Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Joel Robinson

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

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.

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

Melbourne

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Abercromby’s agent Rob Vickers-Willis has listed The Tilba, an ornate South Yarra landmark.

The six bedroom, six bathroom house at <a href="https://www.realestateview.com.au/Real-Estate/the-tilba-30-toorak-road-west-south-yarra/Property-Details-buy-residential-8332962" target="_blank">30 Toorak Road West, South Yarra</a> was once one of Melbourne’s best known boutique hotel.

But since 2006 it has been home to Li Cunxin, author of the 2003 best-selling book, Mao’s Last Dancer, which later became a movie blockbuster of the same name.

[smartcode_project:default project_id=600]

Li and his wife Mary transformed the 1907 home into a private residence on its 427 square metre block, but are selling now after moving to Brisbane given Li’s role as artistic director for the Queensland Ballet.

Li and his wife, Mary, also a dancer, have lived opposite Fawkner Park, with their three children Sophie, 25, Tom, 22 and Bridie, 17.

It’s up for private auction on 19 March with agents Hugh Hardy and Rob Vickers Willis expecting interest at $4.5 million plus. 

[smartcode_project:default project_id=27728]

The double-storey Edwardian on the corner of Toorak Road West and Domain Street was run by the McGregor family for around two decades.

It was Felix O'Connor who built the hotel using architect William H. Webb and builder W. Hannah of Carlton.

The building was originally known as Fawkner Lodge.
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jchancellor-FAypfDUnLy

South Yarra's The Tilba private auction looms

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There are many different ways of looking at the market and making judgements about its performance.
You can look at sale prices, days on market or even turn up at auctions and count the number of active bidders.
These metrics will invariably tell you how the market is performing, whether is trending up, down, flat and by how much. They don’t and can’t tell you about the future performance. They also don’t tell you about the ease of buying.
The fact is that some suburbs are easier to buy into than others because owners are less inclined to sell. That can be for many reasons, sometimes it is cyclical, for instance in the first few years after property is purchased the owners are less likely to sell.
We measure the ease of purchasing by comparing the number of homes advertised for sale in a given period with the number of properties in the suburbs.
These suburbs are often described as ‘tightly held’.
In the year ending 30 November across Melbourne 5.3% of all houses had been advertised for sale. Those houses sold over the same time had been owned for an average of 11.8 years.
Drilling down to a suburb level the hardest place to buy a house was in Brunswick East.
In Brunswick East a mere 2.1% of houses had been advertised for sale in the past year. Those houses that did sell had been owned for well over the metropolitan average at 14.2 years and in a sign of the lengths buyers were willing to go, the median sale price rose 26.6% in a year.
With some exceptions there is a correlation between the period of ownership, the recent capital growth and likelihood to list for sale.
At a simple level that is demand and supply in action and it won’t surprise anyone active in the market. It also helps explain why real estate agents often letterbox suburbs or streets looking for an owner to sell!
An analysis of the top 10 most difficult places to buy a house shows a high representation of suburbs in the inner north.
Carlton is second on the list and it is followed by Fairfield, Carlton North and Fitzroy North. In each case the proportion of houses on the market is below 3%. With the exception of Carlton the increase in median sale price is above the metropolitan wide number for the same time.
The inner north of Melbourne has been in strong demand from buyers, but the owners have not been as willing to sell.
The inner northern suburbs are not the only place this occurs in Melbourne. The top 10 is rounded out by Clayton South, Mulgrave, Watsonia, Hughesdale and Carnegie. With the exception of Watsonia these are also all in a similar part of Melbourne.
But what happens if you want to buy into a suburb where the owners don’t want to sell?
These are called ‘off market’ transactions and they won’t be covered in this data because the homes are not listed for sale. A small number of those will be the homes sold direct by the owners but the majority are those transacted with the assistance of a buyers agent.
Astute buyers agents are able to build their own networks of sellers. This happens because sometimes an owner wants to sell without advertising or they find that because the buyers agent has a good network of buyers there is simply no need to buy the advertising to support the sale.
So if you want to buy into a tightly held suburb it pays to approach local real estate agents and let them know you are interested and consider hiring a buyers agent.
AUCTION PREVIEW
There are 1,149 auctions scheduled this week in Melbourne compared to 1,085 for the same time last year. Last week’s lower volume produced an outcome in line with trend with the overall auction market continuing to be better than last year.
The timing of Easter this year will ensure a very busy three weeks for sellers, buyers and real estate agents. The gap between Labour Day and Easter last year was five weeks and there were an average of 1280 auctions a week. This is a similar level of activity to Spring.
In respect of the private sale market in the past week, on a citywide basis, the time on market results for houses sold at private sale fell to 33 days, down from 43 days in the previous week. Overall vendor discounting was up stable at -5.4%.
Key data
<ul>
<li>Preliminary clearance rate week ending 8 March: 73.7%</li>
<li>Melbourne auctions expected week ending 15 March: 1149</li>
<li>Melbourne private sales time on market week ending 8 March: 33 days (houses)</li>
<li>Melbourne vendor discounting market week ending 8 March: -5.4% (houses)</li>
<li>Listings being prepared for market are 3.3% higher in the month ending 8 March (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Buying into Melbourne's most tightly held suburbs: Robert Larocca's weekend auction preview

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GUEST OBSERVATION
Often cited as one of the best areas to live in Melbourne, Bayside’s suburbs are an idyll of picturesque coastlines and quality residential zones.
Stretching 17 kilometres around Port Phillip Bay, the area is within close proximity to both the beach and the CBD, making it a popular choice for home buyers. Coupled with education opportunities, shopping strips and good capital growth on property investments, Bayside offers a lifestyle that is hard to surpass.
Property prices in the area have been strong for a long time and continue to gain momentum. A number of factors help to support the property market when it comes to real estate in the area.
<ul>
<li>Location, location, location</li>
</ul>
The Bayside region features a number of good private schools and excellent public primary schools making it a natural choice for those looking to raise a family. However, it is not just families that are attracted to the area.
Bayside’s good transport links and close proximity to the CBD make it popular among people who commute into the city for work.
Other attractive lifestyle factors include each suburbs village like setting - including low rise shopping strips, trendy cafes, green spaces and exceptional sporting facilities.
<ul>
<li>Good investment</li>
</ul>
Property prices across all Bayside suburbs have remained strong. The median property price for a house in Brighton is $1,635,000 and $720,000 in Mentone.
All of Bayside’s suburbs are considered to be high demand areas, with the number of people viewing each listed property higher than the state average.
The area also remains a popular choice for investors looking to purchase rental properties - with almost 22% of the region’s residents living in rented accommodation. The median rent across the Bayside precinct is $600 per week for a house and $400 per week for a unit. Both have a median rental yield of around 4%.
<ul>
<li>
Variety 
</li>
</ul>
Bayside is home to some of the most desirable property types in Melbourne. The area sees a host of different property styles in each suburb and with such variety, there tends to be something to suit all budgets.
Much of the traditional architecture is well preserved across the region and each area has a slightly different style and price bracket.
Brighton is one of the most affluent Bayside suburbs and the property on offer reflects this. The area has a number of larger traditional homes and mansions and in recent times has experienced an influx of luxury developments.
Property prices in Beaumaris vary and the area is popular for its large blocks of land and traditional Beaumaris style homes.
Sandringham is home to a number of Edwardian style properties and California bungalows.
Mentone is one of the most affordable Bayside suburbs - buyers can purchase modern townhouses and as units here among other styles.
Bayside will continue to be a good choice for buyers looking for a good investment.
The demand for rental properties and home ownership in the area continues to grow as do developments.
Paul Bond is a director of <a href="https://www.hodges.com.au/" target="_blank">Hodges Real Estate Sandringham</a>.
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po-LsXgBTHBmX

Melbourne's Bayside remains popular with residents and investors: Hodges' Paul Bond

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Middle Melbourne is leading the way as the Victorian capital continues to produce growth property markets right across the metropolitan area.
Melbourne isn’t getting the same headlines as Sydney, nor has not produced the same level of price growth, but it continues to present as a solid property market, with few signs of decline.
Our research for the latest edition of The Price Predictor Index shows there is momentum rippling through markets in all sectors.
There are strong precincts north, south, east and west of the CBD. Indeed, under the Index ranking system Melbourne has more notable markets than Sydney, with 12 Rising Fast, 118 Rising Steadily and 88 Consistency markets.
The market segment that stands out the most is “middle Melbourne”. There are several middle-ring precincts with mid-range prices (a tier below the million dollar median suburbs of the inner south-east) that are clear market leaders.
Melbourne’s up-cycle began in 2013 with the inner-city and the prestige suburbs of the inner south-east. But in 2014 the momentum spread increasingly to the middle-ring and outer-ring suburbs.
The middle market that deserves the title as leading growth area in Melbourne is the Whitehorse LGA, east of the Melbourne CBD. It has three Rising Fast suburbs and 10 rated as Rising Steadily. They include Nunawading (median price $690,000), Burwood East ($780,000) and Blackburn South ($780,000).
The Darebin municipality in the mid north is another rising middle-market precinct, with two Rising Fast suburbs – Preston ($660,000) and Reservoir ($520,000) – and two Rising Steadily suburbs.
Also prominent is Monash City with one Rising Fast suburb and seven Rising Steadily ones. Mount Waverley ($930,000) in the Monash LGA is one of the most upwardly-mobile suburbs in the nation, with sales per quarter rising from 134 to 177 to 191 to 246 throughout 2014.
The Kingston LGA, which includes middle market suburbs such as Cheltenham ($690,000) and Parkdale ($760,000), continues to emerge. It has one Rising Fast suburb, five Rising Steadily markets and four Consistency markets.
Cheaper areas further from the CBD are also thriving in the current cycle. The Casey LGA in the south-east has eight growth markets, including Endeavour Hills ($430,000) and Hampton Park ($350,000). Nearby, the Greater Dandenong and Frankston LGAs also have growth markets.
Whittlesea in the north is a strongly emerging precinct: it has one Rising Fast suburb and five Rising Steadily markets. Sales in Mill Park have been 70, 98, 90 and 140 in the past four quarters. The key feature in this precinct is affordability, good transport links and major jobs nodes.
The Brimbank LGA in the western suburbs continues to stand out. It has six Rising Steadily suburbs and eight Consistency markets. Again, it’s the power combination of affordability, infrastructure and jobs nodes that is driving this precinct.
Momentum in the Melbourne area spreads down to the Mornington Peninsula in the far south, where there is one Rising Fast market, three Rising Steadily suburbs and nine Consistency markets.
Upmarket areas such as the Boroondara LGA and the Glen Eira LGA feature, but most of the standout precincts are middle-market and bottom-end suburbs. This is where we expect to see the most price growth in 2015.
TERRY RYDER is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
 
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terryryder-YECXbqmri2

Melbourne's middle ring leading the way: Terry Ryder

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GUEST OBSERVATION
With private school fees increasing year on year, having access to quality state schools is a top priority for many families.
However, enrolments at most strong performing state schools are limited to residents living within the set boundary of school zones. Therefore properties located within these boundaries are highly sought after and demand higher premiums.
St Kilda primary school was one of the last state schools in the Port Phillip Area to be zoned – having boundaries set only in August last year. Prior to the introduction of zoning, this popular school saw kids travel in from areas as far away as Point Cook. Families looking to get their children into a well performing school without having to spend upwards of $15,000 a year on private tuitions favoured St Kilda Primary because of its open enrolments, positive reputation and performance results.
Now that zones have been introduced and enrolment numbers have been capped, families who want their children to attend this school will need to be appropriately located, otherwise access will not be granted. As a result, local property located in the Balaclava and St Kilda East areas within the zone are likely to experience much greater demand.
According to a survey conducted by the Australian Scholarships Group last year, a private school education, including fees, uniforms, levies, etc. in metropolitan Melbourne can cost parents over $500,000 from preschool to year 12. For a family of three children, that’s a big chunk of change at $1.5 million dollars. On the flipside, in the state system parents would be looking at costs closer to $60,000 for a child’s full education – potential savings of over $440,000. 
When compared to private school fees, paying a premium on property presents as a good investment – particularly if there are two or more children of school age in a family. In fact, a study conducted by RMIT in 2012 found that parents were willing to stretch their budgets by $160,000 on average to buy a home in the popular Camberwell High school zone. This makes sense given it could mean potential savings of over $250,00 per child.
Within close proximity to the city, beach and amenities, St Kilda and its surrounding areas are already hugely popular. The recently established school zoning rules have undoubtedly added an extra selling point and the effect on the local property market will only be positive.
Josh Stirling is director of <a href="https://www.hodges.com.au/hodgesstkilda" target="_blank">Hodges Real Estate St Kilda</a>.
 
 
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JoshStirling-dVWworv6XS

St Kilda Primary School zoning could be a boon for the local property market: Hodges' Josh Stirling

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One of the bayside Melbourne's finest homes has been listed for sale by the agriculturalist Ken Jarrett and his wife, Carolyn.
It is the captivating boomstyle Victorian residence at 140 Beaconsfield Parade, Albert Park.
Behind its elaborate original facade, it showcases interior designer David Hick's luxury style located directly opposite Albert Park beach.
<a href="https://www.realestateview.com.au/Real-Estate/140-beaconsfield-parade-albert-park/Property-Details-buy-residential-8456412" target="_blank">Marshall White </a>agent Lisa Jarrett has the listing, set between Kerford Road and Mills Street.
Title Tattle recalls it last sold 15 years ago at $1,115,000.
Pricing before the weekend's first open for inspection might easily be subject to review, but Title Tattle reckons it will sit somewhere between the estimated $6.5 million plus recent sale of 16 Beach Street, Port Melbourne through Marshall White agent Michael Paproth and the yet to settle price secured by Kay &amp; Burton for <a href="/news/romanby-middle-park-sells-for-around-10-million">Romanby, at 261 Beaconsfield Parade, Middle Park</a> that was possibly between $9 million to $10 million.  
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Albert Park's ornate Beaconsfield Parade boomstyle gem

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The private school Haileybury College has been tipped to open a city campus after buying on Melbourne's King Street in a $50 million deal.
The 383 King Street contains a substantial 10-level office overlooking Flagstaff Gardens sold by Singapore-listed Aspial Corporation.
It sold at $41.5 million in January last year with intention for a mixed-use development with 600 units.
Haileybury has campuses in Keysborough, Brighton East, Berwick and Wuqing, China.
Colliers International acted for Haileybury College, Fairfax Media reported.
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Haileybury College buys likely Melbourne CBD campus site

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A South Melbourne religious landmark since 1874 has been listed for sale. The former congregational church has more recently been used as a photography studio and a private home.
 Architect Simon Swaney renovated the property in 2001.
Expressions of interest close 23 March with $8 million plus hopes through Greg Hocking and Warwick Gardiner at Greg Hocking Holdsworth.
The former 34 Howe Crescent congregational church comes with a mix of residential and working spaces set against a landscaped garden backdrop.
There are also dual garages accessed from second frontage to Martin Street. 
There are living, dining and entertaining areas, accompanied by a contemporary kitchen with a butler's pantry and cellar.
Currently featuring four bedrooms, three bathrooms there is also a range of study, office domains. 
It sists on a 901 square metre block.
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South Melbourne former church trophy home offering 

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GUEST OBSERVATION
{qtube vid:=wIDKAhrqVUo}
Video transcript:
We’re now in the third year of the residential property market recovery in Melbourne. It’s one that began in 2013 after the market started a decline in mid-2010 and remained in the doldrums through to the end of 2012.
Not unreasonably, many are asking whether this recovery will run out of steam. Are we due a period of plateauing and then falling prices?
Naturally there will come a time when the market will turn south. Up and down periods are the nature of markets and property is no exception.
Let’s take a look at previous property cycles in Melbourne.
The current upswing started in the September 2012 quarter so has been underway for nine quarters or two and a quarter years. In that time we’ve seen around 16% capital growth in Melbourne. 
In the last 20 years there has been three other periods of upswings: December '08 to June '10; September '05 to March '08; and September '96 to December '03.
The length of upswing has varied from six quarters to 29 quarters.
And the total capital growth ranged from 29% to 142%.
So our 16% growth and nine quarters of growth to date is by no means destined to end any time soon.
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap width="119">
Upswing period
</td>
<td valign="bottom" nowrap width="89">
Number of quarters
</td>
<td valign="bottom" nowrap width="95">
Total capital growth
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Sep 96 - Dec 03
</td>
<td valign="bottom" nowrap width="89">
29
</td>
<td valign="bottom" nowrap width="95">
142%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Sep 05 - Mar 08
</td>
<td valign="bottom" nowrap width="89">
10
</td>
<td valign="bottom" nowrap width="95">
36%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Dec 08 - Jun 10
</td>
<td valign="bottom" nowrap width="89">
6
</td>
<td valign="bottom" nowrap width="95">
29%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Sep 12 - ?
</td>
<td valign="bottom" nowrap width="89">
9 and counting
</td>
<td valign="bottom" nowrap width="95">
16%
</td>
</tr>
</tbody></table>
So will the current cycle be more like the '08-'10 cycle or the '96 to '03 cycle?
I doubt that this market will run for 29 quarters of growth, but I wouldn’t be surprised if we saw another four quarters or more.
Underpinning that view is the level and direction of interest rates.  Following the February 2015 cut of the cash rate by the Reserve Bank to 2.25%, the typical new mortgage rate stands at around 4.75%, a generational low.
Of course, with houses prices growing over time, the average mortgage is much larger today than it was 10 or even five years ago. So although interest rates are lower, interest payments are greater than in yesteryear.
But on the flip side, rents have also increased, which is clearly an important factor for investors and the market more generally.
They have not risen as quickly as property prices which is leading to what’s known as falling rental yields.
But interest rates have fallen even more than rental yields, such that the funding gap – the cash flow cost of holding a property – is actually falling as a proportion of values.
It is these fundamentals that will support and drive the property market forward in 2015.
Moreover, it is clear from the Reserve Bank’s rhetoric that these very low levels are likely to continue for the foreseeable future, which will give comfort to many prospective investors to enter the market.
But what about the inevitable downturn? OK, Let’s take a look at previous property cycles in Melbourne again, and this time focus on the downswing part of the cycle.
Melbourne has experienced three downswing periods in the last 20 years. The most recent episode was between June 2010 and September 2012.  The other times ran between March '08 to December '09 and from December '03 to September '05.
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap width="119">
Downswing period
</td>
<td valign="bottom" nowrap width="89">
Number of quarters
</td>
<td valign="bottom" nowrap width="95">
Total capital loss
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Dec 03-Sep05
</td>
<td valign="bottom" nowrap width="89">
7
</td>
<td valign="bottom" nowrap width="95">
10%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Mar 08 – Dec09
</td>
<td valign="bottom" nowrap width="89">
3
</td>
<td valign="bottom" nowrap width="95">
4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="119">
Jun 10 – Sep 12
</td>
<td valign="bottom" nowrap width="89">
9
</td>
<td valign="bottom" nowrap width="95">
7%
</td>
</tr>
</tbody></table>
As we can see, down turns in the Melbourne property cycle tend to be relatively short – between 3 and 9 quarters - and deliver comparatively modest price falls.
The result is that over the long-term, property prices in Melbourne trend up – notwithstanding the occasional retreat.
And that’s because Melbourne is a city with strong population where demand for property outstrips supply over the long term.
Richard Wakelin is the director and founder of <a href="https://wakelin.com.au/" target="_blank">Wakelin Property Advisory</a>.
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RichardWakelin-5qKEwDuXVG

Will the Melbourne property market run out of steam? Richard Wakelin

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Breakneck bidding for 38 Kooyongkoot Road, Hawthorn, took its weekend sale price almost $1 million above its $4.1 million reserve.
It was sold for $5,085,000 to an Australian expatriate family living in Singapore who were watching on via Skype with family members also at the onsite auction.
The stellar pricing was all in the timing for the five-bedroom house (pictured above) in the coveted Scotch Hill precinct.
The result came days after the mid-week private auction of another five-bedroom period house at 3 Kembla Street (pictured below), which smashed its reserve by more than $900,000 selling on Wednesday night at $5.35 million.
<img src="/images/2015/03/02/hawthorn%20mar%202%20one.jpg" alt="">
There had been a $4.4 million pre-auction offer for the property on Kembla Street - from its eventual buyer - that prompted its same day Saturday scheduled auction to be brought foward by four days after the property had attracted more than 100 inspections over its marketing campaign.
"Strategically we made the decision to bring it forward so to ensure that it had all bidders present at the auction as opposed to waiting for sale day and potentially losing [some bidders]," listing agent James Redfern said.
Land title records show the vendors, olympic rower David England and wife Susan, bought the home for $2,125,000 in 2001. 
It attracted seven bidders on 1890 slated-roof Victorian home with some of those who missed out at the Wednesday night auction back at 38 Kooyongkoot Road Saturday afternoon.
Marshall White listing agent Justin Krongold acknowledged the Kembla Street sale had set a benchmark for his auction.
"If not for [Kembla's] result, perhaps if the auction was later today as it had planned to be, it could have been a very different situation," he told Fairfax Media.
Buyers agent Mal James noted a few weeks ago he gave a client advice that this Kooyongkoot Road home with good bones for a renovation on 1,038 square metres should go in the $3.7 million to $4.2 million range, based on the market being the same as last year.
The $3.5 million to $4 million initial price quote implied just below or just above $4 million as the hoped for expectation which James viewed as "not unachievable, but not a given, though it was not unrealistic either" when he first inspected it.
"By last week we had upped our advice to $4.5 million as the top figure," James pondered.
"A few days ago our comment to our client was it could hit $5 million after the 3 Kembla result around the corner as there were six wounded underbidders left over on this James Redfern midweek auction.
"Has the market for these types of homes gone up 5%, 10% or 20% since December or am I just losing my marbles?"
Just a year ago Hawthorn's prestige market was ordinary at best.
Avon Court, the high profile Hawthorn mansion, sold off market in May last year in the suburb's top 2014 sale. But the $19.8 million price showed negative price growth since the Shakespeare Grove property had been purchased by Autobarn boss Garry Dumbrell in 2009 for $20,250,000 when sold by the former Richmond Football Club president Clinton Casey and his wife, Leslie who had Ross Savas at Kay &amp; Burton hire Jo Silvagni to be the face of its print and video campaign. 
{qtube vid:=Ug3X6GJnYpU}
Prices have gone backwards on prestige residential offerings on the lower end of the scale over recent years in Hawthorn.
The 1930-built, 2000-reburbished house at 17 Callantina Road sold at $2.68 million in 2013 having previously sold at a tearaway $2.86 million in 2008. Not even leafy gardens designed by Edna Walling could stop the price collapse.
Another loss taker was when the 2007-built four bedroom house at 16 Burton Avenue sold at $3.34 million in late 2013. It had sold in 2008 at $3.45 million.
Signs of ordinary price growth were also evident in a $2,775,000 Kooyongkoot Road sale in 2013 which had previously sold at $2.6 million in 2007.
The Bai family of Burwood spent $2.83 million to buy 51 Chrystobel Crescent which had been listed in 2011 with $3.4 million hopes. The 2011 auction of the solid 1880 home in the Grace Park precinct had been passed in on a $3.05 million offer in front of around 100 people.
A six bedroom Hawthorn East mansion sold in early 2014 at $3,235,000 at Jellis Craig auction that was just $35,000 more than its prior $3.2 million sale in 2011. 
The Chinese Australian vendor at 4 Mount Ida Avenue didn't cover the stamp duty with the house price - and this was on its second marketing campaign.
In mid-2013 retired Western Bulldogs champion, turned 3MMM breakfast broadcaster, AFL commentator and publican, Luke Darcy upgraded his <a href="https://apm.domain.com.au/research/address.aspx?locationtype=address&amp;state=vic&amp;streetid=292407&amp;unitnumber=&amp;streetnumber=42" target="_blank">Hawthorn home</a>, despite his sentimentality for the rejuvenated Footscray suburb.
Darcy commented during the spring 2014 selling season that he'd detected an uptick in the Hawthorn auction prices.
Luke and Rebecca Darcy secured $2,975,000 in Hawthorn when selling in 2013 having paid $2.82 million in 2007, reflecting less than one percent annual growth through the six years.
The Darcy's upgraded to a nearby $3.2 million house which might now seem have been a good time to upgrade homes while prices where constrained.
Their new property had been built by the Toorak-bound MAB managing director Andrew Buxton.
The four bedroom house, with study, is in a prime Scotch Hill spot with a pool and tennis court set on more than 1000 square metres. 
The former Harcourt Street, Hawthorn East home of the since departed AFL boss Andrew Demetriou resold with negligible price appreciation too in 2013. The four bedroom renovated 1965 home at 50 Harcourt Street, which was offloaded by Demetriou in 2008 for $2.7 million, was sold at $2,742,500 in 2013. Just $42,500 gain in the five years.
The 2012 top sale in Hawthorn was on Kooyongkoot Road, Hawthorn was sold by Craig Parsell, who was Hong Kong based when he bought it in 2002 for $3.45 million. Parsell is a veteran executive partner in the technology services company Accenture. Known as Koot, its situated in the heart of the Scotch Hill precinct. It's got a tennis court and pool on its 2,788-square-metre holding. The $12,588,000 buyer was company director Juhne Lie. 
Kay &amp; Burton secured 2013's highest sale which was $11 million the the 1883 mansion, Katoomba on Harcourt Street, in Hawthorn East. It came with Stuart Rattle interiors and Paul Bangay gardens done for the Laidlaw family who sold to the Bailey family.
Mal James since that the results of the past week of prestige Melbourne offerings were not evidence that the market has gone crazy.
"[The market] is responding to fundamentals and the fundamentals are incredibly strong right now for larger landholdings with flexibility," James said.
"That is why we have been strong on buying for clients for the last 24 months and are continuing to do so.
"Those fundamentals are turbo charged overseas demand completely out of whack with the dwindling supply of certain home types described above.
"So unless the wealth of overseas buyers drops (and it has increased for the last 40 years), or the government intervenes (showing no stomach to do so on any serious note at present) or Chinese buyers (in particular) reverse their preference to landbank (reducing supply even further) then the market is doing what it is doing based on sound demand and supply principles, not anything else.
"This may well continue for some time (with the odd hiccup).
"We wrote a number of times last year that each month was either a tread or a step in a rising staircase on price which reignited in October 2012 and hasn’t stopped since.
"But February 2015 is different – it has jumped off the staircase, gone up a whole floor in the lift (for the above types of properties) and we assume will now continue on its merry way."
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