The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

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

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

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

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

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

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Market Insights

In a recent interview between Urban CEO Mike Bird and Alex Adams, Head of Sales and Marketing at Aqualand, the progress of the Aura development was discussed, shedding light on its unique features and the current real estate market in Sydney.

&lt;p&gt;&lt;iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/qMBCf5H49xs?si=a2pqfBvO9fepFE78" title="YouTube video player" width="560"&gt;&lt;/iframe&gt;&lt;/p&gt;

[smartcode_project_cta:default project_id=30959]

Unveiling Aura's Unique Design and Progress 
Situated just across the road from the Aura development, the interview began with a glimpse of the progress made. Adams shared that Aura, visually appearing as four interconnected buildings, is actually a single structure with 28 levels. The design, akin to four interconnected pedals, showcases the innovative approach Aqualand has taken.

Sales and marketing for Aura have seen tremendous success, despite the challenges in the general market. Adams attributed this success to a combination of luck and effective marketing strategies, putting the project on track to achieve the remarkable milestone of $500 million.

[smartcode_project:default project_id=30959 project_image_fid=218005]

Sydney's Resilience in the Real Estate Market 
Adams expressed his confidence in Sydney leading the real estate market's resurgence, noting that the city is emerging from what he humorously referred to as a "funny period." The market's recovery, driven by strategic marketing and client engagement, reflects a positive trend for Aura.

Targeted Buyers and Demographics 
The types of buyers for Aura have remained consistent over time, primarily local downsizers, young professionals, and upsizers from the lower North Shore area. Adams highlighted the unexpected interest from Pymble and Lindfield, showcasing the project's broad appeal.

The Impact of Previous Projects 
Adams discussed the influence of Aqualand's completed projects, particularly Blue at Lavender Bay and Revy. These completed projects not only serve as brand recognition but also act as tangible examples for potential buyers. The confidence gained from showcasing completed developments has been a key factor in attracting interest in Aura.

[smartcode_project:default project_id=30959 project_image_fid=202656]

Building Confidence Through Transparency 
The discussion touched on Aqualand's commitment to transparency, a critical aspect often lacking in the real estate market. Adams emphasized the importance of showcasing construction progress through visual updates and detailed quarterly videos. This commitment to transparency aims to build trust and confidence among potential buyers.

Key Buyer Concerns: Quality, Size, and Location 
Adams identified the top three concerns of potential buyers: quality, size, and location. Quality, referring to the construction and finishes, takes precedence. Size became a crucial focus for Aura, with a deliberate effort to provide larger apartments, responding to the evolving needs of the local market. Lastly, the proximity to the Victoria Cross Metro station and the array of amenities within the building contribute to Aura's appeal.

A Unique Approach to Amenities 
Aura offers a distinctive range of amenities, including an underground pool inspired by Turkish baths, a wellness center, a gym in collaboration with Technogym, and a five-star concierge service. The Sky Deck on level 26 provides residents with breathtaking views, making it a unique and coveted space within the development.

[smartcode_project:default project_id=30959 project_image_fid=202655]

Black Key Subscription Service 
A standout feature of Aura is the Black Key subscription service, offering a level of service comparable to the prestigious AMEX Black Card. This exclusive service includes personalized assistance for events, last-minute dining requests, and access to the Sky Deck, adding an extra layer of luxury to Aura living.

Aqualand's Aura stands out not only for its innovative design and construction progress but also for its commitment to transparency and meeting the evolving needs of the real estate market in Sydney. The collaboration between Urban and Aqualand reflects a shared commitment to delivering exceptional projects that inspire confidence in buyers.

[smartcode_project_cta:default project_id=30959]

In a recent interview between Urban CEO Mike Bird and Alex Adams, Head of Sales and Marketing at Aqualand, the progress of the Aura development was discussed, shedding light on its unique features and the current real estate market in Sydney.

Michael Bird

How Aqualand have quickly developed their brand in Sydney's luxury market with Alex Adams

The age old adage is that the apple doesn't fall far from the tree.

That's the case at <a href="/developers/central-element">Central Element</a> (CE), the family-ran apartment developer who are venturing into the "ultra-luxury" in some of Sydney's best suburbs.

In the last few months they've announced development approval for the redevelopment of the <a href="/news/nsw/central-element-green-lit-for-coogees-ballamac-house-apartment-redevelopment">1860s Ballamac House in Coogee</a>, and an architecturally significant building on Hyde Park, while they also secured an <a href="/news/nsw/central-element-secure-prized-bondi-beach-site-for-new-apartment-development">arguably unrepeatable site in Bondi Beach</a>.

The three developments are likely to set not only new benchmarks for the suburb, but also for CE.

<a href="/developers/central-element">Central Element</a> Managing Director Nathan Chivas says&nbsp;setting new benchmarks in property development has been in Central Element’s DNA for decades.

"It was something my father always did in his development days," Chivas says. "Since founding <a href="/developers/central-element">Central Element</a> in 2011, we've continued to evolve every year we've operated, and now we're moving into what we're calling the 'ultra-luxury phase'."

Chivas says they only want to develop in the best locations. But with that, you need to create an A-grade product.

“If you find a location and create A-grade product that matches that location, then you know you’ll have strong demand no matter where the property cycle is at,” Chivas says.

"In this end of the market, you really need to bring a story to life, whether it's through brining in heritage or other luxury design elements. Ultimately these types of developments need to be a cut above the rest. They need to be more than an apartment in a great location. The money demanded by these projects, and the buyers of the projects, demand nothing less. That extra layer of detailed design and amenity is warranted for locations like Coogee and Bondi."

<img alt="CE Bondi" data-entity-type="file" data-entity-uuid="369c8542-743e-4154-96f0-ac28e77553b2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CE%20Bodi.png?VersionId=l0SrfrPwkbTmHiL2PXHeQWeimU7DNxoG" />The Sandridge &amp; Wilga St site in Bondi. Image supplied

Chivas says the Hyde Park project at 271 Elizabeth Street will also be a step above what has ever been created in that area.

"They'll be some of the largest apartments Hyde Park has seen," Chivas says. "Not many other developments will be delivering house-like proportion residences like these. There's so little opportunity to build on Hyde Park, there's literally four streets, the majority of which is government-owned, so when you get that opportunity, you expect to never have one again in your lifetime, so you really have to push the boundaries to create something that will last."

It will suit those who want house-size city living, and demand for that kind of product far outstrips supply, Chivas says.

The mixed-use project, being developed in collaboration with equity partner MaxCap and the current landowner, will be designed by the renowned architects Murcutt&nbsp;<a href="/architects/candalepas-associates">Candalepas</a>&nbsp;and will home just 42 apartments across 14 levels, above&nbsp;hospitality spaces.

It will be the first time architecture legend&nbsp;Glenn Murcutt and Angelo&nbsp;<a href="/architects/candalepas-associates">Candalepas</a>&nbsp;will work together on a project for the&nbsp;<a href="/developments/sydney-nsw">City of Sydney</a>.

<img alt="Hyde Park" data-entity-type="file" data-entity-uuid="c73dece3-cf4e-432a-a57f-04916aec9567" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-22%20at%2010.45.39%20am.png?VersionId=KTwQ1xCGqorv8NMYT_0N6PSBETA2CH7j" />The approved plans for 271 Elizabeth Street. Image supplied

These high end products don't often require traditional marketing methods, Chivas says.

"It's not like a typical on market campaign, the nature of the product bring with it a level of discreetness," Chivas says. There's already a handful of prospective buyers lining up that want to be a part of the Bondi site, and the only information available is the address.

"It so tightly held around the Bondi area, especially Ben Buckler and around to Icebergs. Those areas will likely never be able to be unlocked. Finding new product in that area really is a once in a lifetime opportunity for someone, which is why we've already been fielding enquiry from those high-net-worth individuals."

The groups will be the first to receive the early ideas for the project, and in this scenario will be able to work with CE and their chosen architect to tailor them to their liking.

CE recently launched their luxury Drummoyne waterfront apartment development, Bianca Drummoyne, which quickly garnered attention as a rare harbourfront offering, the first waterfront project to be released in Drummoyne since 2020.

<img alt="Bianca" data-entity-type="file" data-entity-uuid="a653f348-6300-4549-87fb-5a023a122d9b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-22%20at%2010.43.15%20am.png?VersionId=y47RwMWs0jhaOJIJeCT4wCuxAKRvVGZ7" />Bianca Drummoyne will have just 12 luxury apartments on the harbour. Image supplied

There's been the expected demand from Drummoyne locals, as well as the affluent Hunters Hill area who are looking to downsize to the water. He says there's also been those from other areas who are closer to the Sydney Harbour precinct.

"Because of the price point, there's been enquiry from those who see value compared to if the project was in Double Bay or Mosman. Drummoyne still represents that luxury harbour lifestyle, a private beach, north-facing apartments with a resident swimming pool on the harbour and a ferry 100 metres away, without the price point of some of those more celebrity suburbs."

Chivas says waterfront coastal sites are always going to be top tier, and will never not have that demand factor.

"There's definitely a high priority to find those properties."

While many developers would be happy to be in the position CE are in with a work book of completed projects and a strong pipeline heading into 2024, Chivas says there's still the appetite to secure the next opportunity, although he says it's becoming increasingly more difficult to buy in Sydney's premium waterfront suburbs.

"It so tightly held around the Bondi area, especially Ben Buckler and around to Icebergs. Those areas will likely never be able to be unlocked. Finding new product in that area really is a once in a lifetime opportunity for someone, which is why we've already been fielding enquiry from those high-net-worth individuals."

<img alt="Coogee Central Element" data-entity-type="file" data-entity-uuid="0f942326-813d-40dd-bdd1-c7891dd0fbb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-11-22%20at%2010.44.28%20am.png?VersionId=VF7Y24F5bhi9oPhTsXFQggTMEJ.6r.5P" />The approved plans for Coogee's 1860 Ballamac House, to be launched in 2024. Image supplied

Chivas says sometimes there's no money in the world that would pry a family away from their land.

"All vendors have different ways of looking at things and expectations. They all have unique circumstances. Some are emotionally connected to their land parcels and want them to stay in the family name forever."

Chivas says there are some who have&nbsp;unrealistic expectations of what their land can be worth to a developer.

"Ultimately the land is worth what someone is willing to pay for it. But if it's a developer, and they want to create some sort of new development and come out of the other side higher than break even, then there's absolutely a ceiling as to how much the land is worth," Chivas says.

"There's always basic economics as to what you can achieve."

While not haven't to look much further than father Wayne for development inspiration, Chivas says he takes some learnings from Sydell Group, the hospitality and hotel operator famous for creating The Ned in London and the Park MGM in LAs Vegas.

"While they don't do residential development, they create these amazing stories in their developments where they've got the story telling factors, whether it's through celebrating heritage or hero-ing the location. It's definitely a brand we like and how they position themselves, their vision, delivery, and how they execute on a world class scale is certainly something we look to replicate.

"It's similar to what we do in a bit of a different way."

Chivas says he will be taking some inspiration from Sydell Group for their latest hospitality venture, the redevelopment of The Minerva in Potts Point, the iconic theatre which they're transofmring into a 63-key, five-star boutique hotel.

They were given the green light from the City of Sydney Council earlier this month.

Managing Director Nathan Chivas says setting new benchmarks in property development has been in Central Element’s DNA for decades

The story behind Central Element's push for ultra-luxury in Sydney's best suburbs: Five minutes with Managing Director Nathan Chivas

Commentary from CoreLogic's&nbsp;Head of Residential Research Australia Eliza Owen

CoreLogic's interactive Mapping the Market Report shows 82.4% of the 4,506 house and unit suburbs analysed nationally saw values rise in the three months to October.

Conversely, 792 (17.6%) house and unit suburbs declined in value in the past three months&nbsp;

Capital city markets are running at very different speeds, with Perth the strongest market while Hobart and Darwin are flat or falling.

Australia's housing market upswing has become more widespread, with four in five house and unit markets analysed nationally recording a rise in values over the past three months.&nbsp;

CoreLogic's interactive Mapping the Market tool, updated with data to the end of October 2023, found 83.1% of house markets and 80.6% of unit markets saw values rise in the past three months.&nbsp;

This broadly reflects continued growth in the Australian housing market, despite high interest rates and weakening economic conditions.&nbsp;

It’s often noted that Australia is not ‘one housing market’ and we’re currently seeing increased diversity in capital city market performance. That’s reflected in city-wide growth rates, the various levels of supply that’s available in some cities over others, and it’s reflected in the different suburbs we analyse in this report.&nbsp;

At one end of the spectrum, suburb-level analysis reflects the extraordinary growth trend across cities like Adelaide, Perth and Brisbane. In these cities, total listings levels &nbsp;are low, city-wide capital growth is running a bit over 1% per month, and migration &nbsp;trends from both overseas and interstate favour more housing demand."&nbsp;

<h2>Capital cities running at high speed&nbsp;</h2>

In Brisbane, each of the 162 unit markets analysed saw values rise in the past three months, while of the 305 house markets, only four saw a quarterly decline. These were the higher-end suburbs of Kalinga and Windsor as well as the more affordable &nbsp;Redland spots of Macleay Island and Lamb Island. &nbsp;

In Adelaide, only 3% of house markets saw a decline in the quarter, but there was a notable portion of unit markets in decline (13.4%, or 9 of the 67 suburbs analysed). &nbsp;

In Perth, there was one suburb where house values fell in the past three months, which was Mount Hawthorn, and Ms Owen said even there, the house market sustained only a mild decline of -0.2%. &nbsp;

Remarkably, 98.1% of the house and unit markets across Perth rose in value over the &nbsp;past three months, and 96.3% of suburb dwelling markets in Perth were at record high &nbsp;values at the end of October."

<h2>Capital cities running at mid-speed&nbsp;</h2>

Running at ‘mid-speed’ are Sydney and Melbourne dwellings, where city-wide capital growth was 2.5% and 1.2%, respectively in the past three months. &nbsp;

The pace of growth across both markets has slowed from the middle of the year when the June rate-hike surprised financial markets and many economists’ &nbsp;predictions.

Currently, growth in Sydney markets are strongest across relatively expensive house markets, with Five Dock houses topping the three-month capital growth ranking (up &nbsp;8.4%). In Melbourne, it was the more mid-priced unit market of Moorabbin, which topped the list, increasing 7.4%.

<h2>Portion of suburbs recording quarterly and annual falls in values&nbsp;</h2>

<img alt="Portion of suburbs recording quarterly and annual falls in values" data-entity-type="file" data-entity-uuid="13084365-cc5e-432b-9d90-5f1285a55214" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Portion%20of%20suburbs%20recording%20quarterly%20and%20annual%20falls%20in%20values.png?VersionId=TcsKKK9_.RZMkOM3Vnh.G8m6WMscUqSs" />

<h2>Capitals that are flat or falling&nbsp;</h2>

In Hobart and Darwin, 41% of house markets saw a quarterly decline. &nbsp;

Ms Owen said overall, Hobart home values ticked 0.3% higher in the past three months, but capital growth trends have been shaky, and total listings are trending around 47% higher than the previous five-year average. &nbsp;

"The city has seen value falls recorded in three of the past six months. Declines across &nbsp;Hobart houses were led by a -3.2% fall across the relatively expensive market of &nbsp;Sandford. &nbsp;

"Canberra has also seen relatively flat capital growth trends, and particular weakness in the unit market. 32 of 39 unit markets analysed in Canberra saw a quarterly decline, &nbsp;with the steepest fall in O’Connor, down -4.1%," she said.&nbsp;

Across regional markets, conditions are equally diverse, with Regional Queensland the strongest house market and Regional SA the best performing unit market.

Australia's housing market upswing has become more widespread, with four in five house and unit markets analysed nationally recording a rise in values over the past three months

Staff Writer

Values rising in more than 80% of Australian house and unit markets: CoreLogic 

<a href="/developers/goldfields-group">Goldfields Group</a>&nbsp;has been at the forefront of residential development for a number of years. It was that experience that helped them make the move first into the office sector, and then into the multi-residential high-rise apartment space in&nbsp;<a href="/new-apartments/sydney-nsw">Sydney</a> recently, as well as expanding their house and land developments to Western Australia.

With everything going on, Apartments.com.au CEO Mike Bird caught up with <a href="/developers/goldfields-group">Goldfields Group</a>&nbsp;CEO Lachlan Thompson, in the Beverley Rooftop bar which sits atop <a href="/developers/goldfields-group">Goldfields</a>&nbsp;House, their commercial tower at&nbsp;627 Chapel Street in <a href="/new-apartments/south-yarra-vic-3141">South Yarra</a>, to talk about their approach to development.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/hjTv0srRT1g?si=GsAamRTDkk3k2Jkf" title="YouTube video player" width="560"></iframe>

Goldfields House was <a href="/developers/goldfields-group">Goldfields Group</a>&nbsp;entry into the office market, presenting&nbsp;both commercial and hospitality elements.&nbsp;In 2017, amid expectations of a significant run on commercial office rents, the team strategically decided to explore the uncharted territory.

"The opportunity was probably a little bit bigger than we were looking for in 2017," Thompson says.

"We thought there was going to be a significant run on commercial office rents."

They had initially been looking for something smaller, missing out on a few opportunities in Cremorne, before securing the prime site on South Yarra's Chapel Street.

It completed around the time where the leasing market was the worst in three or four decades, but the fact they delivered a product that was the best in class, meant they were incredibly successful in leasing the building.

The success at Goldfields House led <a href="/developers/goldfields-group">Goldfields Group</a>&nbsp;into the high-rise apartment space, with the learnings of developing a high-rise office tower with the amenity to match.

"Amenity is everything these days, and it's a bit of a one-upmanship at the moment as to who can provide the most," Thompson said on residential developments.

"What there is that's coming out of the market at the moment is that everyone is becoming very house proud of where they live, and becoming super loyal to the building that they've bought in."

<a href="/developers/goldfields-group">Goldfields Group</a>&nbsp;first made the move into Sydney high-rise market with <a href="/new-apartments/the-bryson-of-chatswood-871-877-pacific-highway-chatswood">The Bryson of Chatswood</a>, a 90-metre tower in the heart of <a href="/new-apartments/chatswood-nsw-2067">Chatswood</a>. That came after a low-rise townhouse and apartment project in Pymble.

[smartcode_project:default project_id=21170 project_image_fid=231163]

The Bryson, near Beauchamp Park will comprise 70 one, two and three-bedroom apartments across its 26 levels, including a collection of&nbsp;skyhomes and penthouses.

Thompson says he's seen a shift in buyer preferences during the marketing of <a href="/new-apartments/the-bryson-of-chatswood-871-877-pacific-highway-chatswood">The Bryson</a>.

"Two-bed one baths are nearly extinct, we saw that coming," Thompson says. What they didn't see coming was the amount of amalgamation requests.

"Probably about 25 per cent of enquiries at the moment are for amalgamations, turning twos into threes."

[smartcode_project:default project_id=21170 project_image_fid=210274]

<a href="/developers/goldfields-group">Goldfields</a> will be looking at recreating a smaller version of Goldfields House in Brisbane in the not too distant future.

All up <a href="/developers/goldfields-group">Goldfields</a> have delivered around 6,000 residential dwellings across house and land lots, apartments and townhouses.

With everything going on, Urban.com.au CEO Mike Bird caught up with Goldfields Group CEO Lachlan Thompson, in the Beverley Rooftop bar which sits atop Goldfields House South Yarra, to talk about their approach to development

How a diversified portfolio helped Goldfields Group expand into the apartment market: Five minutes with Goldfields Group CEO Lachlan Thompson

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From an investment perspective, there are many similarities between the real estate sector and stock market. Both can be used as powerful investment tools, thanks to their ability to grow significant value in fluctuating market conditions. However, when times get tough, there is one very important difference that separates the two – you don’t need stocks to survive but you do need shelter.

And that makes current market conditions all the more pertinent – not for some 18-24 months has the opportunity to put a new roof over your head coincided so perfectly with a great time to buy. Recent price adjustments across the board, particularly here in Melbourne, have made getting into the real estate market a particularly attractive proposition for a range of homebuyers, from first home buyers to up-graders.

With three decades of experience, our team has seen pretty much everything real estate has to offer – both the peaks and the troughs. Like any industry, there are going to be ups and downs, but ultimately, it is these changing conditions that give way to opportunity and the ability to do better business.

There is no doubt that Melbourne’s current real estate climate presents some interesting challenges for all sides of the property sector – and recent pessimistic media headlines certainly aren’t helping!

However, as the old saying goes, ‘with challenge comes opportunity’ – and there’s plenty of opportunity out there for buyers who are motivated, well-informed and ready to move on the well-priced property that we’re seeing come onto the market.

Until recently, the typical Melbourne property market breakdown had been heavily skewed in favour of investors, who were estimated to have held somewhere in the midst of 70% of local residential property assets, while owner-occupiers and first home buyers battled to make up the remaining 30%.

Fast forward to today, and some notable shifts have occurred, with the split of housing ownership now estimated to be somewhere closer to 45% investor, 40% owner-operator and 15% first home buyer.

<h2>Tips for first home buyers</h2>

As Melburnians, we are incredibly fortunate to have so many great suburbs at our fingertips and in close proximity to the CBD.

Now is an exciting time for families and first home buyers on the hunt in the property market. Make sure you are dealing with an experienced professional who has seen it all in a property sense, but still has their finger on the pulse of what’s happening the industry.

This will give you the confidence needed to go out and capitalise on today’s buying conditions, without losing sight of what is sustainable according to your current financial position – for example, ensuring there are funds set aside for a ‘rainy day’.

<h2>Tips for developers</h2>

It is crucial that developers also realise what is prudent when it comes to planning and delivering a new project. Keep new developments around the 50-60 apartment quota for residential areas, giving yourself the best chance to strike the perfect balance between supply and demand.

Developers should be stocking their shelves with land acquisitions in key areas of growth that have sound infrastructure (existing or planned) and amenities nearby like public transport services, educational institutions and everyday retail shopping.

And, always ask yourself “are we delivering the right kind of product for the end user?” Here again the counsel of a seasoned real estate agent and project marketer can be invaluable in helping you to weigh up the opportunities presented by the current market and consumer demand, with your long-term investment and development strategy.

Michael Lang is a Director at Castran GIlbert and brings over 20 year’s real estate experience to this role, specialising in residential established properties, selling development sites together with off the plan properties. Ranging from boutique developments of 10 apartments to larger scale developments of over 200, Michael has worked on developments all over Melbourne – as far East as Boronia, as far North as Bundoora, South as Mount Martha, and as far West as Williamstown.

Look our for Apartments.com.au's follow up Podcast with Michael and fellow Director David Howard in coming weeks.
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