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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Housing market conditions for Victoria are the best overall nationwide according to new data released today. 
The Commonwealth Bank-CoreLogic Home Buyers Index (HBI) April 2015 found that out of the ten 'best sellers' markets nationwide, seven were located in Victoria.
The report considered property in Mallee, Loddon, Barwon, Wimmera, Melbourne and the central highlands as part of a balanced market.
Eastern outer Melbourne, Hume City and Melton-Wyndham were considered 'extreme' markets.
<img src="/images/2015/06/15/hbimelbourne.jpg" alt="">
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po-LsXgBTHBmX

Property pickings ripe in Victoria: Commonwealth Bank-CoreLogic Home Buyers Index

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An oversupply of apartments makes Melbourne vulnerable to a price correction, according to Wakelin Property Advisory director Paul Nugent.
"Those who are invested in high-rise apartments should definitely be concerned," Mr Nugent told the weekend Fairfax Media.
"The CBD already faces the greatest oversupply we've ever seen and that is saying something because we've followed the booms and busts of the high-rise sector for the last 20 years," he said.
He said CBD investors faced struggling to find and keep tenants, flatlining or falling rents, and negative capital growth.
Mastering the art of financing and the art of property selection at the same time is a complex process, according to <a href="https://wakelin.com.au" target="_blank">the Melbourne buyers agent</a>.
"Both processes are so complex that many prospective investors simply fail to launch because they are defeated by a process that asks them to master the art of financing and the art of property selection at the same time," said the negotiator with over 20 years experience.
"We found we could distil the process down to six major steps: financing and home equity; asset selection; negotiation; settlement; property management; and portfolio review. 
"Buyers need to pass safely through each stage, and, as importantly, to synchronise their actions for the best outcome.” 
"We found we could distil the process down to six major steps: financing and home equity; asset selection; negotiation; settlement; property management; and portfolio review. 
 
 
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jchancellor-FAypfDUnLy

Six steps to successful property investment as Wakelin put Melbourne CBD on crash alert

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A clearance rate of 80 per cent was recorded across Melbourne today, continuing on its merry way despite recent commentary.
Last weekend a clearance rate of 72 per cent was recorded over the subdued Queen's Birthday weekend, compared to 80 per cent on May's last weekend.
There were 766 auctions reported to the REIV today. 
Armadale secured the highest residential house price when 39 Lambeth Avenue, Armadale fetched $4,660,000.
The renovated Victorian trophy home had five bidders.
Next priciest was <a href="https://www.realestateview.com.au/Real-Estate/27-summerhill-road-brighton-east/Property-Details-buy-residential-8909566" target="_blank">27 Summerhill Road, Brighton East</a> at (below) $3,980,000 through Marshall White, then 29 Regent Street, Mount Waverley $3,300,000 and 32 Barrington Avenue, Kew $3,150,000.
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The REIV was expecting about 920 auctions in 251 suburbs on the weekend. On the same winter weekend last year there was a 72% success rate from 919 auctions. 
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TOP 5 BARGAIN HOUSES 
1. 115 Glynns Road, North Warrandyte $85,000 2. 42 Mt Eagle Way, Wyndham Vale $265,000 3. 1/4 Dawn Avenue, Dandenong South $275,000 4. 3/70-71 Nepean Highway, Seaford $285,000 5. 11 Donald Street, Dallas $295,000
TOP 5 APARTMENTS 
1. 7 Lawson Street, Hampton $1,770,000 2. 3A Abergeldie Avenue, Mckinnon $1,387,500 3. 6/7 Warwick Court, Surrey Hills $1,380,000 4. 61 Michael Street, Fitzroy North $1,250,000 5. 1/56 Union Road, Surrey Hills $1,229,888 
TOP 5 BARGAIN APARTMENTS 
1. 4/232 Nicholson Street, Footscray $207,000 2. 3/483 Princes Highway, Noble Park $278,000 3. 7/37 Osborne Avenue, Glen Iris $280,000 4. 5/7 Waltham Street, Flemington $285,000 5. 12/63 Ulupna Road, Ormond $296,000
Source <a href="https://www.reiv.com.au/Property-Research" target="_blank">REIV</a>
The top auction locations were South Yarra (20 auctions) followed by Glen Waverley and Glen Iris with 14 auctions each. 
There was a development site at 50 Montclair Avenue Glen Waverley that fetched $5,505,000 at auction yesterday.
<div>Melbourne’s west is the most popular region for auctions this weekend with around 130 listed.  </div>
Melbourne’s east continues to see a high buyer demand, with 10 suburbs recording clearance rates of between 95 per cent and 100 per cent in the month of May.
There were 275 auctions reported to the REIV over the long weekend.
The REIV reported the 2015 auction market hit a peak in May, with 5,000 auctions held – more than any other month this year. The May clearance rate, at 79 per cent, was also well ahead of May 2014 , when it was 71 per cent.
APM reported Melbourne’s outer east recorded 88.5 percent closely followed by the inner east with 88.0 percent, the north 84.7 percent,  the north east 84.2 percent, the inner south 83.5 percent, the west 79.6 percent, the south east 76.3 percent and the inner city with 72.3 percent.
APM reported Melbourne recorded a clearance rate of 79.2 percent over May which which was the highest monthly success rate since April 2010. 
The May clearance rate was the third highest ever recorded for that month – behind only the price boom years of 2007 and 2001.
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APM senior economist Dr Andrew Wilson noted Melbourne recorded its highest ever month for auction sales over May at 3670 at a record total value of $3.58 billion. 
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<div>"The median price of homes sold at auction in Melbourne over May also climbed to a new monthly record of $820,000 – an increase of 11.2 percent over the month and 13.9 percent higher than May last year," he said. </div>
 
 
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Melbourne auctions maintain Autumn glow into winter

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A Melbourne private investor has paid $4.85 million for a modern distribution centre at Cheltenham in Melbourne’s south-east.
The former Grays Online premises, located at 19 Hewitt Street, was sold with vacant possession in a deal brokered by Savills Australia.
It comprised a 3785 square metre quality office and high clearance warehouse on a large 12,300 square metre site with significant concrete and bitumen hardstand areas. 
Savills’ Senior Industrial Executive, Chris Telley said the quality of the building, the extensive hardstand, the location, and the potential to add value were key considerations. 
There was currently only 30% site coverage.
The Moorabbin/Cheltenham industrial precinct is viewed as one of the most tightly held precincts in the south-east due to easy access to both the CBD, Melbourne’s bayside suburbs, freeway network and a skilled workforce. 
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Former Grays Online premises sold at $4.85 million at Cheltenham

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GUEST OBSERVER
Traditionally, parents of Melbourne have settled their clan in the eastern suburbs, close to many of the city’s best schools and facilities. But as prices across Melbourne soar, especially in the inner east, affordability is a big issue for young families. 
We’re seeing a number of young couples come to the inner north where a family home in the likes of Brunswick, North Melbourne or Preston comes at a modest price point of $700,000 to $800,000. Plus, families are close to the CBD and employment opportunities, as well as the lifestyle amenities abundant in the north, including restaurants, parks, cafes and cultural activities.
However, the trade-off for this buyer market is the limited schooling options. The number of secondary facilities in the inner north are few and far between. While mums and dads typically prefer to live close to schools and travel to the city to work, we’re now seeing the opposite where parents are within minutes to the CBD but are having their children commute to schools in the eastern suburbs.
This has meant that the demographic of buyers in the inner north has shifted. This season, we’ve witnessed a magnitude of families on the hunt for a home for the next 15 to 20 years. As such, family homes or large townhouses like <a href="https://mail.privatemedia.com.au/owa/redir.aspx?SURL=hDqEtOi4rl-_B88xFYBr3T3NjKoWiIrUWJ2e0lT7zwfpotDdeHDSCGgAdAB0AHAAOgAvAC8AdwB3AHcALgBoAG8AYwBrAGkAbgBnAHMAdAB1AGEAcgB0AC4AYwBvAG0ALgBhAHUALwAxADkAXwBGAE8AUgBEAF8AUwBUAFIARQBFAFQAXwBCAFIAVQBOAFMAVwBJAEMASwBfAFYASQBDAF8AMwAwADUANgBfAFMATwBMAEQA&amp;URL=http%3a%2f%2fwww.hockingstuart.com.au%2f19_FORD_STREET_BRUNSWICK_VIC_3056_SOLD" target="_blank">19 Ford St in Brunswick</a> are being snapped up at auction.
As families start to see the merits of the north, the local market has spurred along - especially when compared to the end of last year.
The difference between then and now has no doubt been interest rate cuts, which have stimulated a tremendous amount of confidence in the market and created the best market conditions we’ve seen for years.
Clearance rates are strong, sitting at over 75% (although the likes of Fitzroy, Carlton and Fairfield have been above 85%) and annual growth figures show properties in Melbourne’s inner north have grown by an average of 5.5%.
The influx of new buyers and rate cuts have also helped boost the apartment market, which is performing terrifically. Step back to 2014, the apartment market had moderate growth, but wasn’t performing as we’d hope. Come February this year, the reduction in the cash rate clearly spurred on more first home buyers – particularly young couples who are expecting a child – to dip their toes in the market. We’ve seen a rush of this cohort looking for inner north apartments which are not only affordable, but located in the heart of the action for youngsters. 
Looking forward, there’s predictions interest rates will remain low. However, whether these changes will continue to drive up demand for property is uncertain. Taking into consideration other factors at play in the economy – such as high unemployment rates and job cuts across various sectors in Victoria – it’s hard to forecast what the market will do in six months’ time.
For the next three months at least, a perfect storm has brewed for buyers and sellers alike. There’s a great selection of stock, strong appreciation, low borrowing conditions and ultimately great outcomes for vendors in Melbourne’s inner north. And it’s no doubt becoming an area for young families to call home.
ROB ELSOM is director of <a href="https://www.hockingstuart.com.au/" target="_blank">hockingstuart </a>Brunswick, Carlton, North Melbourne and Northcote.
 
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Families flock to Melbourne’s northern suburbs: hockingstuarts Rob Elsom

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GUEST OBSERVATION
Property remains sought after in Melbourne’s inner eastern suburbs with school catchment zones, parks and local amenities offering the ultimate combination for a quality family lifestyle. Whilst eye-catching architecture and leafy tree-lined streets are a major drawcard in the inner eastern suburb of Balwyn, its land value that takes top priority.
There are numerous reasons why land is a desired asset in Balwyn. Families want to move into the area to be within school zones –despite the fact that the area is home to traditional, older properties. In fact, some, buyers are prepared to pay more for land and simply knock down the house and build their ideal home. A-grade land in Balwyn is fetching roughly $3000 per square metre as evidenced by a recent sale at Henley St. This particular block of land measured approximately 817 square metres and sold at auction for an astounding $2.65 million. Clearly, a clean slate on which families can build their dream home is an attractive proposition.
Another trend in the inner east is the high turnover of homes. We’ve noticed downsizers are looking to cash in on their property now while the market is positive, which means an increase in stock. As expected, the area remains attractive for young parents who wish to send their children to Balwyn High School, a public school with a fantastic reputation. Demand for Balwyn High has grown even more in recent years, as the costs of sending a child to a private school has grown. For families, the freedom to choose where their children are educated appears to be a major factor behind their final purchasing decision.
Just next door to Balwyn, Balwyn North is currently flourishing, with clearance rates sitting at 86.4%, above the 76.2% state-average (REIV). The median house price has increased by $300,000 in Balwyn North over the past six months and the suburb recently joined the million dollar list. The area’s popularity can in part be put down to the fact that Balwyn North has traditionally been more affordable than surrounding suburbs like Kew. It also sits on the edge of the freeway, has the 48 tram, several primary schools and is in the desirable Balwyn High School Zone. As buyers realise the suburb’s potential and property prices increase, some families are going to need to look elsewhere if they want to move to the inner east.
There are several hot spots in Melbourne’s inner east where young couples and families can still find good value properties, such as Kew East and Mont Albert North.  The latter has a median house price of $1.140 million, making it one of the lowest in the area. Mont Albert North is also close to primary schools, transport and Box Hill shopping precinct. To add, Kew East is right next door to Balwyn North and is serviced by freeways, bike paths and is close to the CBD. hockingstuart research shows there are more than 125 streets with renovation potential in Kew East too, so it’s a top spot for buyers who are prepared to do some work to create their dream property.
As demand for top schooling remains strong and interest rates remain low, families will continue to look for land in Melbourne’s inner east. But buyers, especially young professionals, should consider the suburbs that surround hot suburbs like Balwyn can still provide excellent value for money, as well as a long-term home for the next twenty years.
Toby Parker is Director,<a href="https://www.hockingstuart.com.au/?four04=true&amp;missing=/office/index.cfm&amp;pagecall=staffMember&amp;staffID=88125&amp;CFID=341705687&amp;CFTOKEN=35728253&amp;jsessionid=8430ce095d307f0a1eb61e20216d35101119"> hockingstuart Balwyn</a>.<a href="https://mail.privatemedia.com.au/owa/redir.aspx?SURL=d7uL3H3aEYHjuWTZ-HoMDc8L5D_09g_wKrD5oRp5FpW1ZbgAfHDSCGgAdAB0AHAAOgAvAC8AdwB3AHcALgBoAG8AYwBrAGkAbgBnAHMAdAB1AGEAcgB0AC4AYwBvAG0ALgBhAHUALwA_AGYAbwB1AHIAMAA0AD0AdAByAHUAZQAmAG0AaQBzAHMAaQBuAGcAPQAvAG8AZgBmAGkAYwBlAC8AaQBuAGQAZQB4AC4AYwBmAG0AJgBwAGEAZwBlAGMAYQBsAGwAPQBzAHQAYQBmAGYATQBlAG0AYgBlAHIAJgBzAHQAYQBmAGYASQBEAD0AOAA4ADEAMgA1ACYAQwBGAEkARAA9ADMANAAxADcAMAA1ADYAOAA3ACYAQwBGAFQATwBLAEUATgA9ADMANQA3ADIAOAAyADUAMwAmAGoAcwBlAHMAcwBpAG8AbgBpAGQAPQA4ADQAMwAwAGMAZQAwADkANQBkADMAMAA3AGYAMABhADEAZQBiADYAMQBlADIAMAAyADEANgBkADMANQAxADAAMQAxADEAOQA.&amp;URL=http%3a%2f%2fwww.hockingstuart.com.au%2f%3ffour04%3dtrue%26missing%3d%2foffice%2findex.cfm%26pagecall%3dstaffMember%26staffID%3d88125%26CFID%3d341705687%26CFTOKEN%3d35728253%26jsessionid%3d8430ce095d307f0a1eb61e20216d35101119" target="_blank"> </a><a name="_GoBack" href=""></a>
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Land fetching a high price in Melbourne’s inner east: hockingstuart Balwyn

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The Singaporean construction company Lian Beng has emerged as the buyer of Newspaper House, on Collins Street, Melbourne.
It sold recently for around $24.9 million. Established in 1973, Lian Beng Group is one of Singapore's major home-grown building construction groups with integrated civil engineering division. It is headed by Ong Pang Aik.
The historic Newspaper House, at 247 Collins Street, Melbourne comes with mosaic mural on its front facade designed by Napier Waller in 1932.
Mervyn Napier Waller's "I'll put a girdle about the earth" features heroic human figures appear among scenes of commerce, construction and communication.
There's lots of gold, an echo of the Byzantine era, in the 1933 commission by Sir Keith Murdoch from the Herald &amp; Weekly Times who needed more than their empire on Flinders Street.
<img class="img-responsive" src="/images/2015/05/08/700_mural.jpg" alt="Newspaper House, Collins Street under offer">
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It was the former WH Rocke Ltd building on a 478 square metre holding. The purchaser was considering both leasing and subdivision plans for the building.
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<div class="row article-content">The ground floor of 247 Collins Street had been previously leased to the House of Cashmere, and the upper levels to Sydney International College.  </div>
HIDDEN TREASURES OF NAPIER WALLER
1926-27 MURALS Melbourne Town Hall, Swanston Street.
1927 MURAL Menzies Hotel, cnr Bourke and William streets (building demolished in 1969, mural sold privately).
1928 MURAL Better Than to Squander Life's Gifts Is to Conserve Them and Ensure a Fearless Future T&amp;G Life Building entry foyer, cnr Collins and Russell streets.
1928 MURAL Peace After Victory State Library of Victoria, first-floor landing near La Trobe Reading Room, cnr, Swanston and La Trobe street.
1933 MOSAIC I'll Put a Girdle Round the Earth Newspaper House facade, 247 Collins Street.
1934 FLORENTINE MURALS Florentino Restaurant, now Grossi Florentino, first floor, 80 Bourke Street.
1935 STAINED GLASS WINDOW Wesley Church, Pioneers window, upper gallery, north wall, 148 Lonsdale Street.
1935 STAINED GLASS WINDOW Ian Potter Museum foyer, Swanston Street on university campus. (Designed for Wilson Hall, University of Melbourne, which was destroyed by fire in 1951. Window was retrieved from the ruins.)
1935 MUIRALS Myer Melbourne Mural Hall dining room, sixth floor, 314 Bourke Street.
1937 STAINED GLASS Orchid Window University of Melbourne Botany School.
1940 MURAL Australian Symbolic Figures University of Melbourne Achitecture, Building and Planning Library (Orginally on display at Royal Insurance Company, 414-418 Collins Street, but donated to university after building was demolished in 1969.)
1963 MOSAIC The Eight Aboriginal Tribal Headmen Temple Court foyer, 422 Collins Street.
1967 MOSAIC Prometheus Monash House foyer, 15 William Street.
List Source: Fairfax Media
 
 
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Lian Beng buys Newspaper House, Melbourne's iconic Collins Street retail holding

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Developers from Asia and Melbourne have splashed out more than $25 million in a frenzied residential development site buying spree over the last 12 months as local planning laws open up new multi-unit development opportunities in the Melbourne bayside suburb of Bentleigh.
The demand for the sites has sparked a corresponding flurry of negotiations between neighboring home owners in Bentleigh to present larger development sites for sale at a premium to individual site values.  
In the latest off-market deal a Chinese developer is believed to have paid more than $4 million for a 1692 square metre site at 11-13 Bent Street, Bentleigh, after just two weeks on the market.
According to selling agents, Savills’ Julian Heatherich and Jesse Radisich, the site was a consolidation of four neighboring properties, whose owners came together seeking to maximize their returns.   
"This is another example of the extraordinary market that has emerged over the last 12 months driven by a change in planning laws which has coincided with a booming housing market," Mr Heatherich said.
"Developers are purchasing sites that are well located with favorable zoning while home owners are walking away with sale results well in excess of what individual sales would have realized. It‘s a real win-win situation.
Previous sales in Bentleigh in last 12 months have included
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     261 Centre Road – sold for $2.735 million to a local developer with a permit to develop 28 apartments;
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     23 Bent Street - sold to a Chinese developer for $3.4 million with a permit for 27 apartments;
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     14,16, and 18 Bent Street - sold to a Chinese developer for $5.76 million; 
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     674 Centre Road - sold to a local developer for $1.32 million with a permit for eight apartments;
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     15 Bent Street – sold to a local developer for $2.2 million with a permit for 17 apartments; 
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     24-26 Vickery St – sold to local developer for $3.6 million.
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Mr Heatherich said the sales had generated hundreds of enquiries with a significant number from local and off-shore Asian buyers as well as local developers.
He said following State Government zoning changes, the local municipality, the City of Glen Eira, implemented the changes with the new `Urban Village Policy’ allowing for multi-storey development of up to four levels, 
"Glen Eira was the first municipality to implement the zoning changes and with Bentleigh one of the main high density areas in Glen Eira, it was subsequently re-classified as Bentleigh Urban Village," Mr Heatherich said.
Mr Radisich said Savills’ exceptional ties with off-shore based developers in Asia through its Asian office network had been the key to identifying potential purchasers. Savills has 21,000 staff in Asian cities including Beijing, Hong Kong, and Singapore.
"One of our advantages is Savills’ high profile in Asia. We have offices in China and several other Asian capitals established over more than 30 years. Asians know Savills.’’
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Bentleigh development sites Savills

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Popular South Korean restaurant chain Menya Sandaime will open its first restaurant in Australia in the Melbourne CBD following a lease deal negotiated by Savills Australia Victorian retail director, Michael Di Carlo.
Menya has taken a 10 year lease at 225 Russell Street, a 93 square metre shop.
Rents in the street have been in the vicinity of $2000 a square metre.
Michael Di Carlo said Menya Sandaime, which specialises in Japanese ramen dishes, chose Melbourne for its reputation as a multicultural community with a well developed appreciation of foreign foods.
The business is <a href="https://www.menyasandaime.com" target="_blank">third generation</a>. Its South Korean restaurant is open 24 hours a day.
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Korean restaurant leases on Russell Street, Melbourne 

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The Melbourne auction secured its strongest autumn clearance rate selling season since 2007 with auction clearance rates tracking above 80% over the final weeks.
APM calculated the weekend auction market recorded an average Saturday rate of 76.4% over the eight weeks to Easter. Since Easter, Saturday auction rates have averaged 81.8% as the market lifted from solid to strong.
The number of auctions conducted declined on the latter weekends, with overall some 13,356 Saturday auctions since the beginning of February compared to 13,452 over the same period last year.
<img src="https://3.bp.blogspot.com/-vA6ui-yuaNg/VM3dE7qQ0VI/AAAAAAAAAvo/wVOBJC0686A/s1600/AucMelRA2014.png" alt="Melbourne 4-weekend rolling average clearance rate 2014" width="395" height="230">
Last year (above) Melbourne clearance rates topped briefly a 79% and finished the year in the high 60%s. 
<img src="https://i1.au.reastatic.net/456x342/4301872c4df79a5b6ad0b17c88f6acb6cfa830c1aafb57c81239c32e282508df/main.jpg" alt="3/6 Hatfield Court, West Footscray" title="3/6 Hatfield Court, West Footscray" data-index="0">
The most affordable property reported sold at the weekend was a <a href="https://www.realestateview.com.au/Real-Estate/3-6-hatfield-court-west-footscray/Property-Details-buy-residential-8749670" target="_blank">one-bedroom unit</a> at 3/6 Hatfield Court, West Footscray sold for $220,000 by Sweeney Footscray. 
It sold in 2009 at $210,000, suggesting the 2009 market fillip secured a robust price as it had also sold at $135,000 in 2007.
Its investor buyer was seeking $240 a week when offered last year. Not much rental growth either as the investor sought $230 a week back in 2009. 
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