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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Agent: Karen Mychaelle Seeto<img src="/images/2014/04/14/Karen-Seeto--PROFILE.jpg" alt="" style="float: right;">
Position: Sales/Principal
Company: Ray White Commercial
Location: Brisbane
How long have you been in the industry?
12 years.
What’s happening in the area you specialise in?
The commercial industrial property market is seeing increased buyer activity. This is in both tenanted and vacant assets.
Describe the most interesting property you have sold:
The most interesting property I have sold is Wirrina Cove in South Australia. The sale of Wirrina Cove encompassed selling of the following:
<ul>
<li>Resort, Conference Centre, Golf Course</li>
<li>Caravan Park</li>
<li>Undeveloped Land</li>
<li>Developed Lots</li>
<li>Marina Berths and Head Lease</li>
</ul>
The assets were sold in five stages and were marketed with a budget of $449,951.07, generating a total of 851 enquiries.
What are the ingredients to being successful in your job?
<ul>
<li>People skills</li>
<li>Team work</li>
<li>Negotiation skills</li>
<li>Efficiency</li>
<li>Product knowledge</li>
<li>Commitment</li>
</ul>
What aspects of your role do you enjoy the most? 
I enjoy working with people and being able to help them with both the sales and acquisition of assets.  In all situations being able to look for the win for both parties to ensure a successful outcome.
Where would you invest a spare $750,000?
The residential investment market.
Which football team do you support?
I don't. Netball - Firebirds 
What’s your favourite app or techno gadget?
The new iPad air.
How do you use social media?
Website - <a href="https://kms.raywhitecommercial.com.au/" target="_blank">https://kms.raywhitecommercial.com.au/</a>
Linkedin - <a href="https://au.linkedin.com/pub/karen-mychaelle-seeto/63/b02/b00" target="_blank">https://au.linkedin.com/pub/karen-mychaelle-seeto/63/b02/b00</a>
Twitter - <a href="https://twitter.com/KarenSeeto" target="_blank">https://twitter.com/KarenSeeto</a>
Facebook - <a href="https://www.facebook.com/karenmychaelleseeto" target="_blank">https://www.facebook.com/karenmychaelleseeto</a>  
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kjiminez-eaYKfU7qd2

In profile: Ray White Commercial's principal - Brisbane, Karen Mychaelle Seeto

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Many have nominated Brisbane as the growth city for 2014. That certainly has been a core Hotspotting theme since the latter part of last year and nothing has happened to alter our view.
Brisbane was a moderate performer in 2013 (as were most of our cities, contrary to the media image of a national boom), only sparking to life with a return to price growth late in the year.
This happened on the back of increases in sales volumes. Brisbane ended the year with many suburbs and precincts rising on a pattern of increased market activity, pointing to price rises in 2014.
My Price Predictor Index revealed one precinct as the one most likely to lead Brisbane’s price growth revival in 2014: the northern suburbs of the Brisbane City Council area.
In most of our cities, dozens of local councils govern small portions of the metropolitan area. In Sydney, the City of Sydney encompasses only the CBD and a small number of near-city suburbs (only 4% of Greater Sydney’s total population) and there’s a similar situation is other big cities.
But Brisbane is different. The Brisbane City Council covers a major chunk of the metro area and there are only five LGAs governing the entire area of Greater Brisbane. And it’s the northern suburbs of the Brisbane LGA that have stood up as the market leader as 2014 rolls on.
Ipswich City in the south-west and Logan City in the south are also poised for growth, but the standout in terms of sales volumes is the northern portion of Brisbane City.
We rate Brisbane Northside as one of the top 10 municipalities across Australia for growth this year. Many of its suburbs have rising markets, including <a href="/news">Chermside</a> where consecutive quarters delivered 37 house and unit sales, then 80, then 101.
Others with ascendant markets include <a href="/news">Alderley</a>, <a href="/news">Aspley</a>, <a href="/news">Clayfield</a>, <a href="/news">Nundah</a> and <a href="/news">Zillmere</a>.
The northern suburbs of the Brisbane City Council LGA tend to be middle market areas, with median house prices between $450,000 and $600,000.
This is an area with good transport links, including the Gateway Motorway and rail links from central Brisbane through this precinct to the Sunshine Coast.
There are plenty of employment nodes, with hospitals, schools and government departments playing a large role. The region includes both Brisbane International Airport and the Port of Brisbane, near which is clustered the Australia TradeCoast commercial-industrial precinct.
There are major shopping complexes, including Westfield Chermside, Aspley Hypermarket and Toombul Shopping Centre. Brisbane Northside also has the Brisbane Entertainment Centre.
Residential property demand is strong throughout this precinct, with vacancies in most suburbs below 2.5%. There is a growing unit market in many suburbs – Nundah in the past 12 months had 112 house sales and 225 unit sales (median price $380,000), while Chermside had 103 house sales and 149 unit sales (median price $387,000).
This precinct, then, presents one of real estate’s power combinations: affordable dwellings, good infrastructure and plenty of jobs nodes.
Affordability, plus infrastructure, plus jobs nodes, usually adds up to price growth.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

The standout Brisbane suburbs poised to deliver growth

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Boutique Australian financial services advisory company has leased about 485 square metres of office/warehouse space at Coorparoo in Brisbane's east. 
Protect Ensure secured the lease at 8/55-61 Holdsworth Street to accommodate its growing business.
Under the deal, the firm has agreed to take out a three year lease, at a net rental of $48,500 per annum plus GST and outgoings. 
The refurbished office space includes about 77.9 square metres of offices on the ground floor and a mezzanine area of some 244.5 square metres. The warehouse is about 163.4 square metres with a container height roller door and also includes four car spaces. The selling agent was Rhiannon Jones of Ray White Commercial Brisbane Trade Coast 
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Coorparoo, Brisbane warehouse leased by Protect Ensure

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Marinucci Packaging has signed a ten year lease at the new BIZ business park at Narangba, in Brisbane.   
Located at Mineral Sizer Court within the new BIZ Business Park, the 9,132 square metre property is about 38 kilometres north of Brisbane. It was also designed and constructed as per the lessee’s specifications. 
The facility features two sunken loading docks with dock levelers, expansion capability of 460 square metres, an office fit-out and an 8.5 metre internal springing height clearance.   
CBRE’s Sam Higgins negotiated the deal on behalf of the lessor, Queensland development group, Pradella. 
Mr Higgins said the industrial facility’s location was a key factor behind the deal.
“Marinucci Packaging was looking for new industrial space in Brisbane’s northern suburbs, and this property’s direct highway access and ability to be constructed within a tight time frame were major drawcards that helped seal the deal,” he added. 
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Marinucci Packaging sign new lease at Narangba, Brisbane

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A private investor has swooped on a tenanted office/warehouse facility at Nundah on Brisbane’s northside, paying $1.04 million.
The vendor of the 2/601 Nudgee Road property was RCL Developments Pty Ltd.  
It is leased to Prospect Group Pty Ltd, a company which provides consulting services to the mining, energy and associated industries. The lease has three years to go and is worth $90,000 gross a year. 
Steve Black of Ray White Brisbane Northside was the selling agent of the 336 square metre site. 
“The sale price represents a yield of approximately 7.8% which is indicative of where the market is at the moment for similar types of industrial properties", said Mr Black.
The two-storey building features 235 square metres of corporate office space with an A-grade fit out, a large boardroom and staff amenities on both levels. It also has a 101 square metre high bay warehouse.
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Private investor swoops on Nundah, Brisbane warehouse

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Melbourne's preliminary clearance rate the lowest of the year so far: RP Data's national auction market wrap

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Auction clearance rates tracked steadily on the weekend, but were just a warm-up to a bumper amount of sales expected on Super Saturday next weekend.
The Saturday before Easter weekend is traditionally a <a href="https://www.smartcompany.com.au/finance/investment/35605-harry-dent-says-the-australian-property-bubble-will-burst-is-he-right&amp;sa=U&amp;ei=ZupBU87RIYbgkAWX8oGwCw&amp;ved=0CAcQFjAB&amp;client=internal-uds-cse&amp;usg=AFQjCNHpv9ysK2mkkdpeu--nWKWEoK0BtQ" target="_blank">big weekend for auctions</a>, ahead of the quieter winter period.
Australian Property Monitors senior economist Andrew Wilson says next weekend will see record auctions in Sydney, with around 1,100 expected, while in Melbourne there will be around 1,200 auctions.
“It is the end of the autumn selling season and the point where you get the pre-holiday rush,” Wilson says.
“It will be a big weekend for the Sydney market… it is definitely a test for whether the high listing numbers mean there are enough buyers.”
On the weekend, Melbourne had 1,016 properties listed, with 802 auctions and 580 sold. The clearance rate of 71.8% was slightly up from last week’s result of 69.8%.
The median house price in Melbourne was $791,000, while the median unit price was $511,000. The most expensive property was a four bedroom Camberwell home for $3,935,000.
Wilson says it was a very predictable weekend of results for Melbourne, not deviating from recent trends.
“The trend has been down over the past month, since the Labour Day weekend, and the clearance rate has flattened a little with high numbers of properties listed,” Wilson says.
He says Melbourne’s outer eastern suburbs continued to perform well on the weekend, holding up the market with clearance rates over 80%.
In Sydney, there were 838 properties listed, with 494 auctions and 425 properties sold, with a clearance of 80.6%. This was slightly up from last week’s clearance of 75.9%.
The median house price in Sydney was $1.12 million, while the median unit price was $706,500. The most expensive property in Sydney was <a href="/news/kensington-suburb-record-price-from-macquarie-banker-sale-of-peter-dunkley-built-trophy-home">a five bedroom house in Kensington</a>, for $3,775,000. Sydney’s most affordable property was a studio apartment in Auburn, sold for $156,000.
In Adelaide, the auction clearance rate was 80%, while in Brisbane it was 50.8%.
You can find APM's list of weekend auction results for Sydney, Melbourne, Brisbane and Adelaide here.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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moliver-7qYWqnHmyR

Auction market braced for pre-Easter record breaking Super Saturday weekend

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Everywhere it’s Brisbane, Brisbane and more Brisbane! - the hottest place on the real estate planet if you believe the evening news, real estate junkies and local pollies. 
But how ‘hot’ is Brisbane really? This week, let’s peel back some layers and have a peak.
A quick peak
The Brisbane residential market is in recovery.  It crossed the threshold from trough to recovery in the second half of last year.
But recent lifts in new dwelling and rental supply, plus relatively high levels of second-hand property for sale, have placed a brake on potential price and rental growth. These are cyclical issues, not structural ones.
Brisbane is set to enjoy a much awaited upturn - an upturn in sales mostly; not much in the way of price or rental growth.
Enough new supply
Don’t get me wrong, the demand for new property is high in Brisbane.
There is a current need to build around 7,900 new dwellings in Brisbane City Council each year.  Yet over 9,000 new dwellings were approved during 2014.  There are plenty more in the pipeline, with some estimates exceeding 20,000 each year for the next three to five years.  Ouch!
At present, most of Brisbane’s new housing starts are in medium to highrise developments.  Such development is warranted (demographics; changing lifestyles; downtown gentrification; cost of living/travelling and even rent/housing prices), but the limitations on providing other attached housing supply (see <a href="https://matusikmissive.com.au/2014/02/12/opinion-highrise-oversupply/" target="_blank">here</a>) are exacerbating the inner city apartment cycle.
Since 2006, there has been a need to supply 63,000 new homes.  The amount of new dwellings actually approved was 66,000.
In short, the Brisbane housing market is at equilibrium.  Whilst previously undersupplied – during 2009, 2011 to 2013 – the recent lift in new housing starts has more than filled this void.
<img src="/images/2014/04/02/matusik%20april%202%20one.png" alt="">
Falling rents
There are about 4,400 residential properties for rent across Brisbane City (20 kilometre radius from the Brisbane GPO) and this is more than doubled just two years ago.
The city’s overall residential vacancy rate is rising and is now sits at 2.6%.  The rapid rise in properties for rent is largely an inner city apartment issue; as already mentioned, supply has increased sharply in this area.
Two-thirds of the properties for rent across Brisbane are in inner city suburbs, with 1,800 vacancies as at late February 2014.  The inner city vacancy rate is 4%; it was 3.6% late last year and just 1.4% during much of 2012.
The Brisbane rental market is approaching equilibrium with a vacancy rate nudging 3%.  Until this excess rental stock is absorbed – which, given the ramp up of new supply could take some years - rental growth, especially for second-hand apartments, will remain subdued.
Rents are already starting to fall for Brisbane apartments.
 <img src="/images/2014/04/02/matusik%20april%202%20two.png" alt="">
High resale numbers too
True, the amount of resale stock on the market is falling; but the decline (so far) has been quite slow.  About 9,500 properties remain for sale, which presents about 3% of the total housing stock across the city.
We should see resale stock levels fall across the city this year, which in turn should see some price growth for detached houses and infill compact housing.  Apartment price growth, this cycle, is likely to lag.
Article continues on next page. Please click below.
<hr class="system-pagebreak">
In summary, Brisbane’s housing supply line now exceeds demand.  Price and rental growth – especially for inner city apartments – is likely to remain very subdued.
The new apartment market – particularly when it comes to those ugly monolithic towers downtown – is now a very crowded space.  Investors need to buy into projects – and within them, an apartment – with a clear point of difference.
The rising tide, this cycle, isn’t strong enough – like it was during 2001 to 2007 - to float all ships.  Overseas and interstate investors, in particular, you have been forewarned.
Sales up
Brisbane is, at best, going to have a sales-led recovery.
29,500 residential sales are forecast for fiscal 2014.  We are anticipating 34,000 residential transactions during financial 2015 being: 1,400 land sales; 20,000 detached house sales and 12,600 attached dwelling transactions.  Rising sales volumes have been steadily increasing since 2011.
This is good news – and more sales need to happen – in order to absorb the high-ish amount of resale stock on the market.
<img src="/images/2014/04/02/matusik%20april%202%20three.png" alt="">
Rents down
Rents are rising for houses; flat for attached dwellings and already falling for some apartments.
Annual rent changes in Brisbane last year were: a drop of $10 per week for one bedroom apartments (-3%); -$10 per week for three bedroom apartments (-2%); No change for two bedroom attached and two bedroom houses; an increase of $5 per week for three bedroom attached (1%); +$10 per week for three bedroom houses (3%) and +$15 per week for four bedroom houses (3%).
Already high volumes of new apartment supply are forcing rents down. Tenants can afford more rent, but currently they have ample choice.
<img src="/images/2014/04/02/matusik%20april%202%20four.png" alt="">
Price growth?
Most price growth takes place during a property recovery and upturn – more on this topic next week – but during the recovery phase of the Brisbane cycle (calendar 2014), Brisbane’s residential prices aren’t likely to rise anywhere near as much as some are advocating.
Current median residential prices for Brisbane (again, the Brisbane City Council area) are - $310,000 suburban vacant land; $546,000 detached house and $406,000 attached dwelling.
We anticipate that these middle values could increase during 2014/15 to: $325,000 vacant land (up 5%); $580,000 detached house (up 7%) and just $412,000 attached dwelling (up 2%).
<img src="/images/2014/04/02/matusik%20april%202%20five.png" alt="">
Cycle and Structure
When you boil it down to its core, property investment is ruled by two things – the cycle and structural changes.
When it comes to things cyclical, Brisbane is in a recovery, but recovery in terms of price and rent growth is likely to be much milder than in the recent past.
The supply-demand imbalance, plus some limits of local housing affordability - exacerbated by local low wage growth - is placing a limit on how far prices and rents can grow.
We anticipate values to rise between 8% and 15% for detached houses and infill compact dwellings during the recovery and upswing (calendar 2016) phases of the Brisbane cycle.  We think this market will peak in early to mid-2016.  Price growth beyond these limits could see a harder downturn (late 2016 to 2018) than might otherwise be the case.
Some readers may deduce from this that detached houses are a better investment.  For a range of structural reasons, this may not be the case.  Demographics and value (affordability) are the two major structural influences.
True, there is more short-term upside for detached houses in Brisbane, but for mine, the longer-term safer bet is for an investor to buy something attached and somewhat unique, which has the capacity to be shared by tenants and sold – in time – to an owner-resident.
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

How hot is the Brisbane market?

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Brisbane’s landmark State Law Building in the north quarter of the CBD has been slated for sale.
The 50 Ann Street building is fully leased to the Queensland state government until 2020 and is being sold by Harburg Investments. 
The 25-storey tower offers 25,519 square metres of office space and includes 119 car parks. It was given the nickname of Batman building in 1995 after becoming the first major Brisbane CBD building to receive a complete refurbishment, including a total façade replacement and roof treatment which resulted in the property earning its name. 
The building was again upgraded in 2006/2007 when the current lease to the Queensland government started, becoming one of the city's first 5 Star NABERS energy rated buildings.
Bill Tucker, Bruce Baker and Flint Davidson of CBRE are marketing the property. 
Mr Tucker said the building was currently rented at a rate which was below market levels. "This is very unusual in the Brisbane CBD – a market in which most buildings are now over-rented due to the timing of recent supply and demand cycle," he said. 
“There is currently a significant lack of stock available in the Australian office sector and given the attributes of 50 Ann Street we expect the sale campaign to generate strong interest from both local and offshore buyers.”
Expressions of interest close on May 8.
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Brisbane's landmark State Law Building slated for sale

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DEXUS Property Group and DEXUS Wholesale Property Fund has secured international law firm Allens to its premises at yet-to-be built 480 Queen Street building in the Brisbane CBD.
The agreement will see Allens take over about 4,000 square metres on levles 24-26 in sky-rise section of the building. The lease will put the occupancy rate in the building to 50%, which is well ahead of the targeted completion date of February 2016. 
Allens will join BHP Billiton, Herbert Smith Freehills and The Executive Centre in the building.
The 480 Queen Street office development is described as a "strategic investment" jointly owned by DEXUS and DWPF located in Brisbane’s ‘Golden Triangle’ office precinct and is being developed by Grocon on a fund-through basis.
It is targeting a 6-Star Green Star and 5-star NABERS energy rating. 
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