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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The five bedroom Kooyong trophy home Engholm House, built in 1911, goes under the hammer September 2 at private Abercrombey's auction.
The landscaped home, <a href="https://www.realestate.com.au/property-house-vic-kooyong-120416029" target="_blank">404 Glenferrie Road, Kooyong</a>, sits on a 1858 m² block and comes complete with north-south tennis court, swimming pool and pool house with kitchenette.
It was designed by architect Harold Desbrowe-Annear and update in the 1930s by Marcus Martin. 
The kitchen and dining rooms are equipped with Statuo marble benchtops, with Miele appliances and butlers pantry.
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Kooyong trophy Engholm House listed

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The 117-square-metre high tech billboard sign on a wall in the heart of Melbourne's CBD sold at Burgess Rawson auction last week for $3.05 million.
Set on a wall on the corner of Flinders Street and Swanston Street above Melbourne's busiest pedestrian crossing, the digital billboard, worth $1 million, is currently rented out by an advertising company until 2039 for $375,000 a year.
The rent is set to increase ever year by CPI and every fifth year to match the market.
A rare Melbourne signage property at 7/238 Flinders Street is leased to Digital Outdoor Media (VIC) Pty Ltd, a leading Australian marketing company.
It comes with view and access agreement with adjoining property.
Burgess Rawson agent Graeme Watson was advising pre-auction of its high yield anticipation circa 10%.
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$3.05 million billboard sale at Flinders and Swanston

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Capital city rental yields nationwide are lowest in Melbourne and highest in Darwin, according to CoreLogic RP Data, who found Melbourne rental yields at 3% and Darwin at 5.7%.
Unit yields are lowest in Melbourne (4.1%) and highest in Darwin and Brisbane at 5.5%.
Hobart and Canberra are the only two cities where house gross rental yields are steady. 
 
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Melbourne house yields at a record low: CoreLogic RP Data

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Melbourne secured a 79% weekend clearance rate compared to 77% last weekend and 72% this weekend last year.
There were 872 auctions reported to the REIV on the second weekend of August.
There were about 2,700 auctions in the month of July, with 77% selling.
"This is up 14% from the same time last year, with auction sales also notably higher (up 22%) in comparison to July 2014," REIV's Enzo Raimondo noted.
The top sale was a three house offering in Kew through Jellis Craig.
TOP 5 HOUSES
1. 41 Atkins Street, Kew $4,325,000
2. 26 Maleela Avenue, Balwyn $4,040,000
3. 2-4 Delmore Crescent, Glen Waverley $3,458,000
4. 93 Wattletree Road, Armadale $3,000,000
5. 9 Renwick Street, Glen Iris $2,875,000
 
TOP 5 BARGAIN HOUSES
1. 11 Drouin Street, Dallas $260,000
2. 64 Barries Road, Melton $285,000
3. 25 Wattleglen Street, Craigieburn $305,000
4. 11 Matthews Court, Pakenham $311,000
5. 2 Charlton Street, Broadmeadows $321,000
 
TOP 5 APARTMENTS
1. 98 Orlando Street, Hampton $2,850,000
2. 100 Orlando Street, Hampton $2,590,000
3. 48/350 Beaconsfield Parade, St Kilda $2,020,000
4. 3/31B Nepean Highway, Aspendale $1,650,000
5. 1/58 Grange Road, Sandringham $1,282,000
 
TOP 5 BARGAIN APARTMENTS
1. C16/1-5 Grantham Street, Brunswick West $165,000
2. 2/6-7 Coventry Place, Melton $197,000
3. 16/16 Eastcote Street, Sunshine North $265,000
4. 3/5 Empire Street, Footscray $270,000
5. 29/34-42 Hanna Street, Noble Park $291,000
Source <a href="https://www.reiv.com.au/RESEARCH/Auctions/Auction-Results" target="_blank">REIV</a>
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Melbourne clearance rates bettering August 2015: REIV

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The Preston house on the first season of Channel Seven’s renovation program House Rules has been listed for August 29 auction.
It is the home of the contestant brothers, Nick and Chris Stavropoulos.
John Petsinis from Hocking Stuart has the three bedroom, two bathroom weatherboard house.
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<div id="soldbanner">The property at 19 Jackman Street, Preston, last traded at $555,000 in mid-2012.</div>
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One of its new features is the stacked-stone fireplace.
Jackman Street's most recent sale was $895,000 in July this year for another three bedroom 1930s cottage that last sold at $446,000 in 2008.
Nick and Chris, the Channel 7 Melbourne House Rules brothers handed over the keys to fellow renovation contestants of their Californian bungalow in Preston in 2013.
It came with a mortgage of $524,000 which would have beeen wiped off by Channel 7 if they had won the renovation competition series hosted by Johanna Griggs.
<img class="img-responsive" src="/images/stories/flexicontent/l_houserulesmay30breakout.jpg" alt="Preston House Rules renovation with $524,000 mortgage after $555,000 brotherly purchase">
The 1930s bungalow went to July 2012 Ray White auction without success, subsequently listed at $580,000.
The brothers paid $555,000 in August 2012 for the 1930s bungalow on its 475 square metre block.
"A lot of our money went into our deposit," <a href="/news/preston-house-rules-renovation-with-524-000-mortgage-after-555-000-brotherly-purchase">the Stavropoulos brothers told the House Rules viewers</a>. 
There was a subsequent $49,000 development application with Darebin Council.
The brothers, who also appeared on Channel 9’s Reno Rumble, have made a few minor alterations since the show, including extending the outdoor area.
No price guidance is being given.
The median price of houses in Preston has jumped 8.8 per cent over the past 12 months to $700,000, <a href="/news">according to CoreLogic RP Data</a>, having been at around $575,000 when the house was bought in mid-2012.
 
 
 
 
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Preston House Rules house hits the Melbourne auction market

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Indi Madden, whose family owns the Mitre Tavern in the Melbourne CBD, and her husband Bryan Madden – managing director of fund management firm Brookline Partners – have listed their Hawthorn East home.
More than $2.8 million is tipped for 21 Selwood Street which with an understated contemporary style, has city views.
Kay &amp; Burton agent Nicole Gleeson has a scheduled August 22 auction.
It traded at $2.2 million in 2007 when bought from Felicia Leoncelli, the former senior artist with the Australian Ballet Company, and wife of estate agent Andrew Leoncelli.
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Hawthorn East trophy home offer

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Melbourne's house rental yields have dipped to 3%, according to the latest CoreLogic RP Data Home Value Index.
Units, as could be expected, sit a little higher for investors.
 
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Melbourne's house rental yields dip to 3%: Corelogic RP Data

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Businesswoman Patricia Ilhan has listed her four-level Melbourne office building at 362 Little Collins Street.
Set between Queen and Elizabeth streets, the building has annual rental returns of nearly $400,000.
The 312-square-metre block has airspace development potential.
It is expected to sell for more than $8 million by listing agent Vinci Carbone.
It was bought for $4.4 million in 2009.
She is believed to be selling the prime CBD property to reinvest in another commercial property.
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Patricia IIhan lists 362 Little Collins Street

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Another piece of design work by Melbourne's most celebrated mid-century architect, Robin Boyd, goes to weekend auction.
Overlooking the Royal Botanic Gardens, apartment 10.2 is <a href="https://www.realestateview.com.au/Real-Estate/10-2-193-domain-road-south-yarra/Property-Details-buy-residential-9170316" target="_blank">a three bedroom, two bathroom apartment</a> in the Domain Park block, coming with $2 million plus hopes.
Last month <a href="https://www.realestateview.com.au/Real-Estate/6-1-193-domain-road-south-yarra/Property-Details-sold-residential-9077698" target="_blank">a three bedroom, one bathroom</a> at 6.1 fetched $1.75 million through Marshall White. It was a well-preserved time-capsule with the original fixtures remaining. It passed-in to a mature couple at $1.525 million and later sold to them for $1.75 million.
Melbourne buyers advocate Richard Wakelin, who attended the auction for clients, noted the Domain Road apartment block, "took high-rise living much higher than the usual three-storeys in 1962."
Kay &amp; Burton is marketing the August 8 Robin Boyd-designed apartment auction offering, located in what was Melbourne's tallest residential tower on its 1962 completion.
The 20-level tower is divided into two wings, with separate lifts.
"The 10.2 interior reflects the forward-thinking modernist vision of Robin Boyd and invites a straight-forward opportunity for renovation to create a truly spectacular living environment," agent Mark Mckenzie suggests.
Last October $1,515,000 was paid for the <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-117871059" target="_blank">4.3/193 Domain Road</a> offering.
It was a two bedroom, one bathroom apartment in the Domain Park block.
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Robin Boyd, Domain Park South Yarra offering

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Sydney's recent expensive property sales have helped the city climb to the third place on Knight Frank's latest Prime Global Cities Index, with recent price growth pushing Sydney up from 10th spot in the prior quarter.
The global index tracks luxury residential price movements across 35 cities worldwide. Vancouver and Miami are leading global growth in prime urban residential prices.
Knight Frank's latest second quarter index also shows Melbourne ranked in 7th place in the world with its recent price growth in luxury residential properties, seeing it jump up from 11th place. 
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While Australia's 10.2% growth was the highest average annual increase in luxury residential asset values to June 2015, much of Asia is close behind having dominated price increases since the global financial crisis aftermath in 2008 and 2009.
Jakarta has had a 174% increase in value since the GFC, while Beijing and Shanghai are up 77% and 65% respectively.
Since the crisis, Sydney grew 27% and Melbourne 23%.
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The Knight Frank Prime Global Cities Index increased globally by 2.5 per cent in the year to June 2015 across the 35 prime cities monitored.
The top performers were the cities of Vancouver, Miami and Sydney increasing by 15%, 14% and 13% respectively in the year to June 2015.
Asian cities, with the exception of Singapore and Mainland China, are rising up the rankings with seven of the top ten cities now based in the Asia Pacific region.
In the report, a breakdown by world region shows Australasia on top recording average growth of 10.2% over the 12-month period, followed by Africa at 4.1%; with Europe breaking positive territory with 0.8% growth.
“Across the globe, luxury residential values have been rising for 22 consecutive quarters, but the pace of growth has almost halved in the last year with annual growth falling from 5.2% to 2.5%," according to Knight Frank’s director of residential research for Australia, Michelle Ciesielski. 
“However, Sydney prime residential property has experienced an upward trajectory with growth of 160 bps to 12.5% in the year to June 2015, with 5.8% recorded in the last three months alone.
“Second quarter growth of 2.8% for Melbourne prime saw the world’s most liveable city witness growth of 7.9% over the year; despite down 70 bps when compared to the first quarter’s annual growth.
“Knight Frank Residential Research has closely monitored those markets that have recovered best post-GFC.
"Cities demonstrating the strongest growth in prime property values have included Jakarta, Beijing and Shanghai at 175%, 77% and 65%.
“We’ve taken longer to recover than global counterparts in our prime residential markets as over this time, prime property values in Sydney grew a total 28%, whilst the Melbourne prime market values are up 24%."
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