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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A clearance rate of 74% was recorded this weekend across Melbourne compared to 72% last weekend and 72% this weekend last year, according to the REIV. 
There were 1101 auctions reported to the REIV, with house prices ranging from $280,000 in Cranbourne to $4.3 million in Kew.
The REIV was expecting about 1,400 auctions in 285 suburbs. The top auction location was Brighton with 19 auctions followed by Glen Iris, Kew, Noble Park, and Richmond with 16 auctions in each.
There were over 11,400 auctions held in the September quarter 2015 and 8,672 sales, a 30 per cent increase on the same quarter last year. 
TOP 5 HOUSES
1. 11 Rowland Street, Kew $4,300,000
2. 34 Hawthorn Glen, Hawthorn $3,960,000
3. 49 William Street, Brighton $3,902,500
4. 28 Sussex Street, Brighton $3,860,000
5. 126,12A,128&amp;128 Murrumbeena Road, Murrumbeena $3,730,000
 
TOP 5 BARGAIN HOUSES
1. 1/28 Dearing Avenue, Cranbourne $280,000
2. 13 Themeda Court, Meadow Heights $314,000
3. 27 Lillypilly Crescent, Kings Park $335,000
4. 24 Gerbert Street, Broadmeadows $354,500
5. 3/58 Fintonia Road, Noble Park $361,000
 
 
TOP 5 APARTMENTS
1. 2D Paxton Street, Malvern East $2,172,000
2. 63A Baird Street, Brighton East $1,800,000
3. 5A Ocean Street, Hampton $1,720,000
4. 92A David Street, Hampton $1,675,000
5. 12 Rosslyn Street, Hawthorn East $1,660,000
 
TOP 5 BARGAIN APARTMENTS
1. 7/1 Edney Court, Noble Park $180,000
2. 5/107 Hudsons Road, Spotswood $251,000
3. 7/40 Egan Street, Richmond $300,000
4. 3/965 Pascoe Vale Road, Jacana $305,000
5. 26/6 Francis Grove, Thornbury $310,000
Source <a href="/news">REIV </a>
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jchancellor-FAypfDUnLy

From Kew to Cranbourne, Melbourne still sitting comfortably in the 70s: REIV auction clearance rate

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Melbourne had five weekend apartment sales under $275,000 at weekend auction.
The cheapest was $200,500 at Malvern East, according to the REIV.
The <a href="https://www.realestateview.com.au/Real-Estate/3-780-warrigal-road-malvern-east/Property-Details-buy-residential-9530690" target="_blank">3/780 Warrigal Road</a> property was being quoted as set to sell for $200,000 plus through Woodards.
It was an unrenovated one bedroom apartment offered under executor instructions. 
The next cheapest was 2/28 Codrington Street, Cranbourne which sold at $220,000.
The price guidance was $200,000 plus.
Student accomodation at 104/51 Rathdowne Street, Carlton fetched $236,500.
Dingle Partners advised it was presently returning $14,300pa, reflecting six percent gross rental yield.
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Warrigal Road, Malvern East ranked Melbourne's weekend cheapest apartment

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Celebrity chef George Calombaris' Gazi and The Press Club restaurants in Melbourne's CBD have been sold to listed Singaporean real estate investment trust REIT Keppel for $8.61 million.
The restaurants, 2 Exhibition Street and 52 &amp; 72 Flinders Street Melbourne were sold through an expressions of interest campaign in conjunction with CBRE’s Josh Rutman, Mark Wizel and Paul Tzamalis in conjunction with Fitzroys Chris Kombi and Paul Burns on behalf of vendor Cerberos Pty Ltd. <a href="/expert-insights/investing/the-press-club-and-gazi-premises-for-sale">Listings opened late May</a>, with expectations of around $9 million.
Gazi and The Press Club attracts more than 170,000 visitors each year. 
Keppel REIT owns a 50% stake in the 2-8 Exhibition Street office development and two retail units and all five retail units at 2-8 Exhibition Street.
The property was sold with a long-term lease.
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mick.cee-iDmgDDAmu8

George Calombaris' Gazi, The Press Club sold for $8.61 million

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GUEST OBSERVER
It’s 8am on a 10 degree winter morning and all you can hear is the heavy rainfall outside.
You cannot think of anything better than to forgo your house hunting plans and stay in bed for the day; after all, it’s the weekend. But just yesterday you were sunbathing in the park, planning your list of inspections for this very day and daydreaming of what your new home would be like. Now you decide that you will do this next week, when you can view properties in more comfortable conditions. 
It's amazing how the weather can alter your mood and even what you decide to do for the day. What better way to welcome the month of Spring than with a report about weather! Temperature plays a key role in this report. We are all looking forward to the next few months as mornings become brighter earlier and the days hit temperatures over 20 degrees celcius again. 
When it comes to selling and buying houses, Melbourne's favourite method is still the auction. On a sunny Saturday morning, many houses being auctioned can draw quite the crowd. In this report, Secret Agent looks at the impact of the weather, in particular temperature, on auction results. Does temperature have an impact on price or does a cold day merely weed out the number of onlookers? 
Weather and Mood 
Weather can affect our mood in various ways and, through this, influence our behaviour and decisions. Rainy days can make us feel sad and dull. Sunlight can diminish tiredness and boost positive moods. Simply thinking about the warm Spring days ahead makes Secret Agent happy. 
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An investigation into the relationship between morning sunshine and market index stock returns each day at 26 stock exchanges internationally found that there is a strong positive correlation. (Hershleifer and Shumway, 2001) Other weather conditions such as rain or snow were not found to have any relationship with returns. 
Sunny weather is better for forging new relationships too. A psychologist in France performed an experiment in which he approached women on sunny and cloudy days and asked them for their phone number. The women were more receptive to his flirtatious behaviour on sunny days with 22% giving him their number, as opposed to cloudy days where only 13% were happy to. (Gueguen, 2013) 
Temperature can also impact our behaviour independent of sunshine or rain. One study looking at the relationship between weather and helping behaviour found that a moderate temperature of about 20 degrees celsius is said to be ideal for most people. (Cunningham, 1979) Once you deviate from this happy medium, people felt a greater degree of discomfort and were less likely to help. 
Heat is said to bring out the worst in people. Rates of aggression and violence are higher on hotter days of the year. A Dutch experiment involved placing police officers in a simulated burglary in hot and cold conditions. They found that police officers were more likely to draw their weapons and shoot the suspect in the hot environment than in a colder one. On a baseball field, pitchers are more likely to hit batters on a hot day. (Anderson, 2001) A study analysing the content of news reports filed out of Beijing during the Olympics found that the Air Pollution Index and daily temperatures had an impact on the negativity of the reports, with more negative words used as temperature and air pollution rose. (Zhong and Zhou, 2012) 
This prompted us to think that temperature may also have an effect on auction results that is independent of seasonal factors. Secret Agent decided to test this out to determine if daily temperature influences property prices in an auction environment. 
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The study collected the auction sale results of all townhouses and houses sold in inner Melbourne in the past year from August 2014 up until August 2015. For this purpose, inner Melbourne was defined by the suburbs listed in the Quarterly Turnover section of this report (page 10). 
There were 1740 houses sold with disclosed sale prices and these were incorporated into a comparative analysis with average daily and monthly temperatures. These results were then checked using hedonic regression techniques to isolate the temperature variable and determine its true effect on a property sale price. This was performed on properties where there were records of the land area, number of bedrooms and number of bathrooms. The model included 1032 properties and accounted for the size of the house (land area and number of bedrooms/bathrooms), inflation, geographical location (South, North, East or West as well as distance to the nearest beach or CBD) and seasonality (Summer, Autumn, Winter, Spring sale date). 
Temperature and Sale Price 
The analysis aimed to find a correlation between the average daily and monthly temperatures with auction sale prices. Figure 1 shows the comparison between the average sale price with the highest temperature reached on that day. Here there seems to be no real connection. While temperatures increase from August to February and then decline again throughout 2015, the average sale price on auction weekends moves more sporadically, with the overall trend a slight increase in average prices over time. 
<a href="/images/2015/09/01/Screen%20Shot%202015-09-01%20at%205.25.56%20PM.png" target="_blank">Click to enlarge</a>
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Note that on some weekends, especially in the January period, there were not enough sales to get an accurate average estimate. Statistically speaking, the correlation coefficient between the daily temperature and sales price found was 0.1. The correlation coefficient tells us how interdependent two variables are and always falls between 1 and -1. A measure of correlation between daily sale price and temperature of 0.1 is considered a very weak, positive correlation. Positive in this case means that, as temperature increases, average sale price increases as well, but it is weak because it is close to 0, at which point there is no relationship. 
 
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Looking at the monthly averages (Figure 2), a connection between the average temperature and sale price of houses and townhouses starts to emerge: as temperature increases, so does the average sale price. The measure of correlation between monthly sale price and temperature in this case is 0.46. This correlation coefficient is weak, positive. While it is larger than the daily average correlation, implying the monthly data is more strongly interconnected, the number is still closer to 0 than it is to 1, making it a weak correlation.
The results of the hedonic analysis support the above comparisons. Holding all other variables constant (size of house, inflation, geographical location and seasonality), Secret Agent found that the average temperature does not have a statistically significant impact on the average sale price of a house or townhouse at an auction in inner Melbourne.
One of the limitations to our study was the fact that data was only analysed for the past year. Results may have been more profound if more sales were included, however there is some external evidence to support our findings. Other research has found that temperature and weather affect people differently depending on what type of weather they prefer. (Klimstraet al, 2011) This could mean that the effects are balanced out in an auction environment since a number of people with different weather personalities would be present each Saturday. 
Research has also shown that whilst men responded to unexpected weather by changing their plans, women tended to stick to their plans even if they did so disgruntled. In other words, weather may affect mood but this does not necessarily change someone’s behaviour. (Connolly, 2008)
Conclusion
Our results show that there is a small chance that temperature may influence auction sale prices in inner Melbourne. A weak positive correlation was found in our comparative analysis of monthly average temperatures and property prices.
When these results were tested using a hedonic regression model, no statistically significant result was found between temperature and property price. Results could become more significant with a larger sample size.
While you might spend hours trying to choose the right weekend of the year to put your house up for auction, it seems you might not need to worry so much. The eventual sale price will be largely unaffected by temperature. Rain or shine, those who are really interested in buying your home will still show up and place their bids. On the other hand, if you are in the market to buy a house, don’t expect to find a bargain simply because the weather is bad. Other buyers who are just as savvy will also be undeterred by bad weather to find the right home. 
Traditionally, August is a very important month for Melbourne property. It’s the prime season for many vendors to scrutinise results to guide their decision making around a potential sale. With interest rates low and pressure to sell minimal, conditions need to be strong to encourage vendors to throw their hat in the ring and go to market.
Overall, results for prime property passed the test with many precedent-creating sales occurring. However, auction clearances started to trend downwards, perhaps a reflection of the larger volume of stock on offer. 
The big challenge that remains is the uncertain global conditions. The Australian sharemarket recorded its worst month since the financial crisis of 2008, falling in the order of ten percent. The sharemarket is a reminder that assets can drop in value very quickly should valuations become too far stretched from historical levels. Whether equity or property, in today's market conditions one needs to be very careful around valuations, and operate on a margin of safety in case of sudden changes that occur within a chosen asset class. Our concern is that, of recent nose-bleed auction results, some of these properties could be worth far less in a year's time should the Australian economy falter, or the availability of cheap and easy credit starts to become scarce.
The Australian Prudential Regulation Authority (APRA) which oversees banks and credit unions has recently enforced tighter lending standards for investors, which is starting to have a flow-on impact on the market. We are noticing that investors, who operate with a slight delay from their pre- approval assurances, are starting to down-gear their budgets to accommodate these changes. The Spring market will be challenged with investors winding back their bidding limits. The countering force to this is to be expected with further demand coming from international buyers, especially those from China.
The other worry at the moment is the dwindling strength of the Chinese economy. The sharemarket has collapsed with a sharp correction, resulting in large losses for many investors. The weakening Chinese sharemarket conditions may actually continue to drive Melbourne and Sydney markets higher as nervous investors from China seek a safer place to park funds.
In terms of sale performance for the month, houses in the inner suburbs were the best performing according to Secret Agent's research, with houses in Brunswick, Brunswick East and Northcote on the boom list. In August 2015, houses and townhouse prices in the inner North were 20% higher in real terms than in August 2014. This is a remarkable change within a 12 month period.
However, the rate of price growth is slowing, which suggests that our market is peaking. Townhouses have started to show a general decline in price with exceptions within certain pockets of Melbourne. Apartments are faltering, with Brunswick, Kensington, Flemington, North Melbourne, Port Melbourne, Prahran, Southbank and Travancore in recession, with two consecutive quarters of falling values.
While we are still witnessing record prices paid, our data suggests that conditions are slowing and its effects may be felt more deeply in the later half of spring. 
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Quarterly Scorecard JUN, JUL &amp; AUG 2015 
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The Secret Agent report is authored by Jodie Walker, Richard Rossman and Ken Premtic. They can be contacted <a href="https://secretagent.com.au" target="_blank">here</a>. 
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The impact of spring weather on Melbourne auctions: Secret Agent

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The comedic radio broadcaster Hamish Blake sold his Fitzroy terrace on the eve of today's August 29 scheduled auction.
The Gore Street home was bought in 2012 for $1,265,000 with its extensive renovations including the striking red and blue facade.
Hamish Blake and wife Zoe Foster Blake were expecting $1.55 million plus for the three-bedroom, two-bathroom house. <a href="https://www.realestateview.com.au/Real-Estate/60-gore-street-fitzroy/Property-Details-buy-residential-9293186" target="_blank">No sale price has been revealed</a> in the REIV results, with the agency upping their price guidance to $1.6 million plus during the marketing campaign.
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<h2>FITZROY SALES &amp; AUCTION RESULTS</h2>
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<th>Address</th>
<th><img src="https://www.realestateview.com.au/portalimages/icons/auction_bed.gif" alt="Bed Icon Image"></th>
<th>Price</th>
<th>Type</th>
<th>Method</th>
<th>Sale </th>
<th>Agent</th>
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<td>8  Cremorne  St</td>
<td>3</td>
<td>$1,250,000</td>
<td>House</td>
<td>Passed in </td>
<td>29/08/2015</td>
<td>Chambers Fitzroy</td>
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<td>15/ 2  King William  St</td>
<td>1</td>
<td>$482,000</td>
<td>Apart</td>
<td>Auction Sale</td>
<td>29/08/2015</td>
<td>Nelson Alexander</td>
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<td>167  Moor  St</td>
<td>2</td>
<td>$1,540,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>29/08/2015</td>
<td>Nelson Alexander</td>
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<td>66  Nicholson  St</td>
<td>4</td>
<td>$2,575,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>29/08/2015</td>
<td>Caine RE</td>
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<td>56  Westgarth  St</td>
<td>3</td>
<td>$1,000,000</td>
<td>House</td>
<td>Vendor Bid</td>
<td>29/08/2015</td>
<td>R T Edgar </td>
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<td>60  Gore  St</td>
<td>3</td>
<td>undisclosed</td>
<td>House</td>
<td>Sold Before Auction</td>
<td>28/08/2015</td>
<td>Nelson Alexander</td>
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The property still appeared as available on the Nelson Alexander website on Monday, despite the weekend formal REIV sale notification.
Melbourne vendors secured a clearance rate of 78 per cent this weekend compared to 73 per cent last weekend and 73 per cent this weekend last year. 
There were 941 auctions reported to the REIV today, with 738 selling and 203 being passed in, 85 of those on a vendor bid. 
The Fitzroy offering came with rooftop terrace has city skyline views.
The radio host and his author wife have paid a record $4.25 million in Richmond for a home (below) featured on <a href="https://www.propertyobserver.com.au/https://www.completehome.com.au/articles/grand-designs-australia-richmond-inner-city-house/36365" target="_blank">Grand Designs Australia in 2013</a>. 
The three-bedroom, four-bathroom Richmond house was designed by neilarchitecture for Darren and Ruth Rogers.
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They built the home on a block bought in 2009 for $920,000 with the works cost estimated at $3.3 million.
 
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Hamish Blake and Zoe Foster sell in Fitzroy

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After a long Victorian winter, we’re on the cusp of spring. It’s an exciting season in Melbourne- especially for sports fans that look forward to the AFL Grand Final and Melbourne Cup. It’s also the busiest time of year for the property market and a time for aspiring investors to make a start.
Yet starting is often the hardest part of investing. It’s crucial to remember this spring that whilst you can’t control or even predict the market, much like the result of the Melbourne Cup or footy finals, you can control what property you purchase and where it is.
With property prices in Melbourne rising around 10% since last year, asset selection will be key to property purchase this coming spring if you’re not to back a loser. 
There are two main factors that influence an asset’s performance; the property itself and where the property is located. 
In a moment, I will identify the areas in Melbourne where we at Wakelin Property Advisory like to buy property and the prices they will typically cost this spring. 
I’ll be look at investment grade one bedroom apartments, two bedroom apartments and two bedroom houses.
But first.
Let me briefly recap some asset selection criteria for Wakelin Property Advisory, and how it ensures we only recommend investment grade property to our clients.
Firstly, a property really needs to be held for ten years and the ideal situation is one where you never sell.
Scarcity is the vital ingredient to property selection. If there is an ample supply of a property type relative to demand – and there is scope for more to be built – that property isn’t scarce and it won’t grow in value. An investment grade must exist in finite numbers.
So typically, period style properties perform best, as to put it simply, they aren’t being made anymore.
So houses we tend to recommend are pre 1950s such as Victorian, Federation, Edwardian or Art Deco architecture styles. 
Apartments we consider are older styled – up to the 1970s – one and two bedroom apartments.
Proximity to amenities, parks, shopping precincts, public transport and schools are also important in your selection.
A dedicated off-street car parking space is essential for inner city apartment purchases, and balconies or courtyards are also highly sought after.
Ultimately, you are seeking a property that has a proven record of capital growth over many years. One that has performed in the past will generally continue to perform.
Ok, so take a look at this map of Melbourne. 
We are particularly interested in the inner suburbs, as they have the best track record of growth and in our view have the best long term prospects. 
So let’s break it down further:
•Inner Eastern suburbs,
•The Bayside region,
•And, the inner north.
This includes areas like South Yarra, Armadale, Malvern, Toorak and Hawthorn.
Traditionally these areas represent the most expensive and sought after real estate in Melbourne, they have been the bluest of blue chips. So how much is one likely to pay to enter this market?
A good one bedroom apartment in South Yarra will start around $450 to 500,000. 
$650 to 750,000 in the inner eastern suburbs gets a reasonable two bedroom apartment in somewhere like Hawthorn.
$850-$950,000 is the entry level for a two bedroom house in the eastern suburbs, with around $1million ideally needed to get something that will really perform in suburbs like Prahran.
Turning to the inner Bayside. It used to be that Melbournians paid little attention to its waterfront. But no longer....
It’s full of highly regarded locations such as Albert Park, Middle Park, Elwood and St Kilda.
So, for a two edroom house in this area you’d need at least $1.2 million, with room to move up to around $1.4 million.
For apartments, suburbs like Elwood can prove a great investment as well as parts of St Kilda.
Typically, you’d be looking to spend at least $450,000 in somewhere like this for a one bedroom apartment, and up to around $550,000.
And for a two bedroom apartment in somewhere like St Kilda or St Kilda West, you’re looking to start around $600 to 650,000. Typically, at least $100,000 more than for a one bedroom in a similar area.
The north is a real mixture of property; full of warehouse conversions, cottages, shiny new apartments and old pre-war houses. However, it is still important to remember this concept of scarcity when examining your options in the North.  
Consider suburbs such as Carlton North, Brunswick, Kensington, Flemington and Ascot Vale.
For a one bedroom apartment in the inner north, you’re looking to start around $400,000 in somewhere like Brunswick and going up the closer to the city you get.
If you’re looking for a two bedroom apartment, be prepared to invest $650,000 or more in the inner north in somewhere like Carlton North.
Those looking for a two bedroom house will need around $800,000 in the inner north for a quality property in somewhere like Ascot Vale or Kensington, to in excess of $1 million for A1 property in Carlton North.
 We’ll quickly examine some factors that may affect the market this coming spring and what the effects of these factors may have on prices.
Momentum of the Melbourne market has gathered a lot of media interest as of late with plenty of commentary discussing whether there is or isn’t a bubble and it’s hard not to get caught up. 
But, if you keep in mind our concept of scarcity when purchasing property you shouldn’t have to worry.
Remember, they are the finite properties that will always build value if held for the long term. 
Interest rates obviously affect the initial buying power and how much can be borrowed.
Currently, we have historically low rates and this is driving strong demand.
However, in recent weeks, we’ve observed the banks tightening the rules on lending for investors. The results has been higher interest rates for these borrowers and restrictions on how much they can borrow relative to an asset’s value.
It is evidence that rates won’t always be low and that one needs to factor in rates increases of 2 to 3%, so it is important to ensure that you are borrowing within your means.
Backing a winner this spring might be a bit of a fluke in the Melbourne Cup, but choosing the right investment property doesn’t have to be such a gamble if you follow our investment criteria.
 
RICHARD WAKELIN is the director and founder of <a href="https://wakelin.com.au/" target="_blank">Wakelin Property Advisory</a>.
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 Exciting springtime market buzz hits Melbourne: Richard Wakelin

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The inner region of Melbourne holds a preliminary auction clearance rate of 69.5% from a total of 206 auctions for the week ending 23 August 2015, according to CoreLogic RP Data's Property Market Indicator Summary.
Melbourne's inner east had 150 total auctions with a clearance rate of 78.3% and the outer east a total of 59 auctions with a clearance rate of 78.7% 
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Inner Melbourne stakes prelim auction clearance of 69.5%

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The new season of The Block debuts on Channel 9 in a likely late August launch.
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Block co-creator and Executive Producer, Julian Cress, said the new challenge should be called “The Block Sky Higher”, turning Melbourne’s ugly duckling (the octagonal shaped Hotel Saville) into a high-end apartment complex.
“More architecturally challenging than anything we have ever attempted, this Block is taking renovating to a whole new level,”  Cress said.
Built as a giant octagon in the mid-1960s, the former Hotel Saville in South Yarra is all edges and angles, with not a square room in sight.
It’s a challenge to give the most qualified builders and interior designers sleepless nights.
These are the new contestants.
Kingi and Caroline (31)
Kingi, a renderer, and Caroline, a cheerleading life motivator, are married with a 3 year old.
Hailing from Townsville, the couple says they are determined to make their mark on The Block this year.
“We’re quick learners. If we don’t know how to do something, we’re both very good at researching it and figuring out how to do things,” Caro said.
“We both don’t like being only OK or average at things. You’ve got to do your homework to be good at something.”
While not new to the renovation game, The Block is still a large step up from renovating their three-bedroom home.
Will these Townsville terrors knock-down or rebuild their Blockhead neighbours? Stay tune to find out.
<a href="https://www.9jumpin.com.au/show/theblock/triplethreat/latest/" target="_blank"><img src="https://resources3.news.com.au/images/2015/08/09/1227476/099427-e8d0861a-3ceb-11e5-8994-dd0ed9376faf.jpg" width="316" height="421"></a>
 
Whitney and Andrew (29)
Beauty therapist Whitney and partner Andrew, a formworker met as most modern-day lovers do, on Tinder.
“What initially attracted me to Whitney was her big heart. The best thing about our relationship is that we just love to laugh,” Andrew said.
The pair liken themselves to Block favourites Bec and George, or Gav and Waz, because “we like to have a laugh”.
“There might be tears and a few hard moments, but all we need to do is look at each other and laugh.”
Whitney’s always ready for a laugh, but the Foreman Keith might need to keep a box of tissues on hand for Whitney as she can be prone to waterworks.
“I cry when someone upsets me or hurts my feelings, but if someone was to upset Andrew I’d get really angry,” she said.
Though wildly under-experienced in renovating – the most they’ve done is prettying up two beauty salons on a limited budget – they say being Melburnians at least gives them some kind of  advantage.
Will Whitney and Andrews designs make the judges “Swipe Right”?
<a href="https://www.9jumpin.com.au/show/theblock/triplethreat/latest/" target="_blank"><img src="https://resources3.news.com.au/images/2015/08/09/1227476/099319-e82e6e16-3ceb-11e5-8994-dd0ed9376faf.jpg" width="316" height="421"></a>
 
Suellen (44) and Yvonne (39)
With Suzi the Real Estate agent and Personal Trainer Voni, it’s going to be hard for the Blockheads to keep up with these gung-ho single mums form the Gold Coast.
Best friends for 16 years, these assertive, strong, yet glamorous women are unlike any contestants before them.
“Suzi and I make light of most scenarios and laugh off most things. I think that’s a good way to look at life.
“If you get too serious, how boring, and no one wants to spend time around someone like that,” Voni said.
Controversially, they plan on committing a Block cardinal sin: both going shopping at the same time, leaving no one on-site to oversee the build.
They say it’ll be faster than sending photos to each other back at the Octagon, and the constant phone calls.
While they have little renovation experience (“I’ve probably changed a few light bulbs and put some handles on doors,” Suzi giggles, (and Voni has painted the odd feature wall) these dynamos should never be pigeonholed.
<a href="https://www.9jumpin.com.au/show/theblock/triplethreat/latest/" target="_blank"><img src="https://resources1.news.com.au/images/2015/08/09/1227476/099373-e78e2f14-3ceb-11e5-8994-dd0ed9376faf.jpg" width="316" height="421"></a>
 
Luke (29) and Ebony (24)
The Busselton brother and sister from Triple Threat are back to have another crack.
Carpenter Luke and Interior Designer Ebony had fans shattered when the siblings were eliminated from the teams trying out for last season.
The loveable westerners won many fans with their good humour and relaxed nature.
“I never got any of that resentment or jealousy from not getting on the show,” Luke said, with Ebony adding, “It was great to cheer on the guys and see how they went.”
They say their design style is perhaps most in line with Michael and Carlene’s from The Block Glasshouse.
“I loved a lot of their glam approach to The Block. It was really different and not the standard industrial style you see all the time,” Ebony notes.
Will these second-chance siblings have it this next time around?
<a href="https://www.9jumpin.com.au/show/theblock/triplethreat/latest/" target="_blank"><img src="https://resources3.news.com.au/images/2015/08/09/1227476/095435-e5c554fa-3ceb-11e5-8994-dd0ed9376faf.jpg" width="316" height="421"></a>
 
Shay (29) and Dean (30)
Newcastle locals Shay, a high-school teacher, and Dean, an electrician, met in high school and are still crazy about each other.
A Year 9-12 English and drama teacher, Shay wears her heart on her sleeve, is passionate and outspoken, but is fundamentally a dreamer.
Dean is more likely to sit back, survey a situation and come up with a plan that works.
But it’s this difference in their personalities that makes them work so well as a team.
The duo are long-time Block fans and can’t quite believe they are finally getting their shot at the reality dream.
“We watched the show from the first season in Bondi and always thought this is something we wanted to do. It’s incredible to finally get a chance,” Shay said.
They are putting themselves through The Block wringer for their two year old daughter Everly.
The pair want to make a “tree change” and buy some land near Newcastle where they can grow their own food as well as a family.
Given their wish to be surrounded by trees, it’s not surprising that their style is heavily influenced by Scandinavian designs.
“We want a space to be comfortable and warm, but also look good,” Shay said.
Will the Newie newbies be the next wipe-outs or winners?
<a href="https://www.9jumpin.com.au/show/theblock/triplethreat/latest/" target="_blank"><img src="https://resources1.news.com.au/images/2015/08/09/1227476/095381-e65d627c-3ceb-11e5-8994-dd0ed9376faf.jpg" width="316" height="421"></a>
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Meet The Block Octagonal contestants

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Entrepreneur Leo Pegoli is opening an organic cafe within the grid retail centre at 567 Collins St Melbourne.
The cafe, named Pressed Lab, will take up 120sqm on a five year lease. 
It was negotiated by Colliers International’s Ben Tremellen and Georgie Cichy.
The grid is a retail outlet on the forecourt at 567 Collins Street and with 13 retail tenancies ranging from 33sqm to 121sqm. 
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Pressed Juices owner joins 567 Collins St

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The Kew abode of Slater &amp; Gordon managing director Andrew Grech has been listed for sale. It was bought for $4.51 million in 2008 in his wife, Daniela's name.
<a href="https://www.domain.com.au/for-sale/25-barry-street-kew-vic-3101-2012186947?sp=0" target="_blank">The five bedroom, five bathroom mansion</a> sits with 1800 square metres of Paul Bangay-landscaped gardens on one of Studley Park's finest avenues.
The renovated Victorian mansion is marketed as a collaboration between Stephens &amp; Co Architects and Tania Di Lizio interior designers.
The Australian Financial Review suggests it's expected to sell for $10 million plus.
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