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.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Melbourne

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Melbourne median house prices are up by 11.7 percent to $675,000 year on year, nearly matching Sydney according to JLL's Residential Market Report for February.
Apartment prices, according to the report, have increased more slowly, up by 6.9 percent to $506,000 year on year with the price growth percentage in Melbourne exceeded Sydney in Q3 and Q4.
 The report said the median house price was down in December, 2.2 percent month on month, up 0.7 percent quarter on quarter.
"The auction clearance rate at 13/12 was 64.7 percent, while the number of actual sales under auction was up 6.9 percent on the same period last year. 
"However, strong demand continues in Melbourne, in contrast to Sydney, with an expectation of 4% growth on median house prices.
"The apartment market is oversupplied, with slower price increases. The number of new listings is down 4.1 percent on last year, with total listings also down 3.5 percent."
 
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Melbourne median house prices close to Sydney: JLL

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An 1860's solid brick hotel, converted into a family home has been listed in Melbourne's Windsor.
<a href="https://www.realestate.com.au/property-house-vic-prahran-121955482" target="_blank">Previously the Red Lion Hotel</a>, 39 Duke Street has tall ceilings and rich period features in its warehouse style contemporary living space.
The property has five bedrooms, three bathrooms and a leafy atrium with indoor garden.
The most spectacular feature of the property is the 250 sqm secluded rooftop garden which has a large gas heated pool, sauna and orchard with views of the city skyline.
The property has been in the family for around 60 years and hasn't once been traded.
RT Edgar are selling the home and expectation the property to reach $3.5 million for its March 19 auction.
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jrobinson-rf4aSBido9

Red Lion residential redo lists in Windsor, Melbourne

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Melbourne auctions totalled a clearance rate of 78 percent over this weekend, up from 77 percent for the same time last year, according to the REIV.
Some 819 properties sold, with 231 passed in, 11 on a vendor bid.
The suburbs with the most auctions so far this year are Craigieburn (31 auctions), Mooroolbark (28 auctions), Richmond (27 auctions) and Bentleigh East (26 auctions).
The top house sale for the week was <a href="https://www.realestate.com.au/property-house-vic-toorak-121779694" target="_blank">3 Crestmont Court Toorak</a> (above) which sold for $5,795,000.
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Melbourne auctions total 78 percent clearance rate: REIV

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Melbourne's Warrandyte topped the list of suburbs in December 2015 quarterly growth, according to latest REIV stats. 
Nearly all (98%) of dwellings in Warrandyte were houses, according to RP Data.
<a href="/images/2016/02/26/Screen%20Shot%202016-02-26%20at%201.13.02%20PM.png" target="_blank">Click to enlarge</a>
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*Only suburbs with at least 50 sales in the relevant quarter are included
Property Observer looked up recent sales in Warrandyte on <a href="https://realestateview.com.au/" target="_blank">www.realestateview.com.au</a> and came up with these:
<img src="/images/2016/02/25/Screen%20Shot%202016-02-25%20at%202.51.43%20PM.png" alt="" width="608" height="377">
1. A four-bedroom house with a landscaped native garden at <a href="https://realestateview.com.au/real-estate/15-west-end-road-warrandyte-vic/property-details-sold-residential-9801293" target="_blank">15 West End Road</a> (above) sold for $1,060,000.
<img src="/images/2016/02/25/700_w1.jpg" alt="" width="547" height="391">
2. A five-bedroom two-storey house on <a href="https://realestateview.com.au/real-estate/60-lynette-avenue-warrandyte-vic/property-details-sold-residential-9734801" target="_blank">60 Lynette Avenue</a> (above) fetched $1,070,000. 
<img src="/images/2016/02/25/w2.jpg" alt="" width="521" height="316">
3. A three-bedroom dwelling at <a href="https://realestateview.com.au/real-estate/230-heidelberg-warrandyte-road-warrandyte-vic/property-details-sold-residential-9715454" target="_blank">230 Heidelberg-Warrendyte Road</a> (above) went for $990,000.
 
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jchancellor-FAypfDUnLy

Warrandyte tops Melbourne median price growth in December quarter

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Our prediction in 3-4 months ago about Melbourne overtaking Sydney has been confirmed by the latest price data.
In one of our November reports we noted: “Melbourne is the new star of Australia’s capital city property markets. It’s only a matter of time before Melbourne overtakes Sydney as the price growth leader in capital city Australia.”
We reported then that Melbourne continued to deliver a large number of growth markets, while Sydney was steadily waning. In Hotspotting’s latest survey for the Price Predictor Index, Melbourne continues to record strong sales activity, even though the number of rising suburbs is gradually diminishing. 
The number of Melbourne suburbs with rising sales trajectories in the past four quarterly surveys has been 134, 113, 110 and 105. This suggests Melbourne has passed its peak in terms of sales activity, but still has good impetus, while the price peak will probably come later in the year. 
The best of Melbourne’s precincts continue to be a mix of middle and outer-ring suburbs, with growing evidence that the previously-strong markets in the Top End near-city areas have subsided. 
Areas dominated by Top End suburbs – such as the LGAs of Glen Eira (Bentleigh, Caulfield, McKinnon), Boroondara (Balwyn, Ashburton, Glen Iris) and Stonnington (Armadale, Malvern, Prahran) – now have mostly Plateau markets, which are suburbs where sales activity has reached a peak and started to taper off at those levels or slightly lower levels (i.e. no longer rising). 
But there are numerous strong middle-market areas – notably the municipalities of Whitehorse (Box Hill, Nunawading, Blackburn), Banyule (Macleod, Montmorency, Watsonia), Moreland (the Brunswick and Pascoe Vale suburbs) and Bayside (Beaumaris, Black Rock, Hampton) – with significant numbers of growth suburbs. 
Whitehouse, previously a clear leader in the Melbourne market, has faded a little and is now matched by the LGAs of Banyule, Moreland and outer-ring Casey in terms of suburbs with rising trajectories. 
Other previous contenders Monash (Oakleigh, Mt Waverley, Clayton) and Knox (Wantirna, Boronia, Bayswater) have waned somewhat and, like Whitehorse, now have more Plateau markets than rising ones.
But there is now considerable energy in markets in the outer ring precincts. Locations likely to attract first-time buyers and others on smaller budgets are really pumping in Melbourne. 
In the far south-east, the Casey LGA (Cranbourne, Doveton, Endeavour Hills) matches those leading middle-market areas for the number of growth suburbs. 
Close behind are Brimbank (Sunshine, Deer Park, Cairnlea) in the western suburbs and Whittlesea (Epping, Thomastown, Mill Park) in the north of the metropolitan area. 
Market up-cycles often start in or near the city centre, with the millionaire suburbs the first to experience a rise in activity. As the cycle progresses, the growth ripples out to the middle-ring areas and latterly to the outer-ring suburbs. It’s common for the cheaper areas to have the greatest growth in the latter stages of the cycle, which often is in the third year of heightened activity. 
Sydney’s recent boom generally followed that pattern and Melbourne’s period of busy market activity (without producing the same high level of price growth across the whole city) has done likewise. 
So the evidence suggests that Melbourne is the leading capital city market - although it has passed or is close to its peak, depending on how you measure these things.
I note that the latest NAB Quarterly Residential Property Index finds that Victoria (read Melbourne) has replaced NSW (read Sydney) as the state with the most positive market sentiment and is currently the only state tracking above its long-term average. 
It’s also worth noting that Melbourne is Australia’s leading city for long-term capital growth (the average annual growth in prices over the past 10 years). 
Melbourne gets a lot of its impetus from population growth - it’s the leading capital city both for overseas migrants and for net inflow from interstate migration - and many of the leading suburbs for long-term capital growth are those that attract migrant buyers.
 
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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terryryder-YECXbqmri2

Where Melbourne is pumping: Terry Ryder

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GUEST OBSERVER
Fishermans Bend is Australia’s largest urban renewal zone and has Melbourne’s biggest speculative apartment supply pipeline.
17,873 residential dwellings have been proposed in Fishermans Bend since January 2014, yet only one project, Gravity Tower has proceeded. More than 6,500 dwellings currently hold planning approval while a further 23 projects totaling 10,800 dwellings are still awaiting a decision.
So what’s the problem?
The 450 hectares of land located adjacent to Melbourne’s existing CBD is prime for residential living. It presents the growing city an opportunity to expand whilst alleviating current housing affordability concerns. The City of Melbourne is forecast to grow by 100,000 new residents per year and is earmarked as Australia’s largest city by 2051, overtaking Sydney.  Further, social trends to live in close proximity to Melbourne’s CBD have added existing pressure on dwelling supply across the inner ring.
Fishermans Bend was rezoned from an industrial use in 2012. In 2014 the existing Fishermans Bend Strategic Framework Plan was released. But the plan has caused large uncertainty over the precinct’s future livability, which has ultimately stifled development. Vague transport and infrastructure plans specifically have undermined confidence. As a result land owners have postponed construction and flipping approved development sites has become a common practice.
The newly elected Victorian Minister for Planning, the Hon Richard Wynne, is to reboot the plans with the intention to create a clear vision for the future Fishermans Bend community. Appointing the Fishermans Bend Advisory Committee (FBAC) in July 2015 was his first step.  Whilst the plans are not set to be finalised until the end of 2016 multiple amendments have already been made:
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Land coverage increased: An additional 250 hectare zone has been added to the Fishermans Bend precinct; labelled as the employment precinct.</li>
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Neighbourhood planning: Individual localised structure plans will be devised for the four neighbourhood precincts of Wirraway, Sandridge, Lormier and Montague, in addition to the overarching plan.</li>
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Interim mandatory height limits: previously discretionary height controls were made mandatory in April 2015.</li>
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Proposed Transport infrastructure: The 2014 infrastructure plans for two metro stations and a tram extension from the western end of Collins Street across the Yarra River were never finalised. A new integrated transport plan will be developed.</li>
<li>
Alternative use of the Port of Melbourne: In 2015 the Victorian State government leased the Port of Melbourne on a further 50 year term putting redevelopment plans on hold.</li>
<li>
Public third party engagement: A draft Communications and Engagement Plan was released in September 2015 putting greater emphasis on community and stakeholder engagement.</li>
</ul>
The sheer magnitude of potential development activity is a major challenge. Docklands, Melbourne’s most recent urban regeneration precinct is 20 years into its urban renewal and has witnessed a mere 5,300 apartments developed in this timeframe.
A multitude of factors will still need to be overcome by the refreshed plans to ensure Fishermans Bend emerges as a complementary mini city to the world’s most livable city, MELBOURNE.
<a href="/images/2016/02/22/Picture2_10Feb2016.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/22/Picture2_10Feb2016.jpg" alt="">
Annabelle Atkins is Research Analyst for JLL in Australia and can be contacted <a href="https://www.jllapsites.com/research/author/annabelle-atkins/" target="_blank">here</a>.
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Melbourne’s hot spot for future apartment supply: Annabelle Atkins

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Melbourne's preliminary auction clearance rate came in at 73 percent for the week ending February 21, according to CoreLogic RP Data.
The best performing region was the Outer East with a clearance rate of 79.6 percent, with all regions but the Mornington Peninsula posting clearance rates of at least 70 percent.
The Mornington Peninsula preliminary clearance rate came in at 62.5 percent.
<a href="/images/2016/02/22/Screen%20Shot%202016-02-22%20at%2012.29.15%20PM.png" target="_blank" style="line-height: 1.3em;">Click to enlarge</a>
<img src="/images/2016/02/22/Screen%20Shot%202016-02-22%20at%2012.29.15%20PM.png" alt="">
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mick.cee-iDmgDDAmu8

Outer East Melbourne posts 79.6 percent clearance rate: CoreLogic RP Data

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One of Melbourne's most iconic trophy homes, Lalor House has been listed with $5 million plus.
The house was built in 1888 for Joseph Lalor, the doctor son of Eureka Stockade rebellion leader and politician Peter Lalor, who died in the house a year later.
The property is on the market for the first time in 50 years.
Designed by American architect William George Woolf, 293 Church Street has a classical Italiante facade and Jellis Craig Richmond agent Andrew Macmillan thinks it could be a private hotel, office or art gallery.
Set on 1135 sqm, <a href="https://www.facebook.com/jelliscraig/photos/pb.223320834501948.-2207520000.1456006561./529830753850953/?type=3&amp;theater" target="_blank">the five bedroom brick mansion</a> has been home of the Morton's and was used as a medical practice up until 1973.
Expressions of interest close March 22.
Jellis Craig Richmond says it should set a new price benchmark for the suburb. 
The current record of $5.13 million is held by Araluen, a five-bedroom 1856 mansion at 207 Lennox Street, which sold in 2015.
 
 
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The 1880s classic Lalor House, Richmond set for listing

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<div class="middle-content-section">
<div class="section">
Median house rentals in metropolitan Melbourne increased $10 a week to $410 with regional housing rent decreasing 4.9 percent to $290, to December 2015, according to the REIV.
The REIV's rental market snapshot to December 2015 found the level of vacant properties in metropolitan  Melbourne at 3.1 percent, staying at 2.3 percent for regional Victoria.
</div>
<div class="section"> </div>
<div class="section">
<table dir="ltr" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td> </td>
<td rowspan="1" colspan="2" data-sheets-value='[null,2,"Vacancy Rate"]'>Vacancy Rate</td>
<td rowspan="1" colspan="2" data-sheets-value='[null,2,"Median Rent"]'>Median Rent (Houses)</td>
</tr>
<tr>
<td> </td>
<td data-sheets-value='[null,2,"July 2015",null,null,null,1]'>Dec 2015</td>
<td data-sheets-value='[null,2,"June 2015",null,null,null,1]'>Nov 2015</td>
<td data-sheets-value='[null,2,"July 2015",null,null,null,1]'>Dec 2015</td>
<td data-sheets-value='[null,2,"June 2015",null,null,null,1]'>Nov 2015</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"METRO"]'>METRO</td>
<td data-sheets-value="[null,3,null,2.9]">3.1</td>
<td data-sheets-numberformat='[null,2,"0.0",1]' data-sheets-value="[null,3,null,3]">3.0</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,400]">$410</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,400]">$400</td>
</tr>
<tr>
<td data-sheets-value='[null,2,"REGIONAL"]'>REGIONAL</td>
<td data-sheets-value="[null,3,null,2.4]">2.3</td>
<td data-sheets-value="[null,3,null,2.3]">2.3</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,290]">$290</td>
<td data-sheets-numberformat='[null,4,"\"$\"#,##0",1]' data-sheets-value="[null,3,null,290]">$305</td>
</tr>
</tbody></table>
<a href="/images/2016/02/19/Vacancy-Rates-Dec-2015.jpg" target="_blank"> Click to enlarge</a>
<img src="/images/2016/02/19/Vacancy-Rates-Dec-2015.jpg" alt="">
</div>
 
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Melbourne unit rental price up, house rentals down: REIV

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Melbourne buyers agent Secret Agent has noted the local market is slowly starting come alive, although in which direction is not as yet clear due to early sample data.
According to the latest Secret Agent report, market conditions in Prahran, Richmond and South Melbourne were on the up late 2015 and so far in 2016 with Brunswick, Brunswick East, Middle Park, North Melbourne and South Yarra markets going bust. 
Secret Agent said these suburbs had been performing strongly throughout the middle of 2015 and were due for a quieter period.
"The townhouse market has also noticed a softening across the board, while houses performed best at 3% over the rolling quarter. Houses have been the standout performer over the past few years as their inbuilt scarcity of land and building help this market grow," Secret Agent said.
"Apartments have continued to fall in value with Docklands, East Melbourne, Hawthorn, Melbourne CBD, North Melbourne and Southbank losing value. What may have softened the blow is the decreasing stock of apartments on the market. With stock inventory likely to grow again we should expect further downward pressure on apartment pricing in the early parts of this year.
"The rental market continues to stratify with strong demand and price growth for stand alone homes near places of work and rich in lifestyle options. New apartments are finding it harder to establish tenancies with the continued supply of new dwellings. The falling rent among these apartments gives prospective tenants plenty of choice and this is a concern for recent investors."
The report warned of property valuations which help determine financing for purchasers, with Secret Agent noting a a pull back in some values that valuers are placing on real estate after auction sales which might ripple into the market over the coming few months as caution continues to creep in, stalling growth.
Quarterly Scorecard
OCT, NOV, DEC 2015 &amp; JAN 2016
<a href="/images/2016/02/18/Screen%20Shot%202016-02-18%20at%201.13.17%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/18/Screen%20Shot%202016-02-18%20at%201.13.17%20PM.png" alt="" width="823" height="444">
<a href="/images/2016/02/18/Screen%20Shot%202016-02-18%20at%201.15.48%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/18/Screen%20Shot%202016-02-18%20at%201.15.48%20PM.png" alt="">
 
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