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

SIERA kicks off construction at Northcliffe tower Exhale

Brisbane

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Historically, the east coast housing markets of Brisbane and Melbourne have followed the Sydney growth cycle, booming shortly after the Sydney market reaches its peak.
Despite speculation that growth in the Sydney market would spill north to Brisbane, devastating weather conditions and the deterioration of commodity prices mean that the greater Brisbane region has seen subdued growth so far in 2015.
Our latest data shows that the median house value in Brisbane contracted by 1.33% for the March quarter. Units did not do much better, with growth of 0% in the same period.
Queensland Treasurer Curtis Pitt described the Federal Budget as a “let down for Queensland”.
The State Government was chasing funding for a cross river rail, the second stage of the Gold Coast light rail and the Sunshine Coast rail duplication.
However, the Federal Government has announced its infrastructure loans are conditional, and Queensland will not receive full federal support unless it agrees to sell its assets.
Unless the State Government can negotiate further infrastructure funding, Queensland may see subdued economic and employment growth.
This is further reinforced by the abolishment of the tax free threshold for those on a working holiday in Australia.
The reform could reduce tourism, which has provided a crutch for the Queensland economy following the tapering off of the mining boom.
Any fiscal policy impacting tourism is also important for those with holiday rentals to consider, as rental returns could go down and vacancy periods have the potential to go up.
Eliza Owen is the Market Analyst for <a href="https://investors.onthehouse.com.au/Federal_Budget_2015/?page=1#.VVOx3XpMIzU" target="_blank">Onthehouse.com.au</a>.
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More bad news for Queensland property: Eliza Owen

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Verde, the 12-story South Brisbane residential building will seek to embrace South East Queensland’s climate, with 82 environmentally sustainable, lifestyle friendly, spacious apartments.
Set 15 minutes walk from the centre of Brisbane, Verde will feature the largest vertical garden in Queensland as its centrepiece.
The north and south facing walls will be covered in 480 square metres of plants including herbs and succulents.
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"It’s my vision to help make Brisbane a greener city,” VCP Developments and Modern Architecture Practice spokesman Paul Obod said.
the 12-story building would embrace South East Queensland’s climate, with 82 environmentally sustainable, lifestyle friendly, spacious apartments.
“Verde blends cutting edge design, innovation and sought after luxuries including a rooftop infinity pool and an expansive barbeque and entertaining area.” 
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Verde is being marketed by CBRE Residential Projects director Jon Rivera, who will launch Verde to the market this month.
There are already 20 lodged expressions of interests from apartment buyers.
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“What’s unrealistic in the southern states is a reality in Brisbane and it all comes together at Verde.” 
Two bedroom, two bathroom apartments, with a carspace, start at $585,000, with three bedroom penthouses starting at $1.4 million. 
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Verde to feature Brisbane's largest vertical garden

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Research firm SQM Research has released its top 10 most affordable properties in Brisbane. All are located within 30 kilometres of the Brisbane CBD, and all cost less than $300,000.

Predictably, almost all on the list are units, and all have been discounted. The first on their list, <a href="https://www.realestate.com.au/property-unit-qld-zillmere-118756355" target="_blank">1/368 Zillmere Road</a> in the northern suburb of Zillmere, has had its price cut by 32%, from $329,000 to $225,000.

<a href="https://www.realestateview.com.au/Real-Estate/136-granard-road-archerfield/Property-Details-buy-residential-8284800" target="_blank">136 Granard Road in Archerfield</a> (pictured above) has been on the market for the longest time, and was listed 2,022 days ago – that's five years ago. In that time, the vendors have discounted its asking price by 18%, from $330,000 to $269,000.

The three bedroom house on a 607 square metre plot is currently rented at $325 per week. If the home sells at $269,000, it will reflect a 6.3% yield. The vendors paid $267,500 for the house in 2007.

SQM Research's top 10 most affordable Brisbane properties:

<ul>
<li>1/368 Zillmere Road, Zillmere</li>
</ul>
Initial asking price: $329,000 
Now asking: $225,000 
Reduction: 32% 
Days on market: 85

<ul>
<li>1-12 McBain, Kallangur</li>
</ul>
Initial asking price: $280,000 
Now asking: $239,990 
Reduction: 14% 
Days on market: 273

<ul>
<li>1/69 Ormadale Road, Yeronga</li>
</ul>
Initial asking price: $299,000 
Now asking: $250,000 
Reduction: 16% 
Days on market: 469

<ul>
<li>136 Granard Road, Archerfield</li>
	<li>Initial asking price: $330,000</li>
</ul>
Now asking: $269,000 
Reduction: 18% 
Days on market: 2,022

<ul>
<li>43/32 Blyth Road, Murrumba Downs</li>
</ul>
Initial asking price: $347,000 
Now asking: $269,000 
Reduction: 22% 
Days on market: 155

<ul>
<li>12 Woods Court, Bellbird Park</li>
</ul>
Initial asking price: $329,000 
Now asking: $276,500 
Reduction: 16% 
Days on market: 85

<ul>
<li>Lot 24/113 Castle Hill Drive, Murrumba Downs</li>
</ul>
Initial asking price: $319,000 
Now asking: $279,000 
Reduction: 13% 
Days on market: 267

<ul>
<li>2/154 Goodfellows Road, Murrumba Downs</li>
</ul>
Initial asking price: $315,000 
Now asking: $297,995 
Reduction: 11% 
Days on market: 351

<ul>
<li>29/18 Holmes Street, Toowong</li>
</ul>
Initial asking price: $320,000 
Now asking: $280,000 
Reduction: 13% 
Days on market: 182

<ul>
<li>10905 8 Harbour Road, Hamilton</li>
</ul>
Initial asking price: $365,000 
Now asking: $290,000 
Reduction: 21% 
Days on market: 623

<h2>QLD properties selling now:</h2>

[smartcode_project:default project_id=26730]

[smartcode_project:default project_id=90553]

[smartcode_project:default project_id=22057]
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jrichardson-uRX5hFdKfN

10 Brisbane properties under $300,000: SQM Research

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Australian Property Monitors (APM) has released a list of auction results in Brisbane for the weekend of 2 May.
<a href="https://www.homepriceguide.com.au/saturday_auction_results/Brisbane.pdf" target="_blank">Click here</a> for the auction results, and click on each street address to see the property's marketing.
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po-LsXgBTHBmX

APM's 2 May weekend auction results for Brisbane

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The Brisbane housing market recorded another encouraging year of house price growth over 2014, according to the Domain Group senior economist, Andrew Wilson.
Brisbane’s median house price increased by 5.9% over the year compared to 5.1% over 2013.
<img src="/images/2015/03/12/brisbane-mar-12-one.jpg" alt="">
Source: Domain Group
He noted Brisbane’s housing market revival was late compared to most other capital city housing markets, which were driven by the sharp cut in interest rates in 2012-13, but it is "now squarely on track".
"Prices growth has been particularly solid in the mid to upper price ranges in inner and middle ring suburbs," Wilson said.
"Activity in outer suburban budget priced suburbs, however, has continued to be subdued with high listing numbers and continued concerns over unemployment and job security constraining buyer confidence."
<img src="/images/2015/03/12/brisbane-mar-12-two.jpg" alt="">
Source: Domain Group
Wilson advised he thought Brisbane’s revival gathered pace over spring last year with rising auction numbers reflecting increased confidence in the marketplace from sellers.
"Activity levels in the auction market have continued to rise early in 2015 with record late summer listings reported," he said.
Brisbane median house prices are set for another solid result through 2015, rising again by between 5 and 7%, which will likely be only behind Sydney in terms of capital city performance. 
<img src="/images/2015/03/12/brisbane-mar-12-three.jpg" alt="">
Source: Domain Group
"Sydney is poised to retain its position as the leading capital city performer with house price growth outstripping the national growth projection," Wilson said.
"Brisbane is expected to be the next best performer as its housing market revival continues.
“Sydney and Brisbane are set to be the best performers over the year, with 8% and 6% growth forecast respectively." 
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Brisbane to be strongest 2015 capital behind Sydney: Domain Group

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Brisbane, along with Queensland's regional property markets, continue to lag other states this property cycle, according to Macquarie Wealth Management.
"Brisbane is still very much the laggard for this cycle given the sluggish domestic economy, with periodic price falls still common particularly for the Brisbane unit market," Macquarie's latest report noted.
It was in part because Queensland continued to show population growth moderation as the recent mining boom subsided.
The lagging occurs even as prices emerge back into recovery and should exhibit strong price growth into 2015, it noted.
"There are clear macro reasons behind this slow recovery, due to weaker domestic growth and the slow pace of interstate migration out of both Sydney and Melbourne," the report said.
"Affordability levels in Brisbane are relatively good, given the recent price correction, which will offer a relatively larger buffer when mortgage rates eventually impact more significantly on affordability and pricing."
Macquarie's concerns relate to what it sees as "sluggish interstate migration and rising supply".
Noting the surge in construction activity in 2014 in Brisbane, it did concede that Brisbane had not seen meaningful supply additions for some years.
"As the mining investment cycle unwinds, both foreign and interstate migration into Queensland is slowing significantly – a trend that will tangibly reduce housing demand in these regions," it added.
Macquarie described the Australian residential housing market cycle as unfolding "largely as we expected".
"Low rates and good affordability had bolstered a moderate price upswing in 2013, initially out of Sydney (after 10 years of subdued gains) before it broadened out to Perth and Melbourne and finally to Brisbane, the clear laggard in this recovery cycle," the report noted.
"By late-2014 and into 2015, the stimulatory impacts from low rates have been largely realised.
"While further price gains ahead are still expected, the pace of growth is likely to be slower over the remainder of this upswing cycle.
"Medium term, the fundamental drivers of the Australian housing market are less favourable, but still firm overall.
"Housing demand is well supported, given solid migration, although that pattern of growth is still shifting clearly from resource-intensive states of Western Australia and Queensland back to the larger, more diversified states of New South Wales and Victoria.
"Developers are lifting supply in response, driving a surge in approvals and starts initially for units and apartments, but that supply is now broadening into detached housing as well."
Meanwhile Brisbane's off the plan apartment market has smashed its previous quarterly sales record with 1,621 unconditional transactions in the three months to December 2014.
The results as reported in Place Advisory's quarterly unit report equated to more than 135 off the plan sales a week in the inner-Brisbane market.
Place Advisory noted that level of quarterly sales outstripped the records set during the previous cycle, where 1463 unconditional sales were recorded in the June 2002 quarter.
Place Advisory noted that AMP Capital and Billbergia's Skytower was Brisbane's top performing project for the quarter with a registered 415 apartment transactions in total.
Place Projects director Bruce Goddard said the result showed Brisbane was experiencing an unequivocal boom in apartment buying.
"With approximately $2.4 billion worth of new and off the plan residential sales recorded during the year 2014, it shows the Brisbane residential market remains in massive demand consistently city-wide," Goddard said.
Apartments sold during the quarter showed a weighted sale price of $551,558 up from $545,478 in the threes months to September 2014.
Place Advisory director Lachlan Walker said he didn't believe these sales rates were sustainable longer term.
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The reasons behind Brisbane's lagging property market: Macquarie Wealth

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Brisbane agents scheduled a record number of homes for a February weekend with the preliminary result seeing a 61% success rate.
Some 142 properties were scheduled for auction, well ahead of the 84 auctions conducted last weekend and significantly higher than the 100 listed over the same weekend a year ago.
Windaroo hosted the most number of auctions this weekend with seven followed by Sunnybank and Ascot with five each.
Seller confidence in the Brisbane housing market continues to rise following a record spring-summer auction season, Fairfax Domain senior economist Andrew Wilson said.
"This year has commenced in similar fashion with a record early season 448 auctions over the last five weekends compared to the 390 listed over the same period last year," said Wilson.
"Solid buyer demand for inner and middle suburban properties continues to drive the Brisbane housing market with prices continuing to rise."
APM reported the weekend's top sale was $1,496,000 when the four bedroom 89 Towers Street, Ascot (pictured above) deceased estate offering sold through Ray White.
The weekend's cheapest was a three bedroom house at Morayfield for $183,000. The 1 Judith Street house sold through Lynne Cornish Real Estate.
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A solid 61% auction success rate Brisbane's first February Super Saturday

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Brisbane's inner city rental market has been termed "weak" by the Real Estate Institute of Queensland (REIQ).
The REIQ recorded a 3.8% vacancy rate in Brisbane's inner ring (0 to 5 kilometres from the city centre) in December 2014.
Any vacancy rate figure above 3.5% is categorised as "weak", while a market is considered "tight" if it has a vacancy rate below 2.5%, and healthy with a vacancy rate between 2.5% and 3.5%.
The other "weak" Queensland markets in December were in Bundaberg, Gladstone, Rockhampton,  Mackay and Townsville, with Mackay topping vacancy rates at 10.3%.
The Brisbane inner market is the only greater Brisbane region with a "weak" market. The REIQ notes that vacancy rates are trending upwards.
In a release, REIQ chief executive Antonia Mercorella said: "Residential vacancy rates are prone to seasonal fluctuations over the Christmas/New Year period and 2014 was no different."
"Many REIQ agents reported softer tenant demand in December, with many leases expiring as students finish up their studies and others also take up employment opportunities in new locations."
However, Brisbane's inner market is experiencing weaker conditions than in previous years: In December 2012, the REIQ recorded a vacancy rate of 2%. In the same month of 2011, Brisbane had an inner city vacancy rate of 1.9%.
According to the REIQ, the median price of a unit in Brisbane was $420,000 in the September Quarter. In the latest HSBC Downunder Digest report, HSBC forecasts 6% to 7% price growth for Brisbane homes in 2015, with 4% to 7% forecast for 2016.
Click to open in new window:
<a href="/images/2015/02/10/forecasts.jpg" target="_blank"><img src="/images/2015/02/10/forecasts.jpg" alt=""></a>
<a href="https://www.realestate.com.au/property-unit-qld-west+end-405055971" target="_blank">201/9 Kurilpa Street in West End</a> will be available to rent in March at $540 per week. The two bedroom "near new" apartment was advertised to rent in September at $550 per week, with the asking rent lowered last month.
At its current advertised rent, investors who paid $510,000 in May 2013 will be receiving a yield of 5.6%.
<img src="/images/2015/02/12/west%20end%20feb%2012%20tqwo.jpg" alt="">
Buyers paid $465,000 for this National Rental Affordability Scheme (NRAS) unit in July 2014. It was listed to rent late last month for $397 per week - slightly less than the $400 per week the previous owners were expecting this time last year.
According to Domain Group, vacancy rates for units in the greater Brisbane area were higher for units than houses in January, which is normal across all the capital city markets (see graph below).
<img src="/images/2015/02/12/Picture%2044.png" alt="">
Source: Domain Group
The unit at <a href="https://www.realestate.com.au/property-apartment-qld-kangaroo+point-415036059" target="_blank">1401/67 Linton Street, Kangaroo Point,</a> has two bedrooms and two bathrooms. Its current advertised rental rate reflects a 4.4% yield.
<img src="/images/2015/02/12/west%20end%20feb%2012%20three.jpg" alt="">
<a href="https://www.sqmresearch.com.au/graph_yield.php?sfx=&amp;region=qld%3A%3AInner+Brisbane&amp;t=1" target="_blank">SQM Research</a> data shows that asking rents for units in the Brisbane inner region have remained relatively stable over the past five years.
Click to open in new window:
<a href="/images/2015/02/12/sqm-feb-12-one.jpg" target="_blank"><img src="/images/2015/02/12/sqm-feb-12-one.jpg" alt=""></a>
However, there have been recent warnings, including <a href="/expert-insights/buying/brisbane-on-the-slippery-slope-to-oversupply">one from columnist Terry Ryder</a>, about the threat of oversupply in the Brisbane inner market, while in September <a href="/expert-insights/buying/brisbanes-inner-city-apartment-market-q-a-with-urbis-jon-rivera">Urbis' Jon Riviera told Property Observer </a>he had heard reports of rents softening, with rents previously "quite inflated". 
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Brisbane's "weak" inner city vacancy rates climbing

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When looking for a new apartment, a buyer might consider location, price, local infrastructure and tenant quality.
But should investors purchase new or established apartments?
Some investors won't touch off the plan purchases, while others argue there are plenty of reasons to <a href="/expert-insights/building/buy-established-or-buy-new-the-arguments-for-both-sides">consider new apartments</a> – as long as you do the <a href="/guides" target="_blank">required research</a>. 
Off the plan apartments can look very shiny and exciting, especially in those renders in the brochure. But are you paying for a high quality product, or marketing materials (including the events, the PR-distributed gift baskets and <a href="/news/vic/vespa-offer-to-entice-buyers-to-south-yarra-one-bedroom-apartments">the Vespa</a>)?
Established apartments may be cheaper, but why should you pay for a degraded product if a brand new one might be available for just a little bit more cash?
These questions are particularly pertinent in Brisbane, which has seen multiple new developments crop up in the last year, with more to come this year (prompting <a href="/expert-insights/buying/brisbane-on-the-slippery-slope-to-oversupply">oversupply warnings from some</a>).
To see just how much more you'll pay for a new apartment in Brisbane, Property Observer looks at recent sales in three suburbs: Toowong, Bulimba and Holland Park West.
<h3><a href="/news">Toowong</a></h3>
<a href="https://www.realestate.com.au/property-apartment-qld-toowong-113816387" target="_blank">1/68 Benson Street, Toowong</a>
 <img src="/images/2015/01/15/1.jpg" alt="">
This one bedroom, one bathroom apartment in Toowong sold for $469,000 in December.
The only one bedroom apartment in the complex, it has 60 square metres of internal floor space, with polished timber floors, a balcony and a stone kitchen.
The buyer will have access to the complex's pool and change room. The apartment comes with one car space.
<ul>
<li>New or established: New</li>
<li>Price: $469,000</li>
<li>Bedrooms: One</li>
<li>Price per square metre: $7,816</li>
</ul>
<a href="https://www.realestate.com.au/property-apartment-qld-toowong-117391051" target="_blank">36/7 Landsborough Terrace, Toowong</a>
<img src="/images/2015/01/15/2.jpg" alt="">
Just up the river is 36/7 Landsborough Terrace, an established apartment that sold for $452,800 late last year.
The first floor apartment has two bedrooms and two bathrooms, with a north-facing patio. Coming with one car space, the 84.5 square metre apartment is newly carpeted and pool access.
<ul>
<li>New or established: Established</li>
<li>Price: $452,800</li>
<li>Bedrooms: Two</li>
<li>Price per square metre: $5,359</li>
</ul>
<h3><a href="/news">Bulimba</a></h3>
<a href="https://www.realestate.com.au/property-apartment-qld-bulimba-116544279" target="_blank">4/18 Wambool Street, Bulimba</a>
<img src="/images/2015/01/15/3.jpg" alt="">
In Bulimba, this two bedroom, two bathroom new apartment sold for $659,000 in November.
The air-conditioned, 79.2 square metre apartment has a balcony that opens off the living area and comes with one secure parking space. Construction is expected to finish in February.
<ul>
<li>New or established: New</li>
<li>Price: $659,000</li>
<li>Bedrooms: Two</li>
<li>Price per square metre: $8,320</li>
</ul>
<a href="https://www.realestate.com.au/property-apartment-qld-bulimba-117688427" target="_blank">55/25 Love Street, Bulimba</a>
 <img src="/images/2015/01/15/4.jpg" alt="">
Buyers paid $535,000 for this established apartment in Bulimba. With two bedrooms and two bathrooms, the 91 square metre unit has two balconies, giving it a north-south aspect.
There are two side-by-side parking spaces, and comes with access to a 25 metre lap pool, a gymnasium and a barbecue area.
<ul>
<li>New or established: Established</li>
<li>Price: $535,000</li>
<li>Bedrooms: Two</li>
<li>Price per square metre: $5,879</li>
</ul>
<h3><a href="/news">Holland Park West</a></h3>
<a href="https://www.realestate.com.au/property-apartment-qld-holland+park+west-117813147" target="_blank">5/35 Crown Street, Holland Park West</a>
<img src="/images/2015/01/15/5.jpg" alt="">
A two bedroom apartment sold off the plan for $429,000 in November. Apartment 5 has 84 square metres of internal space, with tiled living areas and a "designer kitchen".
The two bedroom apartment in a low rise complex comes with a balcony and one garage space. Construction has commenced.
<ul>
<li>New or established: New</li>
<li>Price: $429,000</li>
<li>Bedrooms: Two</li>
<li>Price per square metre: $5,107</li>
</ul>
<a href="https://www.realestate.com.au/property-apartment-qld-holland+park+west-117166391" target="_blank">3/27 Rolle St, Holland Park West</a>
<img src="/images/2015/01/15/6.jpg" alt="">
Vendors secured $372,500 for this established apartment in Holland Park West.
The two bedroom tiled apartment has two balconies and a recently renovated bathroom. With 75 square metres of floorspace, the unit sits above a secure garage.
<ul>
<li>New or established: Established</li>
<li>Price: $372,500</li>
<li>Bedrooms: Two</li>
<li>Price per square metre: 75 square metre</li>
</ul>
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Which Brisbane apartments present the best value: New or established?

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Brisbane's median house price now sits at $466,500 after 0.8% growth over December, according to CoreLogic RP Data.
Over 2014, the city saw house values increase by 4.8%­ – the third highest yearly growth rate of Australia's capital cities, after Sydney and Melbourne.
Property Observer looks to recent Brisbane sales to see just what a median-priced house looks like.
<a href="https://www.realestate.com.au/property-house-qld-forest+lake-117448451" target="_blank" style="line-height: 1.3em;">8 Doncaster Place, Forest Lake</a>
<img src="/images/2015/01/12/1.jpg" alt="">
This three bedroom house sold for $460,000 in December last year. The house in the masterplanned Creekwood Estate sits on a 704 square metre block, 18 kilometres from the Brisbane CBD. The home includes a study and a media room, with two bathrooms.
<ul>
<li>Price: $460,000</li>
<li>Bedrooms: Three</li>
<li>Drive to CBD: 28 minutes</li>
</ul>
<a href="https://www.realestate.com.au/property-house-qld-westlake-118261079" target="_blank">Westlake</a>
<img src="/images/2015/01/12/westlake-jan-12-breakout.jpg" alt=""> 
A brick and timber home set on 829 square metres sold for $468,000 last week. The three bedroom house has one "two-way" bathroom and front and back verandahs. It also offers level side access.
<ul>
<li>Price: $468,000</li>
<li>Bedrooms: Three</li>
<li>Drive to CBD: 23 minutes</li>
</ul>
<a href="https://www.realestate.com.au/property-house-qld-stafford+heights-118619251" target="_blank">305 Kitchener Road, Stafford Heights</a>
<img src="/images/2015/01/12/3.jpg" alt=""> 
Buyers paid $467,000 for this three bedroom house in Brisbane's north. The brick and tile house on a 607 square metre plot has open plan living areas, with a basement double garage and laundry. The vendors sold the home after just over one year of ownership. They purchased it for $425,000 in November 2013, reflecting 9.9% annual growth.
<ul>
<li>Price: $467,000</li>
<li>Bedrooms: Three</li>
<li>Drive to CBD: 15 minutes</li>
</ul>
<a href="https://www.realestate.com.au/property-house-qld-cannon+hill-118544475" target="_blank">2 Aeroplane Street, Cannon Hill</a>
 <img src="/images/2015/01/12/4.jpg" alt="">
This post-war house sold for $460,000 late last year. The house in Cannon Hill is set on 670 square metres and has two bedrooms, with one "sleep-out" – an enclosed deck area that can be used to sleep in. There are two living areas, one of which includes a fireplace.
<ul>
<li>Price: $460,000</li>
<li>Bedrooms: Three</li>
<li>Drive to CBD: 14 minutes</li>
</ul>
<a href="https://www.realestateview.com.au/Real-Estate/robinson-road-west-aspley/Property-Details-sold-residential-7933950" target="_blank">559 Robinson Road, West Aspley</a>
<img src="/images/2015/01/12/5.jpg" alt=""> 
Vendors secured $466,500 for this four bedroom house in West Aspley. The single level home sits on a recently landscaped 607 square metre plot, and offers off road parking for up to three cars. The vendors purchased the house in March 2011 for $375,000.
<ul>
<li>Price: $466,500</li>
<li>Bedrooms: Four</li>
<li>Drive to CBD: 20 minutes</li>
</ul>
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