<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

First Home Buyers

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First-home buyers, both owner-occupiers and investors, were more active in new property markets in the March quarter (around one in three of all sales) but pulled back a little in established markets, according to NAB's Quarterly Australian Residential Property Survey Q1 2016.
FHBs (owner occupiers) increased their presence in new property markets in Q1’16, with their share of total demand rising to 19.1% nationally (18.3% in Q4), with these buyers more active in NSW (21.9%) and QLD (12.9%), the survey showed. The share of FHB (investors) also rose to 14.4% (10.9% in Q4) and increased in NSW (17.9%), QLD (16%) &amp; VIC (8.2%). In total, FHBs accounted for 33.5% of all new property demand in Q1’16 (29.2% in Q4).
Owner occupiers (net of FHBs) were less active in all states (except WA) with their share of national demand falling for new property falling to 27.6% (30.4% in Q4). In contrast, local investors (net of FHBs) were more active, accounting for 24% of new property demand (22.5% in Q4). They were particularly active in VIC where they accounted for 43.8% of total demand (25% in Q4). The share of foreign buyers in new property markets continued to recede, falling to 11.8% of total demand - its lowest level since mid-2014. Foreign buyers were notably less prominent in VIC (10.7%), NSW (11.1%) &amp; WA (2.9%), but played a bigger role in QLD (21.9% vs. 20.9% in Q4).
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%203.44.11%20PM.png" alt="" width="494" height="289">
Expected demand for new property by type and location
Expectations for new property demand in the next year are stronger for most types of property and in all locations (except middle/outer ring high rise apartments) but weaker than year earlier levels, says the survey. Property professionals are anticipating “good” demand across the board, except for apartments located in the middle/outer ring (“fair”). By state, property professionals see “very good” demand for CBD apartments in NSW and for inner city low rise apartments and houses in QLD. In contrast, their expectations for all types of new property demand in WA are “fair” (except inner city houses). They are also anticipating “fair” demand for CBD and high rise apartments in the middle/outer ring and inner city VIC, and for low rise apartments in the middle/outer ring in NSW.
Constraints on new housing development
Housing affordability replaced tight credit as the biggest constraint for new housing development, particularly in VIC (“very significant”). Tight credit is the next biggest issue (especially in SA/NT), followed by sustainability of house price gains (mainly in VIC, NSW &amp; QLD) and construction costs (mostly in VIC &amp; SA/NT).
Established property
When it came to established property, the share of FHBs (owner occupiers) in established property markets fell to 17.6% in Q1’16 (20.2% in Q4), with these buyers less active in all states except QLD. FHBs (investors) were, however, more active in all states (except WA), with their market share falling to 8% (8.7% in Q4).
Owner occupiers (net of FHBs) accounted for 42.5% of total new property demand in Q1’16 (40.7% in Q4), with these buyers more active in all states except QLD. The share of local investors (net of FHBs) in the market also rose to 20.5% in Q1’16 (up from a Survey low 19.2% in Q4’15), with investors more active in all states except WA.
The share of foreign buyers fell to 7.2% in Q1’16 (8.6% in Q4). Moreover, these buyers were less prevalent in all states, except WA where they accounted for a survey high 8.8% of the market (7.2% in Q4). Elsewhere, their share of demand fell to 7.1% in VIC (8.6% in Q4), 7.8% in NSW (9.4% in Q4) and 6.7% in QLD (8.9% in Q4).
 
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%203.48.17%20PM.png" alt="" width="549" height="315" style="font-size: 12.16px; line-height: 1.3em;">
Expected demand for established property by type and location
Expectations for established property demand over the next year are mixed, says the NAB survey. They are tipped to strengthen for houses and low and high rise apartments located in the middle/outer ring, but weaken for all other properties. Overall demand is however expected to be “good” for all types of property. By state, property professionals see “good” demand in NSW for most types of property, except inner city houses (“very good”). In VIC, “good” demand is expected for all property except CBD apartments and high rise apartments in the inner city and middle/outer ring. In QLD, demand is tipped to be “good” except for CBD apartments and middle/outer ring high rise apartments (“fair”).
Property professionals in WA anticipate “fair” demand for all types of established property in the next 12 months.
Constraints on established property
Property professionals continue to view employment security as the biggest impediment to buying existing property nationally and in most states (especially in WA &amp; SA/NT) but somewhat less than in Q4. Access to credit was again identified as the second biggest constraint, led by SA/NT. Property professionals also saw house price levels as a “significant” constraint (especially in NSW, VIC and SA/NT), and more so than in Q4. Concerns about rising interest rates have however receded and are now considered only “somewhat significant” in all states.
 
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jonathanchancellor-7SQnKwU6yx

FHBs increase their presence in new property markets in Q1 ’16: NAB 

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New home sales fell a more-than-expected 5.3 per cent in February 2016, according to a survey of Australia’s largest volume builders, says the latest report by the Housing Industry Association. 
“This latest result is a larger than desirable fall,” said HIA chief economist Dr Harley Dale. “HIA New Home Sales are losing some of their lustre as a downward trend becomes more firmly entrenched.”
“While the monthly result is a soft one, there is no need to loudly ring alarm bells as often seems to automatically occur every time an economic update disappoints,” noted Dale in the New Home Sales Report.
Seasonally adjusted detached house sales fell by 3.9 per cent in February 2016, while the sale of ‘multi-units’ dropped by a sharper 10.6 per cent.
“New home sales are down, but far from out. Over the three months to February 2016, the sale of detached houses increased by 1.8 per cent. The sale of multi-units nudged up by 0.8 per cent over the same period.”
“What we need to keep a watchful eye on are the signals that will shortly begin to emerge for 2016/17 from key leading housing indicators like new home sales and building approvals,” concluded Dale. “Stage one of a down cycle in new home building will be moderate, but signs of a sharper contraction in subsequent stages may emerge as the year progresses.”
In February, detached house sales increased in by 1.7 per cent in Victoria and by 1.8 per cent in Western Australia though they fell by 7.4 per cent in New South Wales, by 12.1 per cent in Queensland, and 3.5 per cent in South Australia.
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New home sales fell 5.3% in February: HIA survey

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As reported in the media recently, forecaster BIS Shrapnel is holding firm to a view they’ve had for a while – by 2017, every city excluding Sydney will have a significant oversupply of apartments; and it will probably be worst in inner Melbourne and inner Brisbane. 
Oversupplies happen after a boom. Time and time again, they happen, says property expert John McGrath in his latest Switzer blog. 
During a boom when the market is hot, developers race to acquire land, lodge building applications, prepare sites and build apartments – and increasingly, high rise apartments. But construction takes time so inevitably, when a boom ends, there is an overhang of new supply yet to hit the market when demand is beginning to wane. 
"In an oversupplied market, values tend to fall a bit. There’s not enough demand to meet the extra supply. What this means for buyers is they finally get the upper hand and it’s my advice to use it!" he says.
According to him, a very specific group of buyers can benefit from oversupplied markets. Those buying for owner-occupation with a view to holding the home for the long term; and to a lesser extent investors, as long as they are in a position to cope with high vacancy rates for a while. This might include couples who want to downsize to a luxury apartment in the city at a future date. 
For these two groups, as long as one is buying in a good location with a history of strong demand, and also looking to hold the property for the long-term, a buyer can do really well purchasing in an oversupplied market. 
Oversupplied markets give buyers lots of choice and flexibility with negotiating, says McGrath.
"The trick is, once you’ve bought well, you need to be able to ride out the oversupply and wait for the market to re-balance through population growth. You need to be prepared for gloomy media reports of potential price falls. You might, in fact, experience a decline in your home’s value but this is likely to be short term for good quality properties in desirable areas.
"While owner-occupiers can use oversupplied markets to their advantage, investors do need to be more cautious. It might be difficult to rent your property out when there are many other options for renters. The best thing you can do is buy a property with some special features that separate it from the pack – such as a larger floor plan, great fixtures and fittings, double parking, a north facing aspect and so on, to ensure you get consistency of tenancy during the oversupply. 
"Also, if you’re looking to buy and access equity in the near future to purchase again, then buying in an oversupplied market might not be a good idea because price growth is going to take a while. If you’re just looking to buy a home, live there and not do much else in property, then buying in an oversupplied market could be a phenomenal opportunity."
Latest estimates published in April 2015 by Infrastructure Australia show expectations of strong population growth concentrated in our capital cities. Nationally, we’re predicted to grow from 22.3 million in 2011 to 30.5 million in 2031. The four largest cities – Sydney, Melbourne, Brisbane and Perth are projected to grow by 5.8 million (or around 45%) from 12.8 million in 2011 to 18.6 million in 2031. 
The BIS report predicts new dwelling commencements to peak this quarter at around 221,000 but when you take into account impending population growth over the next 15 years, it’s a green light for buyers looking to take advantage of oversupply prices next year, he says in conclusion.
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po-LsXgBTHBmX

Property oversupply an opportunity for buyers: John McGrath

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Zac Stenmark, one of the twins of the popular modelling duo, let slip late last year he'd be moving out of home.
Now it's confirmed he has bought a Manly apartment, the first of the brothers to leave the family home at Mosman.
He has paid $965,000 for the two bedroom, two bathroom apartment in an early 80's block which selling agent Candice Cattell of Stone Real Estate had hopes of $1.05 million plus. 
The brothers have just starred in the Just Jeans clothing campaign with Australian beauty, Ashley Hart. They were also spotted in Bondi Beach with Ashley's older sister and Victoria's Secret model, Jessica shooting for an upcoming edition of Vogue Australia.
Zac's first home acquisition -  half way between the beach and the wharf - comes five years after he and his brother Jordan were discovered in 2011.
The chiselled twins were working in a cafe before a friend suggested they would make more money modelling.
The pair didn't realise what was to come, as they were immediately signed on by the Vivien agency at just 19 years of age and flown to Miami to shoot 60 pages for L'official Homme the following week.
The whirlwind never stopped.
After the shoot they were on a plane to London to meet with American fashion designer Tom Ford.
They made their international catwalk debut when they opened and closed the Calvin Klein S/S13 show at Milan Fashion Week in 2013.
They have worked with some of world’s best known brands like Abercrombie &amp; Fitch and Ralph Lauren and have recently appeared in the David Jones Summer television commercial and their autumn winter launch parade alongside supermodel Miranda Kerr.
Now 23, the pair maintain their athletic stature by training with old friends from the Sydney Swans and the Greater Western Sydney teams, having being once handed AFL scholarships while at the University of Sydney.
The guys say they don't have telepathic connection, however Zac labelled themselves "mirror twins" as Zac is left handed and Jordan is right, a rare trait that only some twins have.
They do share an Instagram page however, a recent upload showing Zac in the Rod Laver Arena enjoying the Australian Open.
Despite Zac moving out, they still expect to see each other every day.
They were heard telling friends at the recent opening of the Rolex boutique at Crown Towers in Melbourne "we just won't be in adjoining rooms".
‘‘We’ll be saying ‘good night’ over the phone instead of through the wall,’’ Jordan Stenmark said. 
The apartment, which last traded at $248,000 in 1994, comes with a Greater Building Society mortgage to pay it off, so Zac will hope the phone keeps ringing.
Manly's average unit price is currently at a record $1.02 million according to CoreLogic RP Data. 
This article was first published in the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

Model Zac Stenmark buys first home in Manly

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GUEST OBSERVER
September’s 1.6% fall in total housing-related lending was driven by a big fall in lending to investors partially offset by an increase in lending to owner-occupiers (O-Os).
 The ABS housing finance publication contains a glut of information on lending for housing-related purposes. We trawl through the key figures below: 
O-Os: There has been solid growth in lending to O-Os over the past year and this continued in September. By value lending is up a sizeable 23.1% through the year and by number it’s up 8.4%. A material increase in the average loan size largely explains the difference between lending by value and by number. In September the average new loan size for an O-O was a record $379k – up 18.0% through the year. In NSW the average new loan size for an O-O was 449k while it was $379k in Victoria. Record low mortgage rates have helped contribute to a lift in average loan size because the capacity to borrow rises when borrowing costs fall. 
Investors: In the last few months lending to investors has cooled quite sharply following exceptional growth for much of the past two years. There is now plenty of evidence that indicates measures introduced by a number of banks to slow investor-related lending are having an impact. In addition, a slow decline in rental yields due to strong dwelling price appreciation is acting as a natural restraint on lending growth to investors. We expect this trend to continue over coming months in line with cooling auction clearance rates.
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Construction: Total lending for dwelling-related construction was flat in September and has eased off in recent months. This is consistent with the recent tapering off in building approvals growth. The lag between finance/approvals and construction means that residential construction will remain buoyant deep into 2016. Dwelling construction generates jobs and the multiplier effect benefits other sectors of the economy. A further positive for construction was that lending for alts and adds rose by a solid 6.4% and sits 14.9% higher on year ago levels. 
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States: The data on O-Os by State in September shows that annual growth in the number of loans is strongest in NSW (+20.4%), followed by Victoria (+10.1%) and SA (+8.7%). It is negative in QLD (-0.4%), WA (-6.2%), and Tasmania (-11.0%). 
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An update on lending to investors by State will be in Friday’s Lending Finance publication. 
First home buyers: The number of loans to first home buyers rose by 6.2% in September. First home buyers represent just 15.4% of all dwellings financed – close to record lows.
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All up, today’s data print is consistent with other indicators of the housing market which show that activity is moderating. Policymakers are likely to welcome the latest slowdown in housing credit growth particularly given business credit growth has picked up. The different parts of the credit space are evolving in the directions that policymaker’s desire. 
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Gareth Aird is economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905" target="_blank">here</a>.
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Housing lending growth slows as investor appetite wanes: CBA's Gareth Aird

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There are indicators that home ownership is starting to decline, the Australian Housing and Urban Research Institute (AHURI) suggests.
However, Australia has maintained consistent rates of home ownership of around 68% since 1976. 
"The composition of homeowners, those who own outright and those who are currently servicing a mortgage, has changed with houses under purchase now out numbering those owned outright.
"The last 20 years has also seen sharp growth of migration to Australia and this may have played a role in sustaining home purchase rates." 
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"The rate of home ownership is higher amongst older age groups, with 55-64 year olds maintaining around 80 per cent ownership rates over the last 30 years to 2011."
 
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In the submission to the House of Representatives Standing Committee on Economics, AHURI observed that home purchase has decreased mostly for those in the lowest income cohorts, particularly for those aged 24-35 years. 
"Between 1981 and 2011 the rate of purchase for those in the lowest household income quintile fell from 62.7 per cent to 31.3 per cent.
"In interviews with 87 Indigenous people living in various forms of rental housing, AHURI research found that most saw home ownership as an economic burden even when income was assessed not to be a barrier for a quarter of households. 
"Home ownership for some is a more complex due to the relationship with land and implications of individual ownership. 
"A study of home-owners found that around 13% of owners ‘churn’ in and out of ownership while 9% permanently leave. There has been a reduced ability to maintain home ownership due to increased divorce rates and mortgage stress.
"Increasing numbers of homeowners are approaching retirement with mortgages, and a sizeable number of older mortgagees are dropping out of homeownership which is a flag for potential pressure on other areas of the housing system such as a need to access housing assistance." 
Aspects affecting home ownership rates include the increase in house prices and increase in size and period of debt. There is also the positive side of wealth creation for home owners, but this does not happen without risk.
"AHURI research which looked at metropolitan Melbourne found that one in eight of all sellers lost money in real terms and that there is greater risk of making a loss for dwellings in outer urban areas where low to moderate income earners are most able to purchase, and if the dwelling is sold in the first three years. 
"However, higher house prices—while aiding wealth accumulation for those who own or are purchasing—hinders access for aspiring first home buyers. 
"AHURI research also indicates that owners are now more accustomed to using new flexible mortgage products to access their housing wealth, and so use that wealth as a financial buffer to meet needs over time."
AHURI believes that if supply does not match demand it can be a contributing factor to house price pressures and declining affordability.
"Low interest rates, lower unemployment combined with easy credit for housing, have worked together to increase demand. 
"New household formation is a driver for demand for housing. Traditionally this has been seen as part of the ‘housing career pathway’ when partnering and leaving home or moving from private rental to home ownership. 
"Immigration creates new households and therefore increases demand for housing. AHURI research suggests that migrants historically have had a higher purchase rate than native-born Australians. 
"Population projections show that the rate of population increase is expected to be steepest among people aged 65 year and over and this will translate into a surge of singles living alone. 
"Population ageing poses demands for smaller housing in nearby suburbs to enable downsizing and equity release.
"AHURI research found that difficulties faced by downsizers included availability of suitable housing, its cost and affordability, and the suitability of its location.
Evidence is varied on whether land release assists in reducing house prices. 
"AHURI research has documented that connections between land supply and price, which can flow on to house price, are complex with many factors affecting both land and house prices. However, a well-run and timely land release policy can help with the supply of new houses.
"With a strong, nationally coordinated policy framework emphasising housing affordability and dedicated affordable housing creation, state housing policy and planning legislation then promotes affordability, and enables affordable housing creation, through: 
<ul>
<li> system-wide approaches to facilitate land supply in preferred locations, by making planning processes more efficient and through targeted infrastructure     investment;</li>
<li> better needs assessment and planning methodologies to forecast, monitor and respond to housing demand, supply and affordability trends;</li>
<li> specific planning levers or mechanisms to secure land for new affordable housing development and retain existing levels of low-cost housing.</li>
</ul>
"The proportion of new loans for investment housing is at a record high. Up until 2010, lending for owner occupied housing was tracking well above investment housing, however this trend has changed since 2010 after which lending for investment has continued to rise but housing finance commitments for owner occupation started to decline. 
"AHURI research finds that stamp duty is found to impede access to home ownership because it tightens borrowing constraints.
"The provision of the First Home Owner Grant (FHOG) raises the rate of home ownership and accelerates ownership, but research finds it is regressive in impact as it primarily favours those that would have eventually become home-owners. 
"Younger (less than 45 years of age) owner-occupiers, most of whom have relatively low equity in their dwellings and face high mortgage debt, are relatively disadvantaged by the structure of tax expenditures because of their inability to deduct the costs of purchasing their home from the income it produces. 
Recent AHURI research examined government spending related to housing in Melbourne for the 2011–12 financial year. The total housing expenditure figure for Melbourne was $5.2 billion. 
"Public housing was the smallest proportion of this figure, at around $107 million or 2 per cent of the total; the First Home Owners Grant, for both new and existing properties, had an outlay of $277 million, 5.3 per cent of the total. 
"Rental assistance had a total of $500 million (9.6% of the total). These expenditures were eclipsed by the negative gearing ($861 million) and capital gains tax exemption ($3.5 billion) estimates, which comprised 17 per cent and 67 per cent of total outlays respectively."
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Stamp duty constraints impede home ownership: AHURI

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Inner north and south Melbourne has been tipped as two areas with good apartment prospects for first home buyers.
REIV chief executive officer Enzo Raimondo said Melbourne’s most affordable one-bedroom apartments are located in Carlton which recorded a June median price of $207,750.
“Affordable property around Melbourne is not restricted to the outer suburbs. Apartments allow first home buyers to get a foothold on the property ladder, especially in highly sought after areas such as Carlton,” he said.  
"Meanwhile Carnegie, in Melbourne’s south-east, delivered a median for similar sized apartments of just $292,500.
Other suburbs that rank highly included Elwood and St Kilda. These neighbouring suburbs boasted one bedroom median prices of $389,000 and $390,000 respectively.
"Buyers with budgets in the $400,000 range are able to broaden their search – not only geographically but also by considering two-bedroom options."
Footscray and Maribyrnong recorded median prices for two-bedroom apartments in the most recent quarter of $408,000 and $410,000 respectively.
Glenroyrecorded the city’s lowest three-bedroom apartment median price for the June quarter at just $465,000. Two-bedroom apartments had a median price of $375,000. 
Toorak had Melbourne’s highest median for two and three-bedroom apartment. Other top apartment suburbs include Brighton, Richmond, South Yarra and Docklands. 
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Melbourne inner, middle suburbs providing best buys

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GUEST OBSERVER
There have been many articles recently by those in the industry claiming there is a massive issue with housing affordability for first home buyers. More often than not, foreign investors are the target of this fury.
Often these articles quote the alarmist figures of first home buyers numbers (as a % of all dwellings financed) dropping from the long-term average of 22% to just 12%.
Issues such as reduced affordability and foreign investment are often touted as the reasons for this drop-off in first home buyer activity. 
Unfortunately, for those espousing this propaganda, the figures are simply incorrect.
Way back in February 2015, the ABS announced that there was an issue with the data.
“An investigation by the ABS has identified that the data on first home buyers are under-reported, as some lenders have only reported loans to first home buyers who have also received a First Home Owner Grant.”
Now, quite clearly, this fails to capture first home buyers that do not utilise the grant, do not qualify for the grant, or who choose to purchase a property that is not eligible to receive a grant. Quite simply, this statistic is a completely inadequate indicator of first home buyer activity.
Yet, it continues to be quoted by those that either don’t understand the information or who choose to use this statistic to further their own cause regardless.
In June 2015 the RBA submission to the Inquiry into Home Ownership stated the following:
“Housing ‘affordability’, measured as the share of average household income required to service a loan on a median-priced dwelling, has continued to cycle between 20 and 30 per cent, and is currently well below previous peaks.”
The vast majority of first home buyers purchase well below the median price and in many instances can purchase with as little as 5% deposit or with the support of family, no deposit at all.
Some would argue, that there has never been a better time for First Home Buyers to enter the market.
But, are they simply being outbid by Foreign Investors at auction as is often claimed?
Well, the Foreign Investment Review Board clearly states that Foreign Investors can only purchase:
<ul>
<li>A New Dwelling</li>
<li>Vacant Land</li>
<li>An Established Dwelling To Demolish &amp; Redevelop</li>
</ul>
I don’t think it’s too much of a stretch to rule first home buyers out of the latter category, so, the only competition that first home buyers face is when purchasing brand new dwellings or off the plan.
The majority of these are offered at a fixed price by the developer and rarely go to auction, so, again, the implied issue of first home buyers being outbid at auction is again a long bow to draw.
Historically, first home buyers purchase older or smaller properties in locations they can afford and work their way up the property ladder over a number of years to achieve their dream property. This is often achieved through a process of increasing income with age and experience and a build-up of equity-either manufactured through renovations or naturally as part of the property cycle.
I would suggest that you listen very closely to those that are claiming there are so many issues with housing affordability for first home buyers and question not only their motives, but, the so-called facts they use to support these claims.
Paul Bevan is senior advisor at Dream Financial Services and can be contacted <a href="https://www.dreamfinancial.com.au/about" target="_blank">here</a>.
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Are foreign investors destroying the first home buyer market? Paul Bevan

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First home buyers across Brisbane are competing with investors and owner occupiers to develop new homes, with suburbs such as Springfield Lakes, Leichardt and Mango Hill seeing strong demand from all three types of investor.
According to Herron Todd White's August month in review, building grant incentives for first home buyers are driving them into the home building market in other suburbs such as <a href="/news">Murrumba Downs</a>, Brassall, North Lakes and Dakabin.
The report noted the differences between building in 2009 and now.
"Nowadays you’re looking at between $900 and $1,100sqm and on smaller lots, tinier homes are being built and that sees the rate per metre rise. These courtyard style dwellings can cost as much as $1,200 to $1,300," the report stated.
"For this money, expect laminate cabinetry, Caesarstone bench tops in the kitchen, one light bulb to each room, limited power points and split system air conditioning to the living room only. Outside there’ll be a driveway and fencing, but possibly no landscaping. 
 
"Step up a little further and you’ve got stone bench tops, air conditioning throughout, high ceilings and quality finishes. These homes were costing $1,100 to $1,300 per square metre in 2009 and that price is still about the same in 2015. Another $200 per square metre would get you ducted air-conditioning instead of a split system and a higher standard of appliances and finishes. 
 
"A nice contemporary home with a bit of flair is going to come in at around $2,200 to $3,300 per square metre in 2009, and once again, not much has changed since then."
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mick.cee-iDmgDDAmu8

Brisbane first home buyers jostling to develop new homes: HTW

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Did Australia pass a prohibition law on property investment but forget to tell anyone?
Somewhere in recent history, buying property has mutated from a normal part of Australian life into something with the odour of dealing in illicit drugs on murky street corners.
Mums and dads trying to provide for their kids’ education are accused of smashing the dreams of first-home buyers.
Those seeking to fund their retirement without burdening the state are labeled speculators.
People on average incomes who own one investment property – i.e. the majority of property investors - are portrayed as greedy bastards ripping off the tax system.
Foreign buyers of Australian property treated as criminals by the buffoon otherwise known as the Federal Treasurer.
Suddenly, property investment is everyone’s top-of-mind political football. Property investors have become the whipping boy of choice for everyone from the Prime Minister to the Reserve Bank to lefty lunatic fringe dwellers. It’s become hip to be anti-property.
Investors are there to be exploited, pilloried and abused. Regulators are having a field day, banks are boosting their profits and local councils are propping up their balance sheets by hammering property investors.
So Australia needs to make a fundamental decision: is property investment okay or is it not?
Last time I checked, it was legal. Last time I analysed it, it was an activity that benefited the nation. Every way I look at it, it’s something that should be nurtured, especially if Australia wants its citizens to be self-funded in retirement.
Unfortunately, the politicians who run the country or parts of it don’t see investors as valued citizens undertaking worthy activities. They treat them as bunnies ripe for exploitation, both financially and politically. 
Over $70 billion gets ripped out of the real estate industry in taxes every year. The cost to the public purse of negative gearing is petty cash by comparison.
Politicians, being the inherently-dishonest bottom feeders that they are, are happy to blame affordability issues on investors. It’s a convenient distraction from the fundamental truth that politicians’ taxes on real estate activity add 40% to the cost of every new home built in Australia.
Local councils subsidise the rates charged to their constituents by slamming investor owners with higher charges. State Governments slug them with higher rates of stamp duty and a medieval impost called land tax.
Banks are exploiting the APRA brain explosion by slugging investor borrowers with higher interest rates at a time when the trend is overwhelmingly to lower interest rates. 
Everywhere investors turn, lenders and bureaucrats and political activists and elected representatives are doing their damnedest to damage them.
So what’s the answer to that fundamental question, Australia? Is real estate investment okay or not?
You need to decide. And then get out of the way.
 
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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