisbane sky home offering

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The largest new‐build ibis Styles hotel in Australia -- ibis Styles Brisbane Elizabeth Street -- was officially opened with a ceremonial plaque unveiling, led by the Queensland's tourism minister Kate Jones and hotel owner Sheikh Mubarak A.M. Al‐Sabah, a prominent business leader from Kuwait.
The 386‐room ibis Styles Brisbane Elizabeth Street is the third hotel property in Australia that Sheikh Mubarak has enlisted AccorHotels to operate, alongside ibis Melbourne Glen Waverley and ibis Budget Melbourne Airport.
Jones, who holds the ministerial portfolios of education and tourism &amp; major events, said at the event that, “Brisbane and its many modern inner‐city precincts are becoming well known with their increasing appeal and variety of choice for travellers.”
“Ibis Styles offers these travellers another excellent and affordable accommodation option,” she added.
The hotel is the tenth and largest in Action Hotels portfolio, and the group’s first hotel in Brisbane. Sheikh Mubarak A.M. Al‐Sabah is the owner and founder of Action Hotels PLC. 
“We are very excited by the opening of our first hotel in Brisbane. It is a high quality three-star hotel and is well located for both business and pleasure customers which will drive occupancy from day one. The opening of this, our largest hotel, is a big step towards achieving our goal of 5,000 rooms by 2020," he said.
Added Simon McGrath, the chief operating officer of AccorHotels Pacific: “The opening of ibis Styles Brisbane Elizabeth Street, is a milestone development for AccorHotels and Action Hotels and we expect this hotel to be a major boost for the local economy not only from a tourism perspective, but also supporting the local economy, creating up to 100 hospitality jobs and during construction nearly 250 jobs, concluded Simon.”
The 368‐room new‐build hotel features ibis Styles’ signature Sweet Beds, lively colours and upbeat furnishings and a new restaurant and bar – The Social. Room rates start from $135 per night.
Action Hotels are owners, developers and asset managers of economy and midscale hotels in the Middle East and Australia. AccorHotels and Action Hotels currently partner on eight hotels with a further three in the development pipeline.
 
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Brisbane sees official open of ibis Styles hotel

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A riverfront home on the Brisbane Corso has been sold for $5.5 million.
Spanning three levels on a 1050 sqm block, the home is filled with oversized windows and glass doors which are met by numerous balconies with a river back drop.
The home features a sound proof home theatre, complete with projector and bar area.
The theatre flows out on to an alfresco entertaining deck which overlooks the in-ground pool and own private pontoon.
The five bedroom house previously traded for $661,000 in 2000.
The home also includes a home office, climate controlled cellar, billiard room, workshop and a gym.
Jane Elvin of LJ Hooker Annerly/Yeronga was the selling agent of <a href="https://www.realestate.com.au/property-house-qld-yeronga-121749034" target="_blank">419 Brisbane Corso</a>.
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Brisbane Corso riverfront trophy sold

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The pace of home value growth across Brisbane has been improving, with dwelling values rising by 4.1 percent over the past twelve months.
The latest NAB housing insights report noted due to the higher pace of growth recorded in Sydney and Melbourne since 2009, Brisbane home values have become comparatively very affordable with the typical Brisbane house now showing a median value that is approximately $441,000 lower than Sydney’s and $144,000 lower than Melbourne’s. 
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.50.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.50.44%20PM.png" alt="">
The slower conditions compared with the larger states of New South Wales and Victoria can likely be attributed to softer economic conditions as the mining sector winds down. More recently though we have seen consistent improvements in the services sector of the Queensland economy, with rising tourism numbers and retail spending providing support for coastal and lifestyle based housing markets as well as the Brisbane housing market. 
The regional areas of the state have shown a weakening in the rate of home value growth, dragged lower by value falls in the region’s most heavily dependent on mining related activities. Values in Mackay were 8.6 percent lower over last year, while Fitzroy values had fallen 3.7 percent and values across the Central West region were down 6.2 percent. Conversely, key lifestyle oriented markets such as the Gold Coast and Sunshine Coast are seeing home values trending higher.
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.48.47%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.48.47%20PM.png" alt="">
 
The Brisbane housing market has been somewhat undersupplied in previous years’, yet housing price performance has lagged notably behind that of Sydney and Melbourne. Consequently, the comparative affordability makes the Brisbane market an enticing alternative for foreign investors, while pent up demand will keep local buyers in the market. An improving outlook for the Queensland economy will be another factor supporting prices as low interest rates and AUD depreciation help to jump start non-mining segments of the economy, feeding into better labour market outcomes. 
However, population growth is expected to continue slowing in Queensland, while the unemployment rate is likely to remain above 6% over the near-to-medium-term, which will limit gains in property prices. Also, similar to Sydney and Melbourne, residential construction is picking up rapidly in Brisbane, which should address some of the pent-up demand and cool the market. 
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.52.25%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.52.25%20PM.png" alt="">
Similar to what was seen across all three of the major eastern markets, the NAB Property Survey showed a sharp deterioration in market sentiment in Queensland for Q4 2015, although forward expectations suggests the weakness may be only temporary. Nevertheless, respondents downgraded their house price expectations significantly, as well as their rental expectations – in contrast to NSW and Vic where rental expectations rose. 
NAB expects house price growth in Brisbane to outperform other capital cities, but to slow to 3 percent in 2016 (from 4.3 percent in 2015).
On a more positive note, foreign buyers are responding as expected to the relative affordability (and availability) of Brisbane property, with demand apparently picking up in the quarter according to the Survey. Overall, NAB expects house price growth in Brisbane to outperform other capital cities, but to slow to 3 percent in 2016 (from 4.3 percent in 2015).
However, there are a number of risks stemming from the uncertainty around foreign demand and the impending spike in housing supply. These risks are particularly prevalent in the unit/apartment market, where prices are already expected to fall 0.6 percent in 2016 (from 1.8 percent in 2015).
 
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Brisbane house values to increase by 3 percent, units to fall by 0.6 percent: NAB

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Property sale numbers fell in Brisbane over the past three months, the latest research from Brisbane Cityscope shows. 
The last three months to the beginning of February recorded 16 sales for a total of nearly $428.3 million, with $394.4 million for commercial, $300,000 for commercial strata, $12.9 million for retail, $1.2 million for retail strata and $17.6 million for other.
In comparison, the three months to the beginning of November had 23 sales for a total of $209.9 million, with $131 million for commercial, $700,000 for commercial strata, $53.7 million for retail, $5.7 million for retail strata and $13.5 million for other.
The 12 months leading up to the beginning of February 2016 recorded 74 sales for a total of over $1.93 billion, significantly higher than the same time period a year earlier.
<a href="/images/2016/03/7/Pulse-BNSalesGrid-580x246.gif" target="_blank">Click to enlarge</a>
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The three most significant sales recorded this quarter were:
▪ Mineral House, 41 George Street, was sold by QIC Investments No. 3 Pty Ltd and QIC Infrastructure Management No. 2 Pty Ltd for $159 million. The sale represented an initial yield of 8.77% on an advertised passing income of $13.93 million (net). Chesterton International and Colliers International brokered the deal. Mineral House is a 27-storey office building which was built in 1979.
▪ 313 Adelaide Street was bought for $114 million by Gref Brisbane Pty Ltd on behalf of a German fund managed by Deutsche Asset &amp; Wealth Management. The sale, through CBRE and JLL, represented an initial yield of around 7% on a passing income of $7.98 million.
▪ 201 Charlotte Street was bought for more than $81.5 million by Perpetual Corporate Trust Limited on behalf of Fortius Funds Management Pty Limited and BlackRock Investment Management (Australia) Limited. Chesterton International and Evolution Capital brokered the deal.
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Properties currently listed for sale include:
▪ Unit 3, Qantm House, 138-140 Albert Street – a 369 sqm unit, comprising the entire first floor. For sale with an asking price of $2 million; agent, K2 Private (Stuart Moody).
▪ Unit 1 and unit 2, Northpoint, 239 North Quay – a 153 sqm commercial unit on the ground floor. For sale with an asking price of $2.5 million; agent, Tewksbury Commercial Real Estate (Peter Tewksbury and Darren Lucchese).
▪ Unit 6, 183 North Quay – a 572 sqm commercial unit, comprising the entire fourth floor. For sale with an asking price of $2,300,000; agent, Blocksidge (Christopher Finn and Paul De Luca).
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Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope

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Banyan Tree Group are set to develop a $150 million luxury private residence development in Kangaroo Point, Brisbane.
Banyan Tree Residences Brisbane will comprise of 76 freehold private residences over 10 levels, four penthouses (three with rooftop infinity pool and private garden terrace), 27 three-bedroom apartments and 45 two-bedroom apartments.
Banyan Tree Group executive chairman Ho Kwon Ping said construction is slated to commence in the second half of 2016, with completion expected in late 2018. 
"We are excited to launch our first Banyan Tree branded residences in Brisbane," he said.
"The city was a natural choice given its 2.2 million residents and $135-billion-dollar economy. As the leader in the country’s infrastructure boom, there are strong growth projections for Brisbane as it continues to transform and evolve."
For more information, <a href="https://www.banyantreeresidences.com/brisbane/homepage" target="_blank">click here</a>.
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Banyan Tree expands into Australia with luxury $150 million Brisbane residential project

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Brisbane is undergoing a warehouse refurbishment boom, as larger and older logistics centres struggle for relevance in a market that is driven by new construction in emerging precincts offered at competitive rentals, according to a commentary in Colliers.
Institutional owners are investing heavily in their existing portfolios, according to Anthony White, director of Industrial at Colliers International. 
“These owners are looking to attract new tenants to their buildings following existing tenants vacating, sometimes after leases which are on a term of 20 years or more,” he said.
 “Brisbane Airport Corporation is in the final stages of completing a substantial refurbishment of a 26,912 sqm distribution centre at 51 – 57 Qantas Drive, which has yielded immediate results.
“Following a 21,912 sqm commitment by GPC Australia, Brisbane Airport Corporation undertook a substantial refurbishment which included a full fire sprinkling upgrade, an office extension and refurbishment and an external cosmetic refurbishment.
“This strategy yielded immediate results, with national fitout company Mills Display agreeing to lease the balance 5,000 sqm tenancy just prior to Christmas.
“We believe this is only the beginning of a refurbishment cycle and that many owners will need to consider how their buildings function to suit modern tenants’ requirements.
“Efficient truck access, undercover loading areas and quality fire and building management systems will be demanded by tenants as the design and construct market offers brand new buildings at competitive rentals.”
John Tormey, general manager-Commercial Businesses at Brisbane Airport Corporation, acknowledged the need to tailor the airport’s property portfolio to meet the specific needs of customers.
“We have a terrific $1billion portfolio of assets and extensive development opportunities for both our existing and new tenants,” he said. 
“While we have the lowest office vacancy in Australia – virtually no vacancy in industrial buildings – and many brand new developments, we are long-term owners and see the benefits of making sure our offering suits our customer base in the future.”
Brisbane-based De Luca Construction &amp; Development worked with Brisbane Airport Corporation in delivering the project and commented that they are seeing increasing demand for this type of construction work.  
“Taking an existing building that could be 20 or 30 years old and installing modern systems and features is not without its own challenges,” said De Luca’s MD Nic De Luca.  
“This project required substantial attention to make sure the new fire system and office refurbishment was suitable for the needs of the main tenant GPC."
Brisbane Airport Corporation is not the only company investing in its portfolio, with Charter Hall recently completing a substantial refurbishment on its 18,000 sqm distribution centre at Pinkenba which was previously occupied by NQX. 
Goodman has also invested heavily in its existing assets at Hendra and Acacia Ridge and Stockland has completed a substantial refurbishment of its highly exposed distribution centre on the corner of Nudgee Road and the East-West Arterial.
Anthony White forecasts this trend to continue.
“We have seen repositioning strategies rewarded with some exceptional leasing outcomes over the past 18 months,” he said. 
“As tenants demand more efficient buildings we will see increased activity in distribution centre refurbishments.”
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Brisbane warehouses go for makeover: Colliers 

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The median house price in Brisbane is up 4.3 percent year on year and up 1.6 percent from the final quarter of last year, according to a new report by JLL.
JLL's residential market report for February 2016 said the median apartment price is up 1.8 percent year on year, but stayed unchanged for the last quarter.
The report found Brisbane's inner suburbs are in high demand , with median house prices above $800,000. 
The inner suburbs are in high demand, with median house prices above $800,000. with prices dropping to $550,000 10km or further from the CBD and $400,000 20km or further.
"On average, properties are taking 58-63 days to sell; a day or two longer than last month, but an improvement on the 75-day selling period characteristic of 2015," the report noted.
"Listings are clearing, with total house listings down 12.5%. New house listings are down 8.8% on last year while total apartment listings are down 3.8%. Rental levels for houses have been falling since the beginning of the year."
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