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

Melbourne

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Dwelling values across Australia’s capital cities were 0.9% higher in January driven partially by a small rebound in Sydney and Melbourne.
The recent growth conditions have pushed the Melbourne market into first place for annual growth in dwelling values with an 11% rise compared with Sydney where values are 10.5% higher over the past twelve months.
But both major capitals are down over the quarter.
<a href="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.54.57%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.54.57%20AM.png" alt="">
According to the January 2016 CoreLogic RP Data Hedonic Home Value Index results released today, dwelling values across Australia’s combined capital cities showed a 0.9 per cent rise in January after recording no change in December and a 1.5 per cent drop in November. 
CoreLogic RP Data head of research Tim Lawless noted this month on month rise wasn’t quite enough to pull the rolling quarterly rate of growth back into the black, with capital city dwelling values remaining 0.6% lower over the past three months.
Hobart led the monthly figures with a 4.7% jump in values, followed by Melbourne where values were 2.5% higher and Canberra with a 2.8% lift.
Sydney values also showed a rise of 0.5%, while the remaining four capital cities showed dwelling values to be either flat or down.
The rolling quarterly trend was looking similarly diverse, with four of Australia’s eight capital cities recording negative dwelling value movements over the past three months, with Sydney dwelling values showing the largest fall, down 2.1 per cent. Values are down over the rolling quarter in Darwin (-1.4%), Adelaide (-0.9%) and Melbourne (-0.1%) as well.
<a href="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.56.35%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.56.35%20AM.png" alt="">
The strongest growth in home values over the quarter across the capital cities was found in Hobart with a 3% capital gain.
Despite recording the largest annual decline in home values (-4.1%), Perth dwelling values posted a 1.7 per cent rise over the three months to the end of January.
Other capital cities to record a rise over the rolling quarter were Brisbane (+0.8%) and Canberra (+1.2%).
Over the past twelve months, capital city dwelling values have risen by 7.4% with Sydney’s capital gains of 10.5% no longer the highest annual rate across the capitals.
<a href="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.57.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/01/Screen%20Shot%202016-02-01%20at%2010.57.52%20AM.png" alt="">
“While still a high rate of annual growth, Sydney’s annual rate of capital gain is now at a 29 month low and has been progressively softening since peaking at 18.4% in July last year,” Mr Lawless said.
“Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city, with dwelling values 11.0% higher over the past twelve months.
 
"Previously, during the height of the growth phase, there was a large separation between Sydney’s housing market, which was streaking ahead, and Melbourne’s, where the rate of capital gain was substantial but still well below the heights being recorded in Sydney.
"Over the past six months, the performance gap between Sydney and Melbourne is stark.
"Sydney dwelling values have reduced by 0.6 percent between July last year and the end of January 2016, compared with a 3.0 percent rise across Melbourne dwelling values.
"The last six months have also seen both Brisbane and Canberra dwelling values rise by 2.0 percent while Hobart values are 1.3 percent higher and Adelaide dwelling values have been virtually flat with a 0.1 percent rise,” Mr Lawless said. 
 
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jchancellor-FAypfDUnLy

Move over Sydney, Melbourne takes over as the best performing capital city 

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The Australian Bureau of Statistics (ABS) released its quarterly Consumer Price Index (CPI) data for the December 2015 quarter.
The data showed that inflationary pressures remain very low with headline inflation rising 1.7% over the year and core inflation (underlying inflation) increasing by 2.0% over the past year, which is right at the lower end of the Reserve Bank’s (RBA) target range for inflation of 2% to 3%. Of course across most developed nations there are very few inflationary pressures currently despite record low interest rates.
As a follower of the residential housing market I always like to have a look at the impact of inflation on Australian capital city home values by adjusting the CoreLogic RP Data Home Value Index for the impact of inflation. 
As you’d expect with inflation so low it is having minimal impact however, over the longer term it has had an impact on the real increase in capital city home values.
<a href="/images/2016/01/29/Chart-1-2-580x209.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/29/Chart-1-2-580x209.jpg" alt="">
With nominal home values increasing by 7.8% in 2015 across the combined capitals, when adjusted for inflation growth is somewhat lower at 6.0% over the year.  In terms of the individual capital city performances the four cities which recorded nominal value increases have still seen values rise in real terms albeit the rate of growth is lower.  Alternatively, the cities which recorded value falls have seen larger value falls in real terms.
<a href="/images/2016/01/29/Chart-2-2-580x206.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/29/Chart-2-2-580x206.jpg" alt="">
The trends across the capital city housing markets have shifted substantially since the financial crisis after home values declined during 2008.  Since the financial crisis home value growth has surged in Sydney and Melbourne, while elsewhere the rate of value growth has generally been comparatively modest. 
The chart above shows nominal and real home value changes over the seven years from December 2008 to December 2015.  While Hobart was the only capital city to record a nominal value fall over that time, in real terms values are lower over the past seven years in Brisbane, Adelaide and Perth while they have barely moved in Darwin and Canberra.
<a href="/images/2016/01/29/Chart-3-1-580x210.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/29/Chart-3-1-580x210.jpg" alt="">
To further highlight the previous point, the above chart shows the change in real home values across each capital city since their previous cyclical peak.  Sydney and Melbourne are the only two capital cities in which home values are higher than their previous peak. 
After Sydney home values hit a previous peak in March 2004 they are currently 21.1%, in Melbourne home values peaked in September 2010 and are currently 6.5% higher.  Elsewhere home values are -11.0% lower than the March 2008 peak in Brisbane, -9.8% lower than their June 2010 peak in Adelaide, -13.5% lower than their September 2007 peak in Perth, -21.8%  lower than their December 2007 peak in Hobart, -19.3% lower than their September 2010 peak in Darwin, and -8.5% lower than their June 2010 peak in Canberra. 
Despite historic low mortgage rates over recent years, home value growth in real terms over recent years has been soft.
Of course most people don’t think about the ‘real’ growth in home values, we tend to operate in a nominal world.  We see the value of our assets rising and we are generally quite happy with that however, it is important to at times consider the impact of inflation and if our asset values are rising at a faster pace than prices more broadly.
The data shows that even with historic low mortgage rates, real home value growth has failed to show any substantial or sustainable pick-up outside of Sydney and Melbourne.
This suggests that other economic factors are impacting on demand for housing. Furthermore, the drivers of housing demand in Sydney and Melbourne are somewhat different to the rest of the country. Some suggestions as to what these factors are would be the rise in demand from overseas purchasers, greater demand due to better jobs growth and employment prospects as well as the fact that these cities already have more than 4 million people compared to our next largest city at around 2 million people.
The much higher population results in substantially more housing demand than elsewhere in the country.
 
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Sydney and Melbourne are the only capital cities with any significant increase after inflation: Cameron Kusher

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Kevin Turner, host of Australia's most listened to property podcast RealEstateTalk tweeted an estimated apartment completion chart this morning. 
The high-rise hotspot chart shows Melbourne's CBD and the Docklands have the most estimated potential apartment completions by 2017.
Sydney's CBD and Parramatta come third and fifth in the list with a combined 4,500 apartments.
Victoria have 11 suburbs in the list, New South Wales have six, Queensland have two and South Australia have one.
 
<img src="/images/2016/01/29/Screen%20Shot%202016-01-28%20at%2010.18.44%20am.png" alt="" width="523" height="506"> 
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jrobinson-rf4aSBido9

Tweet of the day: Melbourne tops estimated apartment completion chart

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The Sydney property boom of the past three years is over, with the harbour city now reporting a sharp decline in house prices over the last quarter. All other Australian capital cities have reported moderate to strong house price growth, except Perth and Darwin which both experienced weakening market activity  The key findings of the Domain.com.au December Rental Report are: 
<ul>
<li>Record drop in Sydney median house prices over the December quarter </li>
<li>Melbourne and Canberra record highest annual house price growth since 2009  </li>
<li>Adelaide, Hobart and Brisbane record stronger house price growth  </li>
<li>House price falls in Perth steadying, while Darwin housing market remains weak </li>
</ul>
Commenting on the report, Domain Senior Economist Dr Andrew Wilson, said:  “The higher mortgage interest rates initiated mid-year by financial regulators for both investors and owner-occupiers have demolished the previous booming markets of Sydney and Melbourne, whilst house prices continued to fall in Perth and Darwin as a consequence of the slowdown in the mining sector. “Other capital city markets, however, are now recording solid results, reflecting improving local economies and restored market confidence.” Sydney  Sydney median house prices fell by a dramatic 3.1 per cent over the December quarter – the first fall since June 2012 and the sharpest quarterly decline in house prices reported by the city on record. Despite the record fall over the December quarter, Sydney house prices increased by 14.8 per cent over 2015. Sydney’s median unit prices also fell steeply over the December quarter, dropping by 2.8 per cent to $655,845. It’s the first quarterly fall since March 2013 and again, the sharpest decline on record. However across the year, Sydney unit prices increased by 8.7 per cent. “The remarkable Sydney boom we’ve seen over the last three years is now clearly over, with the market unlikely to record any notable house prices growth until at least spring. While the median house price still remains above $1 million (at $1,013,258), if current trends continue it will likely fall below this benchmark by mid-year,” said Domain Senior Economist, Dr Andrew Wilson.  Melbourne  The Melbourne median house price increased by 1.8 per cent over the December quarter, recording an annual growth of 14.5 per cent over 2015 – the highest annual result recorded by the city since the 2009 boom and reaching only 0.3 per cent behind Sydney. Melbourne unit prices increased by 1.3 per cent over the December quarter to $446,046 for an annual increase of 2.4 per cent. While a positive result overall, the annual percentage growth was considerably below the previous year’s result of 5.2 per cent.  “It’s good news for Melbourne home owners, with the city recording its highest annual growth since 2009. While quarterly growth rates have weakened sharply, the end-of-year results remained positive as local supply and demand drivers remain robust. Melbourne recorded a median house price of $719,486 over the quarter to remain the second highest priced capital city housing market, behind Sydney,” said Domain Senior Economist, Dr Andrew Wilson. Brisbane  Brisbane house prices bounced back over the December quarter with the median house price increasing by 1.5 per cent to reach $511,361– up on the 0.7 per cent recorded over the previous quarter and the highest result for the year.  Brisbane unit prices fell again over the December quarter down by 1.1 per cent to $359,965.  Local unit prices were down by 5.3 per cent over 2015 – the sharpest decline in annual prices since 2000 – 15 years ago.  “It’s a positive result for Brisbane house owners, with the median house price recording its highest quarterly growth for the year.  “Unfortunately for unit owners, the record levels of new apartments continue to impact the Brisbane unit market, with supply clearly pushing ahead of demand. This has contributed to a fall in unit prices across the city,” said Domain Senior Economist, Dr Andrew Wilson. Adelaide The Adelaide housing market reported another solid result over the December quarter with the median house price increasing by 1.8 per cent to $494,284. The Adelaide median house price increased by 6.7 per cent over 2015, its best annual result since 2007.  Adelaide unit prices increased strongly by 3.0 per cent over the December quarter to $310,090. Unit prices rose by 5.2 per cent over the year - the highest annual growth rate since 2008. “It’s a positive story for Adelaide home owners with the city recording  five consecutive quarters of house price growth for the first time since the boom period of 2010. With growth continuing at it’s current pace it is highly likely that the median house price will break through $500,000 by mid-year,”  said Domain Senior Economist, Dr Andrew Wilson. Perth Perth house prices have been declining for four consecutive quarters but there may be some relief in sight, with the decline recorded this quarter at a marginal  0.8 per cent, for a median price of $585,369. The Perth median house price is now the lowest recorded by the city since the March quarter 2013, with prices falling by 4.5 per cent over 2015 – the sharpest annual decline since 2008. Perth unit prices rebounded over the December quarter rising by 1.5 per cent to a median of $388,834. Similar to house prices, Perth unit prices fell by 5.0 per cent over 2015 – the sharpest annual decline since 2011. “Although Perth’s median house price continues to fall as a result of the declining mining sector, it’s not all bad news. There are early signs suggesting that the rate of decline is moderating, as affordability improves and confidence recovers,” said Domain Senior Economist, Dr Andrew Wilson. Hobart Hobart house prices increased strongly over the December quarter — up by 7.9 per cent to a median of $359,837 – the highest quarterly growth rate for over a decade. The December surge in house prices has resulted in an increase of 8.7 per cent over 2015 — the highest annual result for the local market since 2009.  Although Hobart unit prices fell by 3.3 per cent over the December quarter, they increased by 7.1 per cent over 2015 to a median of $268,401.  “The Hobart housing market delivered a strong result in the December quarter, especially given Hobart house prices have increased by just 5.8 per cent over the past 5 years. This indicates further potential for growth as the local economy improves and positive consumer sentiment builds,” said Domain Senior Economist, Dr Andrew Wilson.  Canberra Canberra’s median house price increased by 4.3 per cent over the December quarter to $652,307 – its highest quarterly growth rate since December 2009. It’s a great result for the capital’s housing market, which has seen a median house price increase of  9.0 per cent overall in 2015. The Canberra unit market also experienced positive growth recording a modest increase of 0.8 per cent over the December quarter to reach a median unit price of $405,110. Despite December’s small rise, Canberra median unit prices fell by 2.2 per cent over 2015.  “A really good story in Canberra this quarter, with the local market continuing to rise after a subdued period of buyer activity. Canberra’s house price growth of 9.0 per cent over the year is behind only that of the Sydney and Melbourne markets and is the best local annual result since 2009. “The fall of unit prices across 2015 demonstrates the high levels of new apartment construction predictably moving supply ahead of demand in the Canberra market,” said Domain Senior Economist, Dr Andrew Wilson.  Darwin Darwin house prices fell again over the December quarter, dropping by 2.0 per cent to reach $636,854.  Despite recent sharp falls, the Darwin median house price has fallen by just 1.0 per cent over the past year, an improvement on the previous year’s decline of 5.4 per cent. Darwin unit prices fell slightly over the December quarter — down by 0.4 per cent to reach a median of $407,132. Unit prices decreased by 2.0 per cent over 2015 which was an improvement on the previous year’s fall of 6.5 per cent.  “While the local economy remains strong, the Darwin housing market continues to be impacted by the decline in the resource economy and the end to the significant demand driver of the fly-in-fly-out mining workforce. Darwin unit prices are now the lowest since June 2012, reflecting the oversupply from record levels of apartment construction,” said Domain Senior Economist, Dr Andrew Wilson. 
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Melbourne almost overtakes as Sydney's three-year property boom is over: Domain's House Price Report

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The Victorian property market finished 2015 on a high with a record number of auctions held in November and December.
While median house price growth is expected to moderate this year, population increases, a robust economy and relatively low interest rates will encourage buyer interest in 2016.  In 2016 the REIV expects moderate growth across the city with further price increases in a range of suburbs in Melbourne’s inner, middle and outer rings.
Some suburbs to watch in 2016 are: WEST OF THE CBD
Footscray - Close to the CBD and recorded double-digit growth in 2015. Footscray remains affordable given its location in Melbourne’s inner ring. Improving infrastructure and gentrification likely to result in solid long-term growth.  Median price: $780,000 Altona - Close to the CBD (13km) and to the bay and has seen double digit growth in 2015. Private sales market tightened in 2015 and clearance rate increased, despite listings being up 17 per cent.  Median price: $710,125 Sunshine - Still offers very affordable buying and is within 11km of the Melbourne city centre. Larger land blocks are proving attractive to both buyers and developers. Median price: $530,000 Spotswood - Another inner west Melbourne suburbs which is poised for further growth in 2016. Despite listings increasing significantly in 2015, the median days on market fell 23 days and clearance rate improved 13 per cent.  Median house price remains well below the inner Melbourne median of $1,236,000. Median price: $775,000 NORTH OF THE CBD Preston – Has seen solid growth in recent months, reflected in strong private sales activity (median number of days on market declined seven days in 2015). Located within 10km of the CBD, Preston’s median house price remains well below the inner Melbourne median of $1,236,000. Median house price: $815,000       Epping – Located on the fringe of Melbourne’s middle ring, Epping recorded solid price growth in 2015, driven by a strong private sale market. Poised for further increases in the coming 12 months.  Median price: $432,750. EAST OF THE CBD  Burwood East - A big growth area with extensive development underway at present. While the median house price is high, days on market continue to fall (down from 37 days in 2014 to 30 days in the past 12 months) showing increasing buyer interest. Median price: $1,004m Montrose – Has a relatively affordable median house price for those buying in Melbourne’s east and has shown good signs of capital growth in the past 12 months (up 10%). A significant drop in median days on market in 2015 (down 11 days to 19 days) has resulted in a strong private sales market. Median price: $600,000 Mount Waverley - Experienced one of the highest median price increases of any Melbourne suburb in 2015, up more than 20 per cent, but should still see growth this year. Attractive to foreign investors and quality local schools (Mt Waverley Secondary College) are also proving to be a key driver for buyers.  Median price: $1.38m Glen Waverley – Middle-eastern suburb which has been in the spotlight in 2015, and will continue in 2016. Given it is zoned for quality public school Glen Waverley Secondary College, buyer demand is likely to continue for the foreseeable future.   Median price: $1.319m SOUTH OF THE CBD  Seaford - Bayside and has experienced strong growth in the past six months. Like Sunshine, is also very affordable. Strong private sales activity and clearance rate.   Median price: $530,000 Chelsea - Close to the bay and with good transport to the CBD. Saw a strong private sale market and solid auction activity in 2015 as well as double-digit annual growth. Should be a solid year ahead.                
Median price: $727,000
‎Enzo Raimondo is chief executive officer of <a href="https://www.reiv.com.au/" target="_blank">The Real Estate Institute of Victoria</a>.
 
{mijopolls 126}
 
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12 Melbourne suburbs to watch in 2016: REIV's Enzo Raimondo

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Despite the surge in confidence, sentiment in the property market for the past few months has been soft on the back of major banks raising rates and the expected increase in stock on market, the REIV noted.
<a href="/news">Every month the REIV surveys members</a> on the current and future expectations of the performance of the market. 
<a href="/images/2015/12/16/Screen%20Shot%202015-12-17%20at%209.02.09%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/16/Screen%20Shot%202015-12-17%20at%209.02.09%20AM.png" alt="">
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Estate agencies more pessimistic than actual Melbourne market: REIV

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Listed residential real estate group, McGrath Estate Agents has opened their first Melbourne office in beachside St Kilda, as part of the group’s strategic move to establish a presence in Victoria.
The company intends opening a further three offices early in 2016.
The Melbourne franchise opening takes the current office count across the East Coast of Australia to 78.
"Entering the Victorian market has been a considered move by McGrath," its chief executive John McGrath said adding it was a natural progression.
The McGrath St Kilda team of 23 will be led by Josh Stirling and Michael Townsend in sales, and <a href="/expert-insights/investing/why-do-we-need-property-managers-shane-goldfarb">property manager Shane Goldfard</a> who have successfully operated in the area for the last six years as directors at Hodges St Kilda.
Josh Stirling says he began his love affair with real estate at the age of 18.
“Real estate is not just about property it is really about people, we don’t just sell houses we help change people’s lives, that’s why I love it”
Steve Feren is passionate about the St Kilda Football Club and suggest that the ultimate success is not too far away for his AFL team. 
The listed agency shares were trading at $1.84 this morning, the first day of its second week after is floating. 
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St Kilda office signals start of McGrath Estate Agents southern incursion

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The past 12 months mark one of the state’s strongest residential property markets we have seen in recent years. 
More homes went to auction than ever before with multiple records falling, including the highest number of auctions held in a single day, weekend and year. High transaction volumes, low interest rates and buyer and vendor confidence all contributed to strong capital growth. As the year draws to a close, it is timely to review the market in 2015 and the outlook for Victoria in 2016.
TRANSACTIONS &amp; AUCTION VOLUMES 
Transaction volumes in Victoria have been at their highest in five years with around 116,000 sales in the year to November 30. This is a 5% increase on last year when there were 110,400 transactions. 
In the year to November 30, around 40,000 auctions have been held with almost 30,000 homes selling under the hammer. Just over 37,000 of those auctions were held in Melbourne, compared to 2,500 in regional Victoria where private sales are more popular. 
The key to the 2015 market has been auction levels, which have hit an all-time high in recent months. In the last weekend in November, multiple national auction records fell including most auctions in a single day with 1,648 auctions held  - 22 more than the previous record which was set in October last year. November 2015 was also a record month for auctions with 5,669 auctions held – 259 more auctions than the previous record month (November 2014).  
MEDIAN PRICE GROWTH
Significant house price growth has been recorded in metropolitan Melbourne throughout 2015 with the median surpassing the $700,000 barrier for the first time ever in the September quarter. Growth has been widespread across the city, with price increases recorded in all three regions – inner, middle and outer. 
Growth has been consistent during the year. In the first quarter of 2015, the median house price topped $671,000, up from $664,500 in December 2014. Suburbs in the city’s south east experienced the highest growth in the first three months of the year with Mount Waverley, Bentleigh and Beaumaris all up more than 16% on 2014 figures. 
Solid price growth continued in the June quarter with metropolitan Melbourne’s median house price almost reaching $700,000, at $698,000. Melbourne’s eastern suburbs recorded the highest median house price growth in the quarter with Templestowe, Glen Waverley and Balwyn North all rising by at least 17%. 
The September quarter saw the city’s median house price rise 4.5% to a record high $729,500. Bayside suburbs Brighton, Dromana and Seaford topped the highest growth suburbs in the third quarter of the year, up more than 17 per cent on June quarter figures. 
House prices have also increased in regional Victoria over the year with the median house price hitting $347,000 in the three months to September 30. This was up from $341,000 in the first quarter of 2015. 
MILLION DOLLAR SUBURBS
Buyer demand in traditional million dollar suburbs has pushed up the median house price in neighbouring areas. As a result of the ripple effect, more of these suburbs have joined the million-dollar club this year. There were 61 suburbs valued at $1 million or more in the March quarter, and this has since increased to 87 in the September quarter. Toorak remains Melbourne’s most expensive suburb with a median house price of almost $4 million. This is followed by Canterbury and Balwyn with median house prices of $2,430,500 and $2,281,000 respectively.
LOOKING AHEAD
While clearance rates moderated slightly in November, they have still been strong given the record auction levels – and continuing high auction numbers to late 2015 indicates a high level of vendor confidence.
The mix of population increases, a robust economy and relatively low interest rates is likely to also encourage buyer interest moving forward.  
Across Melbourne, the market is likely to remain steady, with solid growth in a range of areas across the city. This growth is likely to be strongest in Melbourne’s inner and middle suburbs, which have seen strong buyer interest in recent months. 
While this growth may not be as strong as what has been experienced this year – with up to five per cent increases per quarter – a city-wide population upturn and low interest rates both signal consistent buyer demand in the first quarter, and into the second quarter, of the new year. 
‎Enzo Raimondo is chief executive officer of <a href="https://www.reiv.com.au" target="_blank">The Real Estate Institute of Victoria</a>.
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Melbourne auction activity at all time high: REIV's Enzo Raimondo

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New REIV data shows that tenants can repay the mortgage on a $210,000 one-bedroom Carlton property for just $221 a week - $135 less than the suburb’s median weekly rent of $356. 
With a median apartment price of $335,000, one-bedroom apartments in Melbourne are also more affordable to buy than rent with weekly mortgage repayments of $352 - $49 less than the weekly median rent of $401.
Other suburbs offering value for money include two-bedroom apartments in Carrum Downs where mortgage repayments on a $267,750 property are $282 a week while the median rent for the same property type is $310 – a $28 weekly difference. 
These figures are based on median house prices by bedroom, a 10 per cent deposit and a three-year, fixed interest rate of 4.5 per cent. 
REIV CEO Enzo Raimondo said first home buyers are taking advantage of the low interest rate environment to enter the market at a price they can afford. 
“One and two-bedroom apartments allow first home buyers to get a foothold on the property ladder for what they are currently paying in rent,” he said. “Savvy buyers should also consider two-bedroom properties in Sunshine, where the median apartment price is $275,000 and mortgage repayments are $21 cheaper per week than the median rent.”
 
TOP MELBOURNE SUBURBS TO BUY RATHER THAN RENT:
 
<table style="width: 442px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>Suburb</td>
<td>Dwelling Type</td>
<td>Weekly Mortgage (Fixed)</td>
<td>Weekly Median Rent (Sep 2015)</td>
<td>Median Price (Sep 2015)</td>
</tr>
<tr>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
</tr>
<tr>
<td nowrap>PAKENHAM</td>
<td nowrap>3-bedroom unit</td>
<td nowrap>$294</td>
<td nowrap>$300</td>
<td nowrap>$280,000</td>
</tr>
<tr>
<td nowrap>CARLTON</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$221</td>
<td nowrap>$356</td>
<td nowrap>$210,000</td>
</tr>
<tr>
<td nowrap>MELBOURNE</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$352</td>
<td nowrap>$401</td>
<td nowrap>$335,000</td>
</tr>
<tr>
<td nowrap>SOUTHBANK</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$447</td>
<td nowrap>$465</td>
<td nowrap>$425,000</td>
</tr>
<tr>
<td nowrap>NOBLE PARK</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$201</td>
<td nowrap>$210</td>
<td nowrap>$191,000</td>
</tr>
<tr>
<td nowrap>MITCHAM</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$303</td>
<td nowrap>$310</td>
<td nowrap>$288,000</td>
</tr>
<tr>
<td nowrap>ASCOT VALE</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$265</td>
<td nowrap>$270</td>
<td nowrap>$252,125</td>
</tr>
<tr>
<td nowrap>CARRUM DOWNS</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$282</td>
<td nowrap>$310</td>
<td nowrap>$267,750</td>
</tr>
<tr>
<td nowrap>SUNSHINE</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$289</td>
<td nowrap>$310</td>
<td nowrap>$275,000</td>
</tr>
<tr>
<td nowrap>PAKENHAM</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$264</td>
<td nowrap>$273</td>
<td nowrap>$251,000</td>
</tr>
<tr>
<td nowrap>WERRIBEE</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$246</td>
<td nowrap>$250</td>
<td nowrap>$234,000</td>
</tr>
<tr>
<td nowrap>CRAIGIEBURN</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$292</td>
<td nowrap>$295</td>
<td nowrap>$278,000</td>
</tr>
<tr>
<td nowrap>MELTON SOUTH</td>
<td nowrap>3-bedroom House</td>
<td nowrap>$257</td>
<td nowrap>$265</td>
<td nowrap>$244,000</td>
</tr>
<tr>
<td nowrap>MELTON</td>
<td nowrap>3-bedroom House</td>
<td nowrap>$258</td>
<td nowrap>$260</td>
<td nowrap>$245,000</td>
</tr>
</tbody></table>
 
Source: <a href="https://www.reiv.com.au" target="_blank">REIV</a>
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The top 14 Melbourne suburbs where it's cheaper to buy than rent: REIV

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More than 80,000 properties in Melbourne may be lying vacant, says a report by a land policy lobby group.
The annual 2015 Speculative Vacancy Report by Prosper Australia Prosper says housing is one of our least efficiently used resources.
It was up on the 64,000 in the <a href="/news/vic/over-64-000-melbourne-properties-sit-vacant-prosper-australia">2014 report</a>.
It analyses vacancy through water consumption of properties over 12 months, and Speculative Vacancies (SVs) are assessed as properties with abnormally low water usage of less than 50 litres per day (LpD) over a 12-month period, allowing for leaks and property maintenance.
The average per capita water usage in Melbourne over 2014 was 160 LpD.
Melbourne’s three main metropolitan water retailers, City West Water (CWW), South East Water (SEW), and Yarra Valley Water (YVW) made their data available for this report.
“The incentives for property speculators to hold prime locations empty is an affront to anyone locked out of housing. The findings prove we do not have a housing supply crisis, we are literally locked out” said Karl Fitzgerald, Prosper Australia’s project director.
“With capital gains accelerating in 2014, the Speculative Vacancy rate rose 22% for properties using less than 50 litres of water per day. According to our most conservative measure, those using zero litres of water increased by a 70%."
Carlton ranked top of the list, with a 7.6 per cent 0LpD SV rate over calendar 2014 and an overall 14.5 percent using less than the 50LpD threshold. Melbourne CBD was at second place on the list in the report.
A total of 1,707,140 residential properties across 254 postcodes over the calendar year 2014 were analysed for the report. Data indicated 82,724, or 4.8 per cent of Melbourne’s total housing stock appeared to be vacant over this period, having consumed less than 50 LpD. No water was consumed in 24,872 dwellings - therefore being demonstrably unoccupied.
If just those residential properties consuming 0LpD were placed onto the market for rent, this would increase Melbourne’s actual vacancy rate to 8.3 percent, it said.
“This is clear evidence land is being hoarded for profit. Up to 18.9% of all investment properties lie empty. This report demonstrates over eight years that hoarding is magnified in periods of increased speculation,” Fitzgerald said.
The report concludes that with 4.8 percent of Melbourne’s houses showing under-utilisation, there is no housing supply crisis. Rather, rising prices indicate significant distortions created by policies supporting rent-seeking behaviour, it says.
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