<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p data-end="345" data-start="110">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.</p>

<p data-end="689" data-start="347">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.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Joel Robinson

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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>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.</p>

<p>“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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>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.</p>

<p><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" /></p>

<p>“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.</p>

<p>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.</p>

<p>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.</p>

<p>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>.</p>

<p><em>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></em></p>


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

<p><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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.”</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


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

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>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;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“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."</p>

<p>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;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><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.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><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.</p>

<p data-end="950" data-start="653">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.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">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.</p>

<p data-end="1522" data-start="1309">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.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">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.</p>

<p data-end="1945" data-start="1716">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.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">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.</p>
</section>
</section>

<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

Commercial

<html><body>
<p>RMIT University is hoping to continue its substantial building program with a sizeable mixed-use tower set for a long held A'Beckett Street address.</p>

<p>Entering planning during late 2015, the new proposal designed by Denton Corker Marshall would provide additional educational space and 11 levels of office space, most likely for ancillary university use. Located at 24-46 A’Beckett Street the project also represents Denton Corker Marshall's third tower in the RMIT precinct, joining two active large-scale student housing towers in development.</p>

<p>Although the proposal will result in the loss of an urban park, the site was always expected to be developed by RMIT and has been subject to a proposal as far back as a decade ago.</p>

<h2>24-46 A’Beckett Street, Melbourne application summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image48_3.jpg" rel="gallery-all" title="RMIT's latest precinct addition. Planning image: DCM"><img alt="" class="image-article-full-width-580px" height="758" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image48_3.jpg?itok=HHqqyPk5" title="RMIT's latest precinct addition. Planning image: DCM" width="580"></a>

<figcaption>RMIT's latest precinct addition. Planning image: DCM</figcaption></figure><ul>
<li>Current 2,806 square metre site use: temporary urban park</li>
	<li>Proposed 24 level mixed-use tower at 115.2 metres</li>
	<li>Levels 1-13 subject to educational uses over 16,708 square metres</li>
	<li>Levels 13-23 dedicated to 13,954 square metres of office space</li>
	<li>Two ground floor retail tenancies over 472 square metres</li>
	<li>206 bicycle parking spaces, gym, 15 showers and 120 lockers included</li>
	<li>Gross floor area: 46,813 square metres</li>
	<li>Project value: $137.4 million</li>
</ul>
<h2>City of Melbourne generally supportive</h2>

<p>24-46 A’Beckett Street's podium will consist of a lower section of metal cladding with a lighter element above containing voids throughout which act as break out areas and terraces. The tower section gently tapers in and will be finished with a metal clad and glazing similar to the lower aspect of the podium.</p>

<p>City of Melbourne is broadly supportive of the proposal with the terraces recessed into the podium noted as being a strong design initiative. Colonnades have been included along each street front providing contrast to more recent builds in the vicinity.</p>

<p>Post assessment from City of Melbourne planning staff, it has been resolved that the Future Melbourne Committee will support the application, with the final decision on the project to be made by the Minister for Planning.</p>

<h2>RMIT continues to invest in facilities</h2>

<p>The assessment of 24-46 A’Beckett Street comes as construction progresses on RMIT's latest city campus project, New Academic Street. Under the guidance of Lend Lease, New Academic Street will see an upgrade to the lower levels of existing Buildings 8, 10, 12 and 14, opening these buildings up to the surrounding city.</p>

<p>At a cost of approximately $220 million, New Academic Street is set to be delivered incrementally with a target completion date of July 2017.</p>

<p>New Academic Street is a follow-up project to RMIT's Swanston Academic Building and Design Hub on the corner of Victoria and Swanston Streets. Combined these projects and 24-46 A’Beckett Street would push RMIT's investment in educational facilities to well beyond $1 billion.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_2374.jpg" rel="gallery-all" title="Lend Lease is progressing with RMIT's NAS."><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_2374.jpg?itok=i0axc8BU" title="Lend Lease is progressing with RMIT's NAS." width="580"></a>

<figcaption>Lend Lease is progressing with RMIT's NAS.</figcaption></figure><h2>RMIT and VU on the same wavelength</h2>

<p>RMIT's A'Beckett Street proposal draws parallels with another nearby university-driven mixed-use development.</p>

<p>Victoria University holds approval for a similar sized tower of approximately 43,300 square metres at 364 Little Lonsdale Street. Both developments seek to greatly expand the educational capabilities of either institution in a high density format, while also adding a sizeable amount of office space.</p>

<p>Both projects see direct educational facilities over lower levels, with upper levels dedicated to support offices and academic staff work spaces.</p>

<p>Victoria University's project has not advanced to construction as yet, raising the prospect that both towers may potentially rise simultaneously in the years to come.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image49vu.jpg" rel="gallery-all" title="VU Tower's intended mixed use. Image: Jackson Architecture"><img alt="" class="image-article-full-width-580px" height="379" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image49vu.jpg?itok=O5vdRyjv" title="VU Tower's intended mixed use. Image: Jackson Architecture" width="580"></a>

<figcaption>VU Tower's intended city campus. Image: Jackson Architecture</figcaption></figure>
</body></html>

silvermb

RMIT's play for a new A'Beckett Street footprint

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<p>With much commentary at the moment centred around the state of the Melbourne inner city residential market and hints of an oversupply of apartments, it is an opportune time to focus on the commercial market; namely new Melbourne office projects on the not too distant horizon.</p>

<p>The current crop, either awaiting tenant pre-commitments or on the cusp of commencing construction, range from campus style accommodation to upwards of 40-storeys in the middle of the CBD. Developer heavy hitters Mirvac, Lend Lease, CBUS, Brookfield, Charter Hall and QIC are all actively spruiking their projects with a large number also boasting a Collins Street addresses.</p>

<p>Currently, the largest commercial projects under construction within City of Melbourne are found within Walker Corporation's Collins Square project, with three towers under construction ranging in height from 75m to 147m.</p>

<p>Mirvac's 2 Riverside Quay project at Southbank and Grollo Equiset's 535 Rialto forecourt redevelopment are also becoming reality. Combined, these developments will add in excess of 150,000sqm of office space to the central city.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/under_construction.jpg" rel="gallery-all" title="Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell"><img alt="" class="image-article-full-width-580px" height="219" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/under_construction.jpg?itok=sLaJFE02" title="Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell" width="580"></a>

<figcaption>Collins Square and 2 Riverside Quay Under Construction. Images courtesy Ryan Seychell</figcaption></figure><p>But what of the next crop of Melbourne office towers? Below is a summary of each and its current status as understood by Apartments.com.au:</p>

<h2>72-82 Collins Street | 36-storeys | 187m | 45,000sqm | QIC | Woods Bagot</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/82c_podium.jpg" rel="gallery-all" title="72-82 Collins Street. Images courtesy of Woods Bagot"><img alt="" class="image-article-full-width-580px" height="249" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/82c_podium.jpg?itok=eMcaxuyo" title="72-82 Collins Street. Images courtesy of Woods Bagot" width="580"></a>

<figcaption>72-82 Collins Street. Images courtesy of Woods Bagot</figcaption></figure><p>Boarded up and with Brookfield Multiplex appointed as the head contractor last year, one would assume this particular project would be commencing its skyward ascent, however this has not been the case.</p>

<p>The project has undergone a redesign, particularly at street level, creating a much more cohesive and sophisticated street presence. While no prospective tenants have been announced for the 45,000sqm of space, another contributing factor in the project's delay has been laneway ownership being transferred from the City of Melbourne to QIC only recently.</p>

<h2>447 Collins Street | 41-storeys | 143m | approx. 54,000sqm | CBUS | Woods Bagot + SHoP</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/447-close_up.jpg" rel="gallery-all" title="447 Collins Street. Images courtesy of Woods Bagot and 7news"><img alt="" class="image-article-full-width-580px" height="187" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/447-close_up.jpg?itok=J6tY75_x" title="447 Collins Street. Images courtesy of Woods Bagot and 7news" width="580"></a>

<figcaption>447 Collins Street. Images courtesy of Woods Bagot and 7news</figcaption></figure><p>With Planning Minister Richard Wynne and developer CBUS Property reaching an agreement following the initial rejection of the scheme, the dual tower project featuring a 2,000sqm city park in addition to residential, retail and hotel still requires formal approval of amended documentation before it can commence.</p>

<p>It is expected that the remainder of the site will be cleared by September and a display suite established on site for the project's sales and marketing campaign.</p>

<p>With an expected end value of $1.3 billion dollars, this project will have a massive impact on the heart of the city. Final metrics will be confirmed upon submission of the revised scheme.</p>

<h2>477 Collins Street | 38-storeys | 165m | 54,000sqm | Mirvac | Grimshaw</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/477_foyer.jpg" rel="gallery-all" title="477 Collins Street. Images courtesy of Grimshaw"><img alt="" class="image-article-full-width-580px" height="202" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/477_foyer.jpg?itok=vdL4tAO1" title="477 Collins Street. Images courtesy of Grimshaw" width="580"></a>

<figcaption>477 Collins Street. Images courtesy of Grimshaw</figcaption></figure><p>Approved near on one year ago, the 165 metre Premium Grade tower is Mirvac's flagship Melbourne project and will hold approximately 54,000sqm of leasable floor area with 2,461sqm of leasable retail space and end of trip facilities included to support a sizeable work populace. The Olderfleet buildings along Collins Street will be retained and integrated into the new development.</p>

<p>The project is currently awaiting pre-commitment from a tenant or tenants before it forges ahead but is expected to be well underway during 2017.</p>

<h2>664 Collins Street | 12-storeys | 50m | 26,000sqm | Mirvac | Grimshaw</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/664c.jpg" rel="gallery-all" title="664 Collins Street. Image courtesy of Grimshaw"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/664c.jpg?itok=Zdo6Jch5" title="664 Collins Street. Image courtesy of Grimshaw" width="580"></a>

<figcaption>664 Collins Street. Image courtesy of Grimshaw</figcaption></figure><p>The sister building to 699 Bourke Street, the Collins Street building will be the new home for Pitcher Partners who signed on as a tenant for 10,000sqm during late 2015. Latest indications suggest construction is expected to begin by the end of the year, thus finishing the overall redevelopment of Southern Cross Station.</p>

<h2>Wesley Place | 34-storeys | 148m | 55,000sqm | Charter Hall | COX</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/130l.png" rel="gallery-all" title="Wesley Place. Image courtesy of COX"><img alt="" class="image-article-full-width-580px" height="306" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/130l.png?itok=ksEwuSC4" title="Wesley Place. Image courtesy of COX" width="580"></a>

<figcaption>Wesley Place. Image courtesy COX</figcaption></figure><p>Having initially received support from Council, the $450 million project was formally approved by Planning Minister Wynne last week. Initially owned by Leighton Porperties, Charter Hall acquired the site during planning and will be looking for further tenants after the church signed on for 55,000sqm in the project.</p>

<p>Charter Hall are confident of securing these by the end of the year, allowing construction to begin during 2017. Interestingly Charter Hall also owns the adjoining site at 150 Lonsdale Street which is currently occupied by an office building and carpark with redevelopment potential.</p>

<h2>405 Bourke Street | 39-storeys | 161m | 61,500sqm | Brookfield | Woods Bagot</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/view-from-yarra.jpg" rel="gallery-all" title="405 Bourke Street. Image courtesy Brookfield Multiplex"><img alt="" class="image-article-full-width-580px" height="345" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/view-from-yarra.jpg?itok=7WvcNpjI" title="405 Bourke Street. Image courtesy Brookfield Multiplex" width="580"></a>

<figcaption>405 Bourke Street. Image: Brookfield Multiplex</figcaption></figure><p>With the current incarnation of the project first appearing on Apartments.com.au during our early days of 2013, the project appears no closer to commencing with tenants yet to be secured and very little news on its prospects. Developer Brookfield will naturally be hoping to snare a tenant as soon as possible.</p>

<h2>Melbourne Quarter | 12-storeys + TBC | 56m + TBC | 24,303sqm + TBC | Lend Lease | DCM</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/mq_overall.jpg" rel="gallery-all" title="Melbourne Quarter. Images courtesy of Lend Lease"><img alt="" class="image-article-full-width-580px" height="163" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/mq_overall.jpg?itok=ZGZBR5NH" title="Melbourne Quarter. Images courtesy of Lend Lease" width="580"></a>

<figcaption>Melbourne Quarter. Images courtesy of Lend Lease</figcaption></figure><p>Approval of the first stage of Melbourne Quarter was provided last month, after Lend Lease secured engineering firm Arup for the building known as One Melbourne Quarter in December of last year.</p>

<p>The first stage features a commercial building of 25,000sqm and a 2,000sqm sky park to be built above Collins Street. Construction of Melbourne Quarter is expected to begin later this year, beginning with One Melbourne Quarter and the Skypark.</p>

<p>The next stage, construction of C2 / Two Melbourne Quarter, the North-South Link and the City Room, are expected to be lodged soon following pre-application meetings. C2 will be the tallest building on the site and is expected to be similar in height to the KPMG building at Collins Square.</p>

<h2>55 King Street (+ 555 Collins Street) | Charter Hall</h2>

<p>And finally according to Fairfax media, Charter Hall have purchased a future development site at 55 King Street for $78.5 million. The site neighbours the vacant 22,000-square-metre building at 555 Collins Street which owners Fragrance Group are looking to offload following failure to receive approval for a 90-storey 300m residential tower on the site.</p>

<p>If acquired by Charter Hall and combined with 55 King Street, this would create the opportunity for a development of significant size. The potential for this site will form the topic of another Apartments.com.au article.</p>
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Laurence Dragomir

Office towers to the fore

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<p>A retail arcade in the NSW town of Kempsey is set to go under the hammer for circa $1 million at a Burgess Rawson portfolio auction on April 5 in Sydney.</p>
<p>Located at <a href="https://www.burgessrawson.com.au/buying/NSW/Mid-North-Coast/Kempsey/Retail/2P1165#.VvCb8mR96u5" target="_blank">14 Smith Street</a>, Centrepoint Arcade comprises 12 ground floor retail tenancies and a first floor gym.</p>
<div>The 2,873 sqm property in the CBD area is surrounded by IGA, Aldi, Coles &amp; Woolworths supermarkets.</div>
<div> </div>
<div>The shopping centre has a diverse mix of tenants, including a jeweller, takeaway food, cafe and Williams Shoes, and earns an estimated $69,267 pa + GST.</div>
<div> </div>
<div>There is also the potential for further development subject to council approval.</div>
<div> </div>
<div>With a Gross Regional Product of $12.16 billion, Kempsey LGA forms part of the Mid North Coast region which boasts a population of 259,000 and is expected to grow to 277,450 by 2021.</div>
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jonathanchancellor-7SQnKwU6yx

Retail arcade in NSW's Kempsey to go under the hammer at Burgess Rawson auction 

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<p style="text-align: justify;" align="center"><span style="line-height: 1.3em;"><img src="/images/2015/11/17/Holdencapital_banner.jpg" alt="" width="518" height="109"> </span></p>
<p style="text-align: justify;" align="center">SPONSORED POST</p>
<p style="text-align: justify;" align="center"><span style="line-height: 1.3em;">Your GST obligations are not a project cost as they are ‘self-liquidating’ however, they are a cost that you need to account for from a cash flow perspective.</span><br><span style="line-height: 1.3em;"> </span><br><span style="line-height: 1.3em;">Financiers have a number of ways of dealing with GST on both the initial site acquisition and then the GST portion of the subsequent development costs.</span><span style="line-height: 1.3em;"><br></span></p>
<p><strong style="line-height: 1.3em;">GST on Initial Land Acquisition –</strong><span style="line-height: 1.3em;"> When considering the funding of the initial site acquisition, you need to be clear with the potential financier on how GST payable on the acquisition is to be dealt with. Some funders will require that you cover the GST from your own cash flow or capital resources while others will allow a temporary gearing excess to fund the GST on the undertaking that you claim the refund and the payment is directed to reduction of the debt.</span></p>
<p><br><strong style="line-height: 1.3em;">GST on Development Costs – Developer Funded –</strong><span style="line-height: 1.3em;"> Some financiers require the developer to finance the GST payable on the development costs from their own resources. Progress claims are funded from the loan facility on a “net of GST” basis and the developer is required to ‘top up’ the payments to the builder/creditors for the GST portion and then claim the GST refund back to their own account. In these cases the developer will need to allow a cash reserve from their capital contribution sufficient to fund 10% of the first two months estimated project costs. The GST refund claims then reimburse the cash reserve to provide for future GST outlays.</span></p>
<p><br><strong style="line-height: 1.3em;">GST Funded by a separate overdraft facility –</strong><span style="line-height: 1.3em;"> Some financiers will provide an overdraft facility specifically for the purposes of covering the GST commitment, which is separate from the construction facility. They will require an undertaking that the developer will claim the GST back on a monthly cycle and have the GST refund electronically credited to the nominated account. The overdraft is secured by the project security but financiers differ in the LVR and LCR calculation – some require it to be covered within their maximum </span><span style="line-height: 1.3em;">tolerances where others will allow it ‘outside’ of their calculations of the key ratios, acknowledging the ‘self-liquidating’ nature of the facility.</span></p>
<p><strong style="line-height: 1.3em;">GST Funded within the Project Finance Facility –</strong><span style="line-height: 1.3em;"> Some financiers allow a ‘self-liquidating’ cost line within the project funding categories to cover GST – this is basically a cash flow utilisation of the project financing facility limit. The financier will allow the first two months claims to be GST inclusive but from month 3 onwards the progress claim allowable will be adjusted for the GST refund that should have been received by the developer from the claim two months previously. The developer still needs to manage their cash flow to account for the ‘ins and outs’ over a 3-month cycle.</span><br><span style="line-height: 1.3em;"> </span><br><span style="line-height: 1.3em;">The optimum outcome from a developer’s perspective is to be provided with a GST overdraft facility that is excluded from the financiers calculations of its key ratios but it is important to understand your financiers preference up front when finalising your funding.</span></p>
<p> </p>
<p><em>This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arrange construction finance and invest in projects through their equity fund, Queen Street INVEST. To discuss your project finance requirement please call (07) 3171 4200 or visit HoldenCAPITAL <a href="https://www.holdencapital.com.au/" target="_blank">here</a>.</em><br><span style="line-height: 1.3em; text-decoration: underline;"> </span></p>
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firstname-zEygzUaHDN

Don't forget your GST obligations when arranging your project finance: HoldenCAPITAL

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<p><span>The valuation firm Herron Todd White has issued its latest</span><span> property clock for the office market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.</span></p>
<p>The valuation firm has included capital and regional cities on the property clock for house price direction.</p>
<p><a href="/images/2015/11/9/700_htw.jpg" target="_blank">Click here</a> to enlarge.</p>
<p><em>For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.</em></p>
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mick.cee-iDmgDDAmu8

Brisbane, Tamworth, Melbourne office market at peak: Herron Todd White

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<p>GUEST OBSERVER</p>
<p>Woolworths shareholders have had a torrid couple of years. The company’s market capitalisation is down around a third since mid-2014 – quite a hit for a company once worth almost A$50 billion dollars. Today it forecast a 35% fall in half-year profit, sending its shares plunging by more than 9%.</p>
<p>The disastrous Masters foray is partly to blame. Conceived in oligopolitical hubris, Masters has been an unmitigated disaster for Woolworths shareholders. They were right to expect far better from the company’s exceedingly well-remunerated board and senior executives. The fact that Masters has ended quite a few careers is cold comfort for shareholders who have lost hard earned savings and superannuation.</p>
<p>Today’s results open a new chapter of woe. Once, Masters was seen as an unfortunate sideshow, able to be separated from the Goliathan strength of Woolies’ grocery cash machine. Today, the illusory nature of that misapprehension has emerged – with sales in decline year-on-year for like stores, and a flagged collapse of earnings by up to a third and, most tellingly, no end in sight.</p>
<p>While the problems of the last 18 months at Woolworths have often been ascribed to the Masters debacle, analysts have long been worried about the main game in groceries. Aldi, the privately-held German multinational, has been playing a cautious and patient long game.</p>
<p>Aldi’s “value proposition” to consumers is starkly different to both Woolworths and Coles, and it’s clear Australians have warmed to what Aldi has to offer – a narrow range of good quality products at prices equivalent to the majors’ “specials”. The narrow range and small format stores have the additional benefit of quick and easy shopping for busy consumers. Woolworths has been losing market share quickly.</p>
<p>Its response has so far been too little and too late. Woolworths has tried to “shoehorn” an Aldi equivalent into the lower shelves of its large format stores. It suggests to consumers that they can get a basket of goods similar to Aldi’s at the same price within their stores if they look hard enough. In this regard – to paraphrase the late, great Z.Z. Hill - what Woolies are selling, Australians ain’t buying.</p>
<p>The limited success of this “Aldification” of Woolworths stores has, however, done damage to Woolworths' core business of groceries. Whenever consumers choose the low cost goods within Woolworths, it is at the expense of the higher margin goods they also have for sale. This is evidenced by the steep decline in margins reported today – with sales in slight decline (2.5%) and projected earnings in free fall (28 to 35%). Woolworths is learning the hard way that while revenues are easy to lose, the same can’t be said for the fixed costs involved in running a national retailer.</p>
<p>In the background, again, lies Masters. Its disastrous drain on revenues has meant Woolworths has had little to invest in new stores elsewhere. While Woolworths has opened six new stores during the quarter, Aldi has flagged the opening of up to 80 new stores during 2016, on top of the 80 it opened this year. Its expansion is uncannily like a German train timetable and its geographical spread means most of these new stores will not cannibalise existing sales – something Woolworths can rarely achieve.</p>
<p><em><span style="line-height: 1.3em;">John Rice is p</span><span style="line-height: 1.3em;">rofessor of management, University of New England and can be contacted <a href="https://theconversation.com/profiles/john-rice-93120" target="_blank">here</a>. </span><span style="line-height: 1.3em;">Nigel Martin is l</span><span style="line-height: 1.3em;">ecturer, College of Business and Economics, Australian National University and can be contacted <a href="https://theconversation.com/profiles/nigel-martin-117971" target="_blank">here</a>.</span></em></p>
<p><em><span style="line-height: 1.3em;">Both are authors for The Conversation.</span></em></p>
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jchancellor-FAypfDUnLy

The ‘Aldification’ of Woolworths is destroying its value

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<p><span>Frasers Property, formerly Australand, is relocating from West Leederville to West Perth after securing space at 1 Havelock Street.</span></p>
<p><span>The new lease deal in West Perth will accommodate its Western Australian headquarters. </span></p>
<p>Frasers Property has signed an eight-year lease on the 1,236sqm office located on the second level of <a href="https://www.realcommercial.com.au/property-offices-wa-west+perth-5665011" target="_blank">1 Havelock Street</a>. </p>
<p><span>CBRE Office Services Director Luke Bray, who negotiated the deal on behalf of lessor Ascot Capital, said the quality offering of the property was a key factor underpinning the deal. </span></p>
<p><span>“Frasers Property was attracted to the quality refurbished space on offer, the high car bay allocation and the prime West Perth location which is walking distance to the CBD,” Mr Bray said. </span></p>
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Frasers head to West Perth office space

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<p><span>Australia’s best in building design were recognised at the 2015 National Building Design Awards with a 12-hectolitre microbrewery getting a key prize.</span></p>
<p><span>The brewer in Western Australia’s Northbridge was awarded the National Building Design of the Year.</span></p>
<p><span>The award, an initiative of the National Association of Building Designers, was sponsored by James Hardie Australia.</span></p>
<p><span>Hosted by interior design expert and editor of Vogue Living Australia, Neale Whitaker, more than 25 projects across Australia were awarded for their creative effort.</span></p>
<p><span>Designed by d4 Designs, Northbridge Brewing Company was lauded for creatively complementing the bustling activity of Northbridge Piazza and providing a family-friendly environment.</span></p>
<p><span>The result was a glasshouse where the sculptural quality of the micro-brewery becomes the focal point both inside and outside the building.</span></p>
<p><span>The projects were judged on their design solutions, sustainability, the relationship of internal and external spaces, utility, quality and balance of interior and exterior aesthetics.</span></p>
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j.ballantyne1990-6AQqhLzZaK

Microbrewery wins Australia's best building design award for 2015

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<div>The ABS released its Lending Finance figures for August 2015 this morning.</div>
<div> </div>
<div>August was a weaker month for commercial lending, with the trend estimate declining by -2.1% in the month to $44.1 billion, having peaked at more than $48 billion back in April.<br><br>The trend certainly appears to be softening in sympathy with weak capex intentions surveys and macroprudential measures to trim back property investment loans - but then, that's been said before through this cycle, so time will tell. </div>
<div> </div>
<div>On the other hand, home lending to owner-occupiers is now trendng up sharply, with the seasonally adjusted result showing a +6.1% leap in August, and the trend estimate bolting +18% higher over the year. </div>
<div> </div>
<div>Significantly, AMP announced today that it would chop a variable rate home loan package available to owner-occupiers to a highly competitive rate of just 3.99%.</div>
<div> </div>
<div>It seems likely that the major banks will be targeting this sector hard in the months ahead.<br><br>Total lending finance has also trended down a little from an April peak.</div>
<div> </div>
<div><a href="/images/2015/10/13/A1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/13/A1.jpg" alt=""></div>
<div> </div>
<div><span>Charted below is what at face value is happening to owner-occupier home loans at the state level, which is to say now apparently burning up in the most populous states.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/13/OwnerOccupiersRolling12m.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/13/OwnerOccupiersRolling12m.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div>In obliquely related news, the latest credit card figures from the Reserve Bank showed that Aussies are clearing credit balances more comfortably than before, with balances down over the year and more of us opting to pay off balances by the due date.</div>
<br><strong><span style="text-decoration: underline;">Switcheroo</span></strong><br><div> </div>
<div>For the remainder of 2015, the housing market story will largely be a tale of whether banks and borrowers can find a way to shoehorn owner-occupier lending higher in order to offset any pending declines in investor loans.</div>
<div> </div>
<div>In August the answer was seemingly at an emphatic "yes" with investor loans essentially flat at $13.6 billion but owner-occupier commitments ripping more than <a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">+6 per cent higher</a> to $20.8 billion. </div>
<div> </div>
<div>In this regard, the AMP decision to cut its variable rate to below 4 per cent effective from today appears to be a clear statement of intent.</div>
<div> </div>
<div>That said, the August figures may yet prove be <a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">bogus</a> to some extent, and another month or two of data will shed more light. </div>
<div> </div>
<div>In the words of one eminent Chief Economist "we can conclude that the figures have suddenly become a lot murkier", while Westpac instead opted for a more canine theme in describing the latest data as "a dog's breakfast".</div>
<div> </div>
<div>Overall it seems that the macroprudential story has some way to run yet before the waters are de-murkified (or the dog's morning meal is digested). </div>
<br><span>I looked at this in more detail in relation to last week's Housing Finance release </span><a href="https://petewargent.blogspot.co.uk/2015/10/housing-finance-shock" target="_blank">here</a><span>.</span><br><br><div><strong><span style="text-decoration: underline;">Investor loans cooling...</span></strong></div>
<div> </div>
<div>Of course the flip side to the new-found strength in the homebuyer space is that property investment loans should now be cooling in response to APRA's calming macroprudential measures.</div>
<div> </div>
<div>On a rolling annual basis New South Wales originated investor loans climbed to a new high of $67.6 billion, but there have now been two consective months of declines in original terms from the May 2015 monthly peak of $6.6 billion.</div>
<div> </div>
<div>Although investment loans remained at a high level in Victoria and Queensland, there has been a general cooling of this sector across recent months.</div>
<div> </div>
<div><a href="/images/2015/10/13/LF1.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/13/LF1.jpg" alt=""></div>
<div> </div>
<div>
<span>Since the investment loans data is not seasonally adjusted I also look at it on a 12mMA basis, and we can see that while the trend in Queensland has risen to its highest level since April 2008, the trend is now falling in Western Australia, South Australia and Tasmania.</span><br><br><span>In the Northern Territory the trend in investment loans seems to be dropping off a cliff so there is likely to be some fallout for Darwin.</span><br><br><span>More on all of these figures and trends to follow tomorrow.</span><br><br><span>The detailed monthly investor loans figures for New South Wales show loans tracking at $5.53 billion in August, down from the all-time record high of $6.62 billion in June.</span>
</div>
<div><span> </span></div>
<div><a href="/images/2015/10/13/LF3.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
</div>
<div><span><img src="/images/2015/10/13/LF3.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div><span>Looking at total lending for housing in New South Wales, the total housing market finance for August surpassed $13 billion for the third time, however it could not quite match the record levels seen in June.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/13/LF2.jpg" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
<div><span><img src="/images/2015/10/13/LF2.jpg" alt=""></span></div>
<div> </div>
<div> </div>
<div>
<div class="separator"> </div>
<div class="separator">The most important release of the week will be the Labour Force data for September on Thursday morning. </div>
<div class="separator">
<br>Expecting to see a flat result for the month, both for total employment and the unemployment rate.</div>
<div class="separator"> </div>
<div class="separator">
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
</div>
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pwargent-M4siyDbqQY

The housing market switcheroo: Pete Wargent

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<p><span>Ray White Commercial’s investment auctions achieved a clearance rate of 91.4% for the first half of 2015, according to the latest edition of the group’s Auction Insights report.</span></p>
<p><span>Ray White Commercial senior director auctions and investments, Richard Impiombato, said total auction sales of $151 million were achieved over the six months.</span></p>
<p><span>“Passive investment property with the ‘trifecta’ of a long lease, secure covenant and attractive location continue to be in strong demand.</span></p>
<p><span>“These property clearance characteristics and consistent high clearance rates in most sectors demand that auctions be implemented.</span></p>
<p><span>"We trust these consistently strong results will help remove any resistance to auctions.”</span></p>
<p><span>Mr Impiombato said notable Ray White Commercial auction sales for the June quarter included a $22.1 million sale price for a development site in the Belconnen Town Centre in Canberra, which attracted 11 registered bidders.</span></p>
<p><span>“Two large sales of $22.1 million in Canberra and $8.5 million at Vermont South in Melbourne underwrite the residential development site sector which had a clearance rate of 62.5% for the June quarter,” he said.</span></p>
<p><span>Mr Impiombato said the clearance rate for vacant buildings soared from 53.6% in the March quarter to 82.6% in the second quarter.</span></p>
<p><span>“This result proves the effectiveness of the auction process for what are traditionally more difficult and time consuming assets to divest from,” he said.</span></p>
<p><span>“It’s also worth noting properties in this sector averaged only 40 days on the market.”</span></p>
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