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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Capital city home values increased 2.8% in July with national home values 11.1% higher now compared to the same period last year.
According to the CoreLogic RP Data July Home Value Indices 2015 the total aggregated value of Australian housing has increased by just over half a trillion dollars over the past twelve months. 
Over the three months to July, Melbourne home values increased 6.1%, although Melbourne houses suffered the lowest rental yields of 3% and units 4.1%
CoreLogic RP Data’s head of research Tim Lawless said the strongest growth conditions outside of Sydney and Melbourne have been in Brisbane where dwelling values were 3.9% higher over the year.  
“While Sydney and Melbourne values continue to boom, the next best performing city, Brisbane, has seen dwelling values rise by just 3.9% over the past twelve months. Based on the median dwelling price, Sydney prices are now 72% higher than Brisbane’s and Melbourne’s are 24% higher,” Mr Lawless said.  
“Across every capital city except Hobart and Darwin, we are seeing detached housing outperform units for capital gain, with house values up 11.6% compared with a 7.2% increase in unit values over the past year. The differential is most pronounced in Melbourne where house values have surged 12.3% higher over the year compared with a 4.8% rise in unit values. 
"With value growth once again accelerating across Sydney and Melbourne, the market evolution in mortgage lending policies will will provide a timely test for housing demand, particularly from investors. The combined effect of tighter lending parameters with more focus on serviceability and low LVR’s, potentially higher mortgage rates for investment loans as well as limitations on the pace of investment lending imposed by APRA on Australia’s banks should conspire to slow investor demand in the market." 
Sydney's 3.3% rise in dwelling value for the month, delivered an 18.4% rise for the year - the highest rate of growth in the city since 2002, according to Tim Lawless.
"The Sydney dwelling value is now 40% higher than its previous peak," he noted.
 
<a href="/images/2015/08/03/Screen%20Shot%202015-08-03%20at%2010.41.42%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/Screen%20Shot%202015-08-03%20at%2010.41.42%20AM.png" alt=""> 
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mick.cee-iDmgDDAmu8

National home values up 11.1% annually: CoreLogic RP Data July Home Value Indices 2015

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<h2>Melbourne's 78% clearance rate of 78 per cent compared to 76 per cent last weekend and 72 per cent this weekend last year, according to the REIV.</h2>
There were 595 auctions reported to the REIV, with Enzo Raimondo, the REIV chief, noting some $389 million in auction sales.
Houses had a clearance rate of 84% at an $850,000 median price.
Apartments had a clearance rate of 69% with a median price of $608,000.
TOP 5 HOUSES
1. 20 Reed Street, Albert Park $2,810,000 2. 21 Haydens Road, Beaumaris $2,800,000 3. 183 Church Street, Brighton $2,640,000 4. 44 Camperdown Street, Brighton East $2,600,000 5. 15 Fairmount Road, Hawthorn East $2,540,000 TOP 5 BARGAIN HOUSES
1. 36 Oriole Drive, Werribee $287,500 2. 26 Christie Street, Deer Park $308,000 3. 12 Leisure Way North, Rosebud $328,000 4. 2 Brampton Close, Craigieburn $341,000 5. 70 Kuringai Road, Tootgarook $350,000 TOP 5 APARTMENTS
1. 5/105 Crown Street, Richmond $2,000,000 2. 405 New Street, Brighton $1,751,000 3. 3/11 Monomeath Avenue, Toorak $1,701,000 4. 3/47 Durham Road, Surrey Hills $1,525,000 5. 29A Barnett Street, Hampton $1,448,500 TOP 5 BARGAIN APARTMENTS
1. 14/234 Warrigal Road, Camberwell $117,000 2. 11/242 Pascoe Vale Road, Essendon $237,500 3. 2/131 High Street, Thomastown $247,000 4. 2/8 Anzac Street, Carnegie $268,000 5. 3/64-66 Bent Street, St Albans $285,000
 
The REIV was expecting about 730 auctions in 242 suburbs this weekend, so further results will change the clearance rate.
The top auction locations were Mount Waverley (12 auctions) and Bentleigh East (10 auctions), followed by Richmond, South Yarra and St Kilda East with nine auctions in each.
Sales included 50 Swayfield Road, Mt Waverley (below) which sold at $1,267,000.
<img src="https://i3.au.reastatic.net/800x600/27472b9d5957b6d7263292fd13032b1d41eae49ae4fae257832d08ae7be6581f/main.jpg" alt="50 Swayfield Road, Mount Waverley" title="50 Swayfield Road, Mount Waverley" data-index="0">
Mt Waverley is among a select number of Melbourne suburbs to have recorded annual capital growth of more than 20 per cent. Mount Waverley's 28 per cent matched Doncaster (28 per cent), and narrowly bettered Burwood (27 per cent) and Balwyn North (23 per cent). 
Mount Waverley had none of the REIV's top sale results with propertydata.com.au listing recent results as:
<table><tbody>
<tr>
<td>381  Blackburn  Rd</td>
<td>5</td>
<td>$1,400,000</td>
<td>House</td>
<td>Passed in at Auction</td>
<td>01/08/2015</td>
<td>
S&amp;L
 
</td>
</tr>
<tr>
<td>2/ 80  Bruce  St</td>
<td>2</td>
<td>$580,000</td>
<td>Unit</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Buxton
 
</td>
</tr>
<tr>
<td>1/ 11  Grenfell  Rd</td>
<td>2</td>
<td>$628,000</td>
<td>Unit</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Jellis Craig
 
</td>
</tr>
<tr>
<td>1/ 17  Heany  St</td>
<td>2</td>
<td>$590,000</td>
<td>Unit</td>
<td>Passed in at Auction</td>
<td>01/08/2015</td>
<td>
Jellis Craig
 
</td>
</tr>
<tr>
<td>69  Jubilee  St</td>
<td>5</td>
<td>$1,420,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Barry Plant
 
</td>
</tr>
<tr>
<td>16  Leeds  Rd</td>
<td>4</td>
<td>$1,330,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Ray White
 
</td>
</tr>
<tr>
<td>50  Swayfield  Rd</td>
<td>3</td>
<td>$1,267,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Barry Plant
 
</td>
</tr>
<tr>
<td>36  Catherine  Av</td>
<td>4</td>
<td>$1,040,000</td>
<td>House</td>
<td>Auction Sale</td>
<td>31/07/2015</td>
<td>
Barry Plant
 
</td>
</tr>
<tr>
<td>33  Wilga  St</td>
<td>4</td>
<td>$1,200,000</td>
<td>House</td>
<td>Sold Before Auction</td>
<td>25/07/2015</td>
<td>
Jellis Craig
 
</td>
</tr>
<tr>
<td>2/ 24  Damon  Rd</td>
<td>3</td>
<td>undisclosed</td>
<td>Unit</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Jellis Craig
 
</td>
</tr>
<tr>
<td>96  Headingley  Rd</td>
<td>5</td>
<td>undisclosed</td>
<td>House</td>
<td>Auction Sale</td>
<td>01/08/2015</td>
<td>
Reed
 
</td>
</tr>
<tr>
<td>36  Oakern  St</td>
<td>4</td>
<td>undisclosed</td>
<td>House</td>
<td>Passed in at Auction</td>
<td>01/08/2015</td>
<td>
Jellis Craig
 
</td>
</tr>
</tbody></table>
 
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jchancellor-FAypfDUnLy

Mount Waverley tops weekend auction activity: REIV

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Housing capital gains in Melbourne eclipsed those made through units over the past 12 months with an 11.2% and 2.4% increase respectively.
The CoreLogic RP Data Housing and Economic Market Update noted the current median price of a home in Melbourne is $615,000 and units $480,000.
The chart tracks prices back to 1997.
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jonathanchancellor-7SQnKwU6yx

How Melbourne's dwelling price growth stands by national comparison since 1997: CoreLogic RP Data

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Foreign investors are no longer primarily seeking prime and super prime retail assets as a result of the high demand and low supply of quality retail assets in Melbourne, according to valuers, Herron Todd White.
"Foreign and domestic investors are becoming increasingly willing to invest in retail assets that represent a higher degree of risk," the July report noted.
"This is one reason why much of the retail market in Melbourne is currently experiencing yield compression."
The recent sale of 415-417 Collins Street, a partially vacant three- level office building with ground floor and basement retail, confirmed to HTW that investors are now prepared to accept sub 4% yields for quality retail assets.
"Selling for $8,888,888, which was $2.5 million above the reserve, this demonstrates a yield of only 2.2%," it noted.
The first quarter of 2015 had seen Melbourne large format retail experience rental increases.
"And it should also be noted that vacancy rates for large format retail have fallen significantly over the previous two years.
"The increased demand for large format retail is due primarily to the resurgence in household goods spending and increased residential construction activity," it added.
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Melbourne retail yield secondary in foreign $8,888,888 prestige purchase: HTW

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NSW suburbs dominate Investar's top 10 fastest rental growth suburbs.
But the Melbourne suburb, Sunshine's $300 weekly two bedroom rentals lead the country with 20% annual growth over the past year.
Rank Suburb State Postcode Dwelling Type Bedrooms Median Rent 1 Year Change
1 SUNSHINE VIC 3020 Unit 2 $300 20.00%
2 WILLOUGHBY NSW 2068 Unit Studio &amp; 1 $430 19.44%
3 RYDE NSW 2112 Unit Studio &amp; 1 $440 17.33%
4 RYDE NSW 2112 Unit 2 $500 16.27%
5 ST IVES NSW 2075 House 4 $1095 15.26%
6 RIVERWOOD NSW 2210 Unit 2 $460 15.00%
7 MULGRAVE VIC 3170 House 4 $540 14.89%
8 BELLA VISTA NSW 2153 House 4 $860 14.66%
9 LABRADOR QLD 4215 Unit Studio &amp; 1 $295 13.46%
10 GLEBE NSW 2037 Unit 2 $680 13.33%
Source <a href="https://www.realestateinvestar.com.au/ME2/Default.asp" target="_blank">Investar July 2015</a>
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Sunshine rentals lead, but Sydney dominate Investar's 10 fastest rental growth suburbs 

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The Outer East region of Melbourne holds an auction clearance rate of 89% from a total of 96 auctions for the week ending 26 July 2015.
Inner Melbourne had the most number of auctions for the week with 141 and a clearance rate of 73.5%, according to the CoreLogic RP Data Property Market Indicator Summary. 
The lowest clearance rate was in the Inner East region, with 69.1% from 76 auctions.
<a href="/images/2015/07/27/Screen%20Shot%202015-07-27%20at%203.30.15%20PM.png" target="_blank">Click to enlarge </a>
<img src="/images/2015/07/27/Screen%20Shot%202015-07-27%20at%203.30.15%20PM.png" alt="">
 
<a href="/images/2015/07/27/Screen%20Shot%202015-07-27%20at%203.30.26%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/27/Screen%20Shot%202015-07-27%20at%203.30.26%20PM.png" alt="" width="833" height="372">
 
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Outer East leads Melbourne's clearance rate: CoreLogic RP Data

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A developer has paid $3.22 million for a double-fronted street level Ashburton property with the intention of seeking approval to build a multi-level residential block.
The site, 237-239 High Street Ashburton property is on a 460 square metre site, has two levels split between 194 square metres in total and features ground floor retail space with 12 metre frontage onto High Street. It was sold subject to a short term tenancy at $74,807 per annum.
Around 100 onlookers attended the Teska Carson auction.
It last sold in 1995 at $570,000 when sold by Westpac.
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Developer pays $3.22 million for Ashburton property

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A 243 square metre three level office block on Melbourne's inner fringe is up for auction with expectations expected to exceed $800,000
127 Chestnut Street Cremorne goes under the Teska Carson hammer Thursday August 13 on site, less then two kilometres from the CBD. 
The property has a west facing balcony, and four undercover car spaces. It is zoned Commercial 2 and has 7.5 metres of street frontage.
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$800,000 plus hopes for Melbourne inner fringe office

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Bubble Talk seems to have eased off (finally) as most headline avoiding commentators acknowledge we are not in a bubble, if a bubble is defined by illogical price increases and/or unsustainable longer term prices.
Yes we are in a run of price increases (beginning in the 1900’s – pushing along since the GFC 2009 recovery, accelerating further since October 2012 and the foot to the floor since Christmas); but the price increases have been largely due to deep overseas demand as the world says “Melbourne – you are an International Property Market we want to invest in”.
At some time the market will ease, it will have falls and that would more than likely be caused by changes in migration/population/overseas demand. That could be tomorrow and if it does, then prices will drop.
The government has begun to tinker around the edges trying to control this boom, by getting banks to alter interest rates for investors. As far as Inner Melbourne homes go, this should have minimal effect on the market, just as the stamp duty tinkerings of a few months ago, as predicted, have made zero difference to overseas investment.
We are not saying that trying to ease the boom is not a good a thing, its just the real driver of our current Inner Melbourne market boom is Asian investment combined with increasing wealthy migration / population, not local investor interest rates. All altering interest rates for locals will do, is make it easier for Asian investors to buy.
Understanding these concepts is critical for buyers – as acting or not acting based on fear, rather than reason usually means poorer decisions.
Example: For decades Western society as a whole has believed that fat is bad and fat makes you fat. Accordingly we have all made dietary decisions based on that assumption and as a society we have got fatter and fatter, despite not wanting to. “Bubble” headlines are very similar to “Fat” headlines if it means you as a buyer make poor decisions, based on false assumptions.
If/when a significant market change occurs, it will be due to a lessening of demand (it will be understandable); not due to a bursting of some artificial, unexplainable bubble. It is important to differentiate that there is no truth based on fact, that we are in an artificial or illogical price situation as far as Inner Melbourne houses go.
There are very real and logical reasons why prices are increasing and it’s called overseas demand and limited local supply.
Yes a boring headline, but a truthful one. It’s important for buyers to understand the current market, so as they can make informed decisions; not ones based on the more exciting, but less accurate headlines of Bubble, Bubble, Price Falls and Trouble.
Our advice to buyers is when the developing markets of India, China and others start to falter and the money flow to Australia changes and both Liberal and Labour espouse restrictive migration and population policies; then, as buyers we would be sitting up and taking notice re possible long term land value deflation; as we saw in Japan (no migration, no population increases). Until then, the more pressing problem is how are we going to secure our dream home in Inner Melbourne in the next year.
Word of warning: Please understand our comments are based on the Inner Melbourne Market, not the overall Melbourne market. Please do not assume prices will always increase and therefore stretch too far.
Yes treasury officials said there are risks right now, but there are risks in buying in any market. We feel you can best mitigate your homebuying risks by making well informed decisions, and that is true in any market. In our opinion a decision not to enter the market is not necessarily a well informed one if your longer term desired outcome is one of emotional and financial security through good home buying.
We feel the Inner Melbourne Market risks are not “bubble” related, they are demand and supply related. We cannot see any evidence that says the risk in buying a home now is more elevated than a year ago or anymore elevated than we perceive the risks might be in 2016. Please don’t think in the next six months that the market must fall or please don’t think the market cannot rise any further, because there are no facts to support either theory with certainty. 
The only certain thing in 2015 is, we are in a market.
Markets at times are flat and at times rise and fall.
Every property decision should be an informed individual one, with a sharp eye on mortgage payments/interest rates, as at some stage interest rates will go up and/or prices will fall; but balanced with the fact that getting in now, as in almost all cases over the last 30 years, has proven to be a good home buying decision (if the home was a good buy, meeting the individual’s shorter and longer term desired outcomes – with good PPP’s).
Summary: There are risks in individuals buying homes in any Inner Melbourne market (interest rate/employment/health changes) – the risks in 2015 do not appear to be elevated as implied by some Treasury officials. Homebuying risks are not mitigated by inaction, they are mitigated by making informed action decisions. In our opinion, unless there is a change in migration, Asian money flow and/or population policies, the real elevated risk maybe in not at least considering getting into the current Inner Melbourne market (with the right PPP’s and FFF’s of course).
Mal writes weekly auction reports, advice and in-depth market analysis on <a href="https://www.jamesbuyeradvocates.com.au/" target="_blank">James' website</a>.
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maljames-vHwm28JUAa

Buyer's agent Mal James on house price bubble risks 

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The Melbourne businessman Sir Rod Eddington has sold his renovated 1930s Toorak home of the past eight years. 
More than $11 million was expected for the <a href="https://www.realestate.com.au/property-house-vic-toorak-117754647" target="_blank">Ledbury Court property</a> which came with pool and tennis court.
But Title Tattle gleans Chinese buyers paid $10.1 million.
The 2,154 square metre holding was bought by Sir Rod and his wife, Young Sook Park for $7.85 million in 2006 from the Ayre family who'd been there since paying $550,000 in 1980.
It was for sale through Kay &amp; Burton's Michael Gibson.
The historic triple-storey mansion sits around a north-south tennis court, pool and cabana in manicured gardens. The four bedroom home comes with two studies, a gymnasium and conservatory.
The master suite has a super-sized dressing room.
Apparently the ground-floor study, with fireplace, is almost as big as the double garage. 
Melbourne businessman Sir Rod Eddington paid $6,175,000 to downsize Toorak homes.
The new acquisition of the contemporary abode (pictured below) was at a slight discount on its 2008 sale price of $6.3 million.
It was built by the developer Peter Gibson in 2007 to a design by architect Ilario Cortese.
<img src="/images/2015/01/30/toorak%20jan%2030%20one.jpg" alt="">
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