Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Melbourne

<html><body>
EXPERT OBSERVER
Since the market peaked in July 2017, dwelling values in Sydney have fallen by 5.4%. Melbourne’s housing market peaked a little later than Sydney’s in November 2017 and have declined by 2.9% since their peak.
In this week’s blog, we take a look at how recent periods of value decline in Sydney and Melbourne have played out both across the city as a whole and within the individual SA4 regions. The recent period of decline that will be focused on for Sydney are: post 2003, GFC, 2010 declines and the recent downturn. For Melbourne, the focus will be on the GFC period, the 2010 declines and the current market downturn.
<h5>Sydney post - 2003</h5>
Following the rapid growth in dwelling values at the turn of the century in Sydney the market started to fall in early 2004. From the market peak in December 2003, values declined by -8.2% in total to January 2006. Of course, across the individual SA4 regions of the city declines varied substantially as did the length of time the declines occurred over.  
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.1.jpeg" alt="CoreLogic Decline in Sydney SA4 Dwelling Values Post 2003" width="1430" height="686">
  The South West (-16.4%) and Central Coast (-14.2%) recorded the largest declines in values during the post-2003 housing market downturn in Sydney.  The Northern Beaches (-5.9%) and North Sydney and Hornsby (-7.5%), two of the more expensive areas of the city, recorded the most moderate declines over the period. The length of decline also varied dramatically with regions such as: Central Coast, Blacktown, Inner South West, Outer South West, Outer West and Blue Mountains, Parramatta and South West seeing elongated periods of decline. Conversely, values fell for less than a year in: Eastern Suburbs, Northern Beaches and Ryde.
<h5>Sydney - GFC</h5>
The housing downturn in Sydney during the GFC was a very different experience to the post-2003 downturn. Whereas post-2003 it was the more affordable areas which saw the largest value falls and declines were moderate for the more expensive markets, during the GFC it was premium housing areas that recorded the greatest declines. Unlike the previous downturn, it was fairly short-lived with most regions recording value decline for only 12 months, if not less.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.2.jpeg" alt="CoreLogic Decline in Sydney SA4 Dwelling Value During GFC" width="1516" height="708">
  The areas in which values recorded the greatest falls over the downturn were the most expensive areas of the city: Eastern Suburbs (-14.0%), Northern Beaches as well as North Sydney and Hornsby (both -10.8%). Although these declines were comparatively large, each of these regions recorded falls for 15 months at the most. The most moderate declines during this downturn occurred in: South West (-2.7%) and Inner South West (-2.9%) with the regions recording values falls for nine months and seven months respectively.
<h5>Melbourne - GFC</h5>
During the housing market downturn in the GFC, dwelling values in Melbourne fell by -9.4% in the space of 12 months. Like the Sydney experience the greatest declines tended to occur across higher valued housing markets while the falls were relatively more moderate across the more affordable regions of the city.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.3_0.jpeg" alt="CoreLogic Decline in Melbourne SA4 Dwelling Values During GFC" width="1456" height="736">
  During the downturn, the Inner East (-15.9%) and Inner South (-15.5%) regions recorded the greatest falls.  Even though these falls were substantial they occurred over just 12 months in the Inner East and 11 months in the Inner South. The North West (-2.4%) and West (-3.0%) regions of the city recorded the most moderate falls over the period with the declines taking place over five months and eight months respectively.
<h5>Sydney – 2010 downturn</h5>
The GFC decline in values was staved off by aggressive interest rate cuts and housing market stimulus, once interest rates began to rise and the stimulus was removed, Sydney dwelling values started to fall. Ultimately values declined by a cumulative -3.7% between September 2010 and February 2012.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.4.jpeg" alt="CoreLogic Decline in Sydney SA4 Dwelling Values During 2010 Downturn" width="1504" height="724">
  During the 2010 downturn it was once again some of the most expensive areas of the city which recorded the largest value falls: Eastern Suburbs (-11.1%) and Northern Beaches (-7.7%) while the most moderate falls occurred in more affordable housing markets: South West (-0.9%) and Outer West and Blue Mountains (-1.0%). Values in the Eastern Suburbs and Northern Beaches declined for 20 months while in South West and Outer West and Blue Mountains, values fell for only six months and 11 months respectively.
<h5>Melbourne – 2010 downturn</h5>
As housing market stimulus was wound out of the market in 2010, values in Melbourne fell by -8.4% between November 2010 and February 2012. Like the GFC downturn, the value falls tended to be much greater for the higher value areas of the city.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.5.jpeg" alt="CoreLogic Decline in Melbourne SA4 Dwelling Values During 2010 Downturn" width="1454" height="714">
  The greatest declines throughout this downturn were recorded in the Inner South (-13.1%) and the Inner East (-12.0%) with values falling in both of these regions for 28 months. Value declines were the most moderate in the West (-7.4%) and Outer East (-7.8%) regions with values declining for a total of 16 months and 19 months respectively.
<h5>Sydney – current downturn</h5>
Sydney dwelling values peaked in July 2017 and over the 12 months to July 2018 they have so far fallen by -5.4%. Unlike previous downturns the areas with the largest falls have been neither the most affordable nor the most expensive areas. Furthermore, values are still rising on the Central Coast.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.6.jpeg" alt="CoreLogic Decline in Sydney SA4 Dwelling Values During Current Downturn" width="1488" height="736">
  Since the market peak, Baulkham Hills and Hawkesbury (-10.2%) and Inner West (-9.1%) have recorded the greatest value declines. As mentioned, values continue to rise in Central Coast while the South West has also recorded a comparatively moderate fall of -2.1%. Outside of the post-2003 downturn, the South West has consistently recorded relatively minor falls during recent downturn periods.
<h5>Melbourne – current downturn</h5>
Since having peaked in November 2017, dwelling values in Melbourne have fallen by -2.9% to July 2018. Over recent months the rate of decline has been gathering pace and it is the higher value areas of the city in which the declines have been greatest so far.
<img src="https://www.corelogic.com.au/sites/default/files/2018-08/1.7.jpeg" alt="CoreLogic Decline in Melbourne SA4 Dwelling Values during Current Downturn" width="1438" height="760">
In the current downturn, the largest falls to-date have been recorded in: Inner East (-6.3%) and Inner South (-4.5%), these two regions also recorded the largest value falls over the previous two Melbourne housing market downturns. The most moderate value falls during the current downturn have occurred in Mornington Peninsula and West, both of which recorded falls of -0.9%.
While the current housing market downturn has been relatively short so far, there are some lessons that can be learned from previous downturns. The housing market downturns in 2008 and 2010-12 were largely driven by weaker economic conditions that impacted the banking and financial services sectors; consequently it was the premium end of the housing market where values weakened the most due to less demand for high priced homes and more stock in the higher price ranges entering the market. 
The current downturn in Sydney and Melbourne has once again seen the banking and financial services sector impacted, with heightened credit regulation and fallout from the Royal Commission. Weaker conditions across this sector are likely contributing to weaker conditions across the premium housing sector. This trend is being compounded by the surge in first home buyer activity which is supporting housing demand across the more affordable housing price points.  
Downturns in the Sydney market tend to be much more varied in terms of market segments leading the falls and that appears to be the case again now. In Melbourne, each of the downturns have seen the largest falls across the most expensive regions of the city and that appears to be the case again in the current downturn. The great unknown is how long this housing market downturn runs for but it certainly feels as if it has longer to run.
Cameron Kusher is a research analyst at <a href="https://www.corelogic.com.au/news/how-does-housing-decline-compare-previous-downturns-sydney-and-melbourne?utm_source=Newsletter&amp;utm_medium=EmailArticle&amp;utm_campaign=AUSPropertyPulse" target="_blank">CoreLogic</a>.
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ckusher-ujnxiKuFQs

2018 housing declines hit Melbourne's inner east and Sydney's Hills district hardest: CoreLogic

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The REIV’s latest data shows that Victoria’s rental vacancy rate has dropped to its lowest level of 1.8 per cent since they started recording in October 2002.
REIV President Richard Simpson said a vacancy rate of at least three per cent is required for a healthy rental market, where there is enough vacant housing supply to meet demand.
“Population growth, lifestyle trends and property price growth are all having an impact on rental vacancy rates in Victoria,” Mr Simpson said.
These record low figures coincide with the Victorian Government’s introduction of proposed changes to the Residential Tenancies Act.
This controversial act would strip away landlords’ rights to control what happens with their investment property.
The Bill, which is currently before the Parliament, is likely to result in increased competition for rental properties, greater screening of tenants and will place more pressure on rents if it is passed in its current form.
As of the 31 July 2018, REIV data showed the vacancy rate for Inner Melbourne was sitting at 1.8 per cent, Middle Melbourne’s was 2.5 per cent while Outer Melbourne was 1.6 per cent contributing to a Metropolitan Melbourne median vacancy rate of 1.9 per cent.
The lowest in a decade.
The rental vacancy rate for Metropolitan Melbourne was lowest in June/July 2008 at 1.7 per cent.
Rental vacancy rates have also continued to decline in Regional Victoria over the last 15 years and are now at an all-time low of 1.5 per cent (compared with 2.3 per cent in July 2017).
Mr Simpson said the rental market is already highly competitive with solid turnouts at open for inspections which will only increase as the busy spring period approaches.
As rental stock is so low the cost of renting a home has risen in most areas.
The data shows median weekly rent for a house in Metropolitan Melbourne was $450 in July 2018, compared with $425 in July 2017.
In Regional Victoria, the median increased from $310 to $330 per week.
Mr Simpson added, "with Victoria’s fast-growing population and financial institutions restricting lending to investors, we cannot see the situation improving for renters in the short to medium term.” 
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j.ballantyne1990-6AQqhLzZaK

Victoria's rental vacancy rates hit new record lows

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The Urban Land Institute (ULI) Australia is inviting the next generation of industry professionals, including architects, developers and urban planners to propose novel ideas for the north-west corner of Melbourne's CBD.

The ULI is recognised internationally within the realms of urban design, development and built environment. It promotes youth leadership, urban innovation and collaboration in the property industry via its Urban Innovation Initiative program, with support from its Principal Sponsor, Mirvac.

The 2018 ULI Australia Urban Innovation Ideas Competition provides a platform to investigate innovative solutions to issues affecting our cities – matching leading young professionals with mentoring from industry leaders and sector specialists.

The theme for 2018 is ‘Nurturing the inner city’s diversity and liveability’ and entrants are encouraged to consider the area’s context, and identify opportunities and challenges that will ultimately assist in informing their responses.

The site bound by La Trobe, William, Bourke and Spencer Streets will be the focus of this year's competition which is seeking ideas to revitalise this emerging precinct into a more vibrant, safe and liveable 24-hour neighbourhood.

It was selected due to its diverse mix of land uses, proximity to public transport, increased residential activity and a lack of definition and neighbourhood identity.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/uli_image_2.jpg" rel="gallery-all" title="The characteristics of the chosen competition area. Image: Urban Land Institute Australia"><img alt="" class="image-article-full-width-580px" height="355" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/uli_image_2.jpg?itok=fnXtQqFs" title="The characteristics of the chosen competition area. Image: Urban Land Institute Australia" width="580"></a>

<figcaption>The characteristics of the chosen competition area. Image: Urban Land Institute Australia</figcaption></figure>According to the ULI, despite the significant transformation the city has undergone in recent years, the Competition site suffers from a lack of identity, limited on-street activity outside of business hours, little open public space and community amenity.

The ULI is hosting the ULI City Forum this evening (22 August) to launch the 2018 Competition. The event involves a panel discussion around the challenges and changes since the City of Melbourne’s Future Melbourne 2020 plan was developed over 10 years ago.

Panellists include:

<ul>
<li>Ian Briggs,Plus Architecture;</li>
	<li>Sarah Macklin from Urbis; </li>
	<li>Professor Donald Bates, the University of Melbourne; and</li>
	<li>Bec McHenry,The Space Agency.</li>
</ul>
Participants can enter individually or as a team of up to four, with the winners receiving a trip to the 2019 ULI Asia Pacific Summit on 4-6 June in Shanghai where they will present their idea at ULI’s Regional conference.

2018 marks the first year the Competition has focused on Melbourne, with support from the 2018 project sponsor NH Architecture and project partners Urbis, Plus Architecture and the University of Melbourne.

Registrations for the first stage of the 2018 ULI Australia Urban Innovation Ideas Competition open on 24 August and close 10 September. For more info and to register click<a href="http://www.urbaninnovations.com.au/"> here</a>. 
 

<h2>What they say...</h2>

<blockquote>
ULI’s Urban Innovation Initiative provides a platform for young people and their ideas and brings together collaborative leadership, innovation and creativity to address topical issues in urban development.

In the Competition we are looking for ideas that are both practical and creative, adopting innovative approaches that will generate significant value across multiple channels. It’s important that entrants represent a new approach or way of thinking and synthesise urban practice from a number of different areas.

- David McCracken, ULI Executive Director 
</blockquote>

<blockquote>
Whilst Melbourne’s CBD has been guided by a suite of targeted and innovative approaches – from the postcode 3000 policy, the renewal of its laneways, and the design of its streetscapes – the city’s north-west corner continues to face a number of prevailing issues that are impacting the vitality and appeal of this area

As such, this year we are seeking proposals that if realised would transform the north-west corner of Melbourne’s CBD into a locality that is diverse, liveable, vibrant, activated and resilient.

- Sue Say, Director at Urbis and Chair of the ULI District Council
</blockquote>
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Laurence Dragomir

Urban Land Institute invites ideas for north-west corner of Melbourne CBD

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EXPERT OBSERVER
How can cities do better?
It’s a familiar story in Australian cities: a new apartment building is proposed, and debate soon follows about whether the new residents will have enough public transport or coffee shops. Just kidding. Heated discussion is almost invariably about how much car parking will be built and whether it will be enough to stop cars swamping surrounding streets. In Melbourne, <a href="https://www.tandfonline.com/doi/abs/10.1080/14649357.2014.929727" target="_blank">hundreds of planning appeals</a> each year centre on this topic.
Our <a href="https://participate.melbourne.vic.gov.au/transportstrategy/car-parking" target="_blank">latest research</a> for the City of Melbourne estimates 25-41% of apartment parking in the inner city is vacant. Yet many people feel finding on-street parking is a struggle worsened by higher-density housing. How can both be so, and how can parking be done better?
<img src="https://images.theconversation.com/files/228348/original/file-20180719-142423-bs94pa.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="File 20180719 142423 bs94pa.jpg?ixlib=rb 1.1">
How many car parks are out there?
Cities contain <a href="https://whatthestreet.moovellab.com" target="_blank">surprisingly large amounts of parking</a>. In some US cities, car parking takes up as much as <a href="https://www.tandfonline.com/doi/abs/10.1080/17549175.2017.1310743" target="_blank">half of the ground space</a> of central areas. A recent study of five US cities found “car storage has become the primary land use in many city areas”. Des Moines has <a href="https://usa.streetsblog.org/2018/07/12/american-cities-are-drowning-in-car-storage/" target="_blank">18 times as many parking spaces per hectare as households</a>.
We don’t know exactly how many parking spots there are in most Australian cities. However, the City of Melbourne has <a href="https://www.melbourne.vic.gov.au/about-melbourne/research-and-statistics/city-economy/census-land-use-employment/Pages/clue.aspx" target="_blank">unusually good data</a> showing at least 217,090 parking spaces in inner Melbourne. Off-street parking totalled 4.1 million square metres, or 12% of total floor space in the municipality.
It’s harder to come by data on how parking space is used. Comparing 2016 <a href="http://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/LGA24600?opendocument" target="_blank">Census data</a> on total car ownership (36,951) in the City of Melbourne to residential parking spaces (49,500) suggests there are 12,549 surplus residential car parking spaces – a 25% vacancy. Another <a href="https://exit.sc/?url=https%3A%2F%2Ftrrjournalonline.trb.org%2Fdoi%2Fabs%2F10.3141%2F2537-14" target="_blank">study surveying</a> eight inner Melbourne apartment buildings found car parks were between 30% and 40% empty.
<a href="https://images.theconversation.com/files/228153/original/file-20180718-142438-f44e41.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/228153/original/file-20180718-142438-f44e41.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Studies estimate around one-third of inner-city apartment parking spaces in Melbourne are unused. 
Why the excess parking?
Apartment parking is the <a href="https://www.melbourne.vic.gov.au/sitecollectiondocuments/clue-2016-summary-report.pdf" target="_blank">only parking type increasing</a> in inner Melbourne. Yet car parking <a href="https://trrjournalonline.trb.org/doi/abs/10.3141/1685-20" target="_blank">adds to housing construction costs</a> and <a href="https://www.tandfonline.com/doi/abs/10.1080/10511482.2016.1205647" target="_blank">reduces affordability</a>.
In Australia, land and construction costs per space are between <a href="https://www.onlinepublications.austroads.com.au/items/AGTM11-17" target="_blank">A$50,000 and $80,000</a>, and bays occupy 21 square metres on average. With <a href="https://www.smh.com.au/business/melbournes-apartment-sizes-face-more-scrutiny-20150414-1mkuj4" target="_blank">apartment sizes around 45 square metres</a>, this is a substantial housing trade-off. So in a dense high-cost area, why would there be more spaces than needed?
One reason is minimum off-street parking policies. In most of Melbourne, minimum parking rates have been <a href="https://theconversation.com/the-elephant-in-the-planning-scheme-how-cities-still-work-around-the-dominance-of-parking-space-87098" target="_blank">standard practice since the 1950s</a>. <a href="http://planningschemes.dpcd.vic.gov.au/schemes/vpps/52_06.pdf" target="_blank">State-wide provisions</a> require each new one-to-two-bedroom dwelling to include one off-street parking space, and each dwelling of three bedrooms or more to include two spaces, plus visitor parking.
Requirements for minimum space don’t reflect differences in demand. Some households will trade off parking for other housing characteristics. When London removed minimum parking policies, residential parking was <a href="https://www.accessmagazine.org/fall-2016/from-parking-minimums-to-parking-maximums-in-london/">built at only around half</a> the rate previous policies required.
But not using a space doesn’t mean it’s not wanted. In Melbourne, parking spaces are <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/26211720" target="_blank">typically sold “bundled”</a> with property titles. Even carless households <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/1357480022000012249" target="_blank">prefer to purchase parking</a> for its on-sale value. And when parking is located separately in the building, planning, owners’ corporation and building security rules can make it tricky to lease out or repurpose a space.
So why can’t I find a park?
<a href="https://www.tandfonline.com/doi/abs/10.1080/12265934.2014.927740" target="_blank">Conventional policy approaches</a> combine largely free on-street parking (seen as a public right) with minimum requirements for off-street parking in new developments. Researchers <a href="https://www.youtube.com/watch?v=Akm7ik-H_7U" target="_blank">argue</a> a <a href="http://www.vtpi.org/park_man.pdf" target="_blank">flaw of this approach</a> is that free on-street parking makes off-street requirements an imperfect response.
In Melbourne, 95% of <a href="https://transport.vic.gov.au/data-and-research/vista/">car trips that required parking</a> were free. Such approaches disguise demand and <a href="https://theconversation.com/the-elephant-in-the-planning-scheme-how-cities-still-work-around-the-dominance-of-parking-space-87098">over-supply parking</a> at the expense of other land uses and transport.
A second flaw is the assumption off-street parking is a perfect substitute for street parking. In practice, drivers <a href="https://www.sciencedirect.com/science/article/pii/S0967070X06000424" target="_blank">favour on-street parking</a> over parking garages. They will spend time <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/26211763?seq=1#page_scan_tab_contents" target="_blank">cruising in search </a> of a free spot.
At home, households underuse private parking where free on-street parking is available. Household <a href="https://www.sciencedirect.com/science/article/pii/S0967070X13000565" target="_blank">garages are used for cars only around half the time</a>. A study of households in Los Angeles <a href="https://www.huffingtonpost.com.au/entry/life-at-home-in-the-twenty-first-century_n_1659172" target="_blank">found 75% of garages were filled</a> with accumulating household goods – pushing cars into driveways and streets.
<a href="https://images.theconversation.com/files/228154/original/file-20180718-142428-1bobxpi.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/228154/original/file-20180718-142428-1bobxpi.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Garages in houses are increasingly used to store household goods, not to park cars. 
What cities can do
Cities (including inner Melbourne) <a href="https://www.strongtowns.org/parking/" target="_blank">are removing or reducing off-street parking requirements</a>, or replacing these with maximums. Changes to off-street parking requirements should be integrated with market-based or <a href="https://www.reinventingparking.org/2016/07/six-signposts-to-parking-revolution" target="_blank">adaptive</a> on-street parking.
Dynamic pricing refers to parking where hourly fees vary by time and location, based on occupancy targets and usage patterns. Off-street and on-street parking are integrated to minimise both underpriced and overpriced parking. <a href="https://www.tandfonline.com/doi/abs/10.1080/01944363.2013.787307" target="_blank">SF Park in in San Francisco</a> has seen some peak locations increase in price, other meters reduced, and <a href="https://www.sciencedirect.com/science/article/pii/S0965856414000470" target="_blank">50% reductions in cruising</a> using such an approach.
Then there’s “unbundling”, where parking is sold or rented in a separate market to housing. Households can choose to own or rent less or more parking. Parking spaces could either be optional in initial purchase, or building managers (or owners) could rent out spaces separately. Informal and app-based markets are emerging to allow people with excess parking to rent space to those searching for it.
<a href="https://images.theconversation.com/files/228156/original/file-20180718-142432-tkx4z1.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/228156/original/file-20180718-142432-tkx4z1.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
In Japan, there is almost no on-street parking. 
Some studies suggest unbundling <a href="https://trrjournalonline.trb.org/doi/abs/10.3141/2319-11" target="_blank">reduces car ownership and use</a>, while others indicate it simply <a href="https://www.sciencedirect.com/science/article/pii/S0264837716304975">improves parking allocation</a>.
Precinct or neighbourhood parking is another approach. This is an off-site parking structure within walking distance used by different buildings in an area. Japan has a diverse market of off-street neighbourhood parking lots. This is fostered by a <a href="https://www.reinventingparking.org/2014/06/japans-proof-of-parking-rule-has" target="_blank">proof-of-parking law, combined with almost no on-street parking</a> and few parking minimums. Those who want a parking space at their house are free to do so, but many opt for a short walk to a small lot in their neighbourhood.
<img src="https://images.theconversation.com/files/228155/original/file-20180718-142414-rl9gaj.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
A residential car parking structure (above)) in the Vauban area in Freiburg, Germany.
Converting and future-proofing parking
Parking space can also be converted to other uses. <a href="https://www.citylab.com/transportation/2012/08/lessons-zurichs-parking-revolution/2874/" target="_blank">Parking numbers in central Zurich were capped</a> in 1996, with surface parking converted mostly to public squares. <a href="https://www.theguardian.com/cities/2017/jun/13/oslo-ban-cars-backlash-parking" target="_blank">Oslo is phasing out central city parking</a> in favour of “greener and more liveable” uses.
Since the 1970s Copenhagen policy has reduced parking spaces by 2% per year by <a href="https://www.trafficinfratech.com/parking-policy-u-turn-in-europe-effective-management-strategies/" target="_blank">“treating street space as a valuable public asset”</a>. <a href="https://metro.co.uk/2017/11/28/london-homes-and-offices-banned-from-car-parking-spaces-to-cut-pollution-7115870/" target="_blank">London</a> recently announced a ban on new parking. There are also <a href="http://pavementtoparks.org/parklets/" target="_blank">pop-up, temporary</a> approaches, parking <a href="https://www.minnpost.com/politics-policy/2017/11/why-future-minneapolis-parking-garages-may-not-include-parking" target="_blank">designed for future re-use</a>, and conversions of <a href="http://scadpad.com/" target="_blank">multistorey structures</a>.
Cities need to respond to changes and uncertainties around parking in ways that make fairer use of public and private space. Japan, for example, offers a more flexible model where parking ownership is easily transferred with changing needs.
<img src="https://counter.theconversation.com/content/99031/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Some researchers <a href="https://www.tandfonline.com/doi/full/10.1080/14649357.2017.1416776" target="_blank">have recommended</a>, given the uncertainties around transport, that cities focus on parking reform. While not glamorous, it makes sense regardless of future automation scenarios.
Elizabeth Taylor, Vice Chancellor's Post-Doctoral Research Fellow, RMIT University &amp; Rebecca Clements, PhD Candidate, Faculty of Architecture, Building and Planning, University of Melbourne
This article was originally published on The Conversation. 
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Empty car parks everywhere, but nowhere to park

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Melbourne’s hidden gem Bennetts Lane is set to get a new hotel.
The local developer Aust Global Investment commissioned Breathe and Plus Architecture on the boutique project.
The project will feature 44 rooms across 13 levels in a building that channels the art deco glamour of the former Bennetts Lane Jazz Club, which closed this year to make way for an apartment development.
Breathe Architecture director Jeremy McLeod said some inspiration came from Paramount House Hotel, where the operator added unusual touches like a beer tap at reception.
Aust Global Investment founder Lionel Shi said the vision was to bring a truly unique Melbourne experience to guests and the appointment of local design firms, as well as a local hotel operator, would be key to this.
“Appointing local designers and finding a local operator who not only understands Melbourne’s laneway culture but can also help curate the hotel’s jazz-inspired theme, are critical elements in delivering the hotel vision,” said Shi.
Its brick façade will rise five levels and will be topped by an integrated nine-level shimmering glass structure, punctuated by greenery at its base.
The two penthouses have been set back on the upper levels, to minimise the hotel’s perceived height while providing additional outdoor spaces for guests.
It is expected to commence construction in early 2019, and open in mid-2020.
The expressions of interest campaign for hotel operators closes in mid-September.
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New hotel set to jazz-up Melbourne’s Bennetts Lane

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Pump and water treatment systems manufacturer AKS Industries has leased a level one office space Melbourne CBD’s historic Scottish House.
Stephen Land of Fitzroys negotiated the three-year deal for the 290 square metre space within the 90 William Street building, at $124,700 per annum gross on behalf of a private owner.
Land said the property’s high ceilings, ample natural light and William Street aspect was a drawcard for prospective tenants, as well as its location in an evolving part of the CBD.
“The large number of developments through the CBD’s western corridor has seen a growing range of tenants enquire for spaces in this part of the city, beyond the law firms seeking a place close to the legal precinct,” he said.
Scottish House is just metres from the dual-tower, office, hotel and residential Collins Arch development at 447 Collins Street, on the corner of William Street, as well as Mirvac’s Olderfleet project at 477 Collins Street, which will bring more than 52,000 square metres of new office space.
“Tenants were looking for an opportunity to take up a character space in the CBD, while being able to enjoy the increasing number of lifestyle and food and beverage offerings being delivered nearby in response to the booming worker population,” Land said.
The six-storey Scottish House building was designed for prominent shipping agents McIlwraith McEacharn Ltd in 1907, by architect Charles D’Ebro, and was their head office for more than 70 years.
The Heritage Council Victoria has deemed Scottish House as architecturally significant “as an office building that expresses both in style and structure the commercial values and status of a leading Australian company”.
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New tenants for Melbourne CBD’s Scottish House pumped for move

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The impact of Melbourne’s West Gate Tunnel Project on dwelling prices will be positive for some but negative for others, according to the latest analysis by RiskWise Property Research.
The $6.7 billion project, under construction since January and due to open in 2022, is touted as being a 'game-changer' when it comes to the way people move around the congested city, which is projected to have a population explosion to five million by 2021 and eight million by 2050, according to demographer Bernard Salt.
While the tunnel’s construction will, according to Transurban, reduce peak travel time by up to 20 minutes, take about 28,000 vehicles off West Gate Bridge and 22,000 vehicles off Bolte Bridge daily, generate 6000 new jobs and remove more than 9000 trucks from local streets, not all its effects on the property market will be positive, says RiskWise CEO Doron Peleg.
“There are many positive aspects to the construction of the West Gate Tunnel especially as it is expected to provide a $11 billion boost to the Victorian economy,” Peleg said.
“Dwellings that are well located and in good proximity to transport hubs will have much greater access to the CDB and this means they are projected to have solid capital growth, at least for houses.” 
He said this was particularly the case for houses in Yarraville and Footscray, which already enjoyed strong demand and would deliver outstanding capital growth in the long term. 
“Overall house price growth in Greater Melbourne has decelerated to 2.2% in the past 12 months, however, the five-year capital growth in the city’s western suburbs was 69.1% and this area is projected to deliver a solid long-term capital growth,” he said. 
“What we are seeing is that the inner-city suburbs of Melbourne are following the same demand and capital growth patterns of Sydney's inner-west suburbs where proximity to the CBD, relative affordability (five years ago) and gentrification saw demand increase with very strong property capital growth of 92.7% over five years and solid capital growth predicted in the medium-to-long term.  
“The western suburbs of Melbourne are following the same pattern. Add to that major ‘transformation projects’, and the capital growth is projected to be very good in the long term.
“It is important to note though that the same cannot be said for units in Melbourne which suffer from significant oversupply.  Our research shows that areas with a high level of stock and an elevated number of approvals and units in the pipeline suffer from poor and often negative capital growth, and this significantly increases the settlement risk for units purchased off-the-plan, particularly in larger developments. 
“In Footscray there are 2280 units in the pipeline for the next 24 months, which equals an addition of 41.3% to the current stock.
“Oversupply of apartments in some cases leads to voluntarily lending restrictions by the major lenders, such as lower loan-to-value ratio (LVR) mortgages for new units. These lending restrictions are in addition to broader lending restrictions that have been set by APRA to significantly reduce investor activity."
He said while unit oversupply was a concern, the new infrastructure would likely improve demand, and this could mitigate the risk to some extent.
Peleg said another consideration when it came to any negative consequences of the tunnel was that some dwelling prices could be impacted because they were too close to high-traffic areas which meant they could carry a higher level of risk due to poor demand, and this was the case for both houses and units.
“Major infrastructure can often result in negative outcomes for some properties in the sense that people are excited by it yet tend to forget that some properties will be negatively impacted,” he said.
“About 350 houses will sit above the tunnel, which will run at least 18m beneath the ground, and while the state government has promised compensation to those whose properties are damaged by underground boring, it is likely to reduce demand and prices for those affected.”
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How Melbourne's West Gate Tunnel will impact property prices

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Australian Unity will add a new landmark to the Melbourne skyline with The Grace Albert Park Lake.
It is a $120 million, vertical, independent retirement community.
The Grace Albert Park Lake will be marketed as the most prestigious address of its kind in Australia.
"With Melbourne’s ageing population forecasted to almost triple from 2011 to 2051, there is an increasing demographic seeking a future home that offers world-class design and facilities, beautiful residences, and an exceptional level of service,” says Kevin McCoy, Chief Executive Officer for Independent and Assisted Living at Australian Unity.
Located at 128 Albert Road on an 1,100 square metre site overlooking Melbourne’s most famous lake and surrounding parklands, The Grace Albert Park Lake will comprise 79 residences across 18 levels. 
The one, two and three bedroom apartments vary in size from 78 to 301 square metres, and will be priced from $650,000. 
One penthouse (three bedrooms plus study) will be situated on the top level, with two outdoor terraces providing uninterrupted views of Albert Park Lake, the bay and surrounds, priced at $4.5 million.
In its 19th retirement community, Australian Unity has engaged Fender Katsalidis Architects and Mim Design.
David Sutherland, Director at Fender Katsalidis said an architectural element will be the courtyard community clubs running vertically through the building, devised to provide a variety of spaces to stimulate the mind, cultivate physical and mental wellbeing, and share skills and experiences with other residents.
An Artists’ studio will accommodate painting, crafts and other creative pursuits, and a purpose-built Games Room will be devoted to activities that engage and challenge the mind. An Explorers’ Den will feature maps, atlases and travel books to explore or reminisce about experiences from all corners of the globe, and the Edible Garden will be full of fresh herbs, pot plants and greenery for residents to enjoy.
There will be a Piano Lounge and bar, a Theatrette for an intimate cinema experience, a health and fitness centre and an indoor pool. A private dining room seating up to 14 will be located on level 2 to entertain guests, and its 147 square metre rooftop terrace will have barbeque facilities and incredible lake views.
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“We designed the interior spaces to engage with residents and create a sense of pride, nostalgia and calm,” explains Miriam Fanning, Founding Director of Mim Design.
The lobby will have a concierge.
 Each apartment has a dedicated secure car space and storage facility, with the penthouse and three bedroom plus study residences having two car spaces each.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/3/Australian%20Unity%20They%20Grace_Explorers%20Den_Render.jpg" alt="">
Australian Unity has partnered with Marshall White Living to sell The Grace Albert Park Lake,
Construction of The Grace Albert Park Lake has commenced with completion scheduled for late quarter one 2019.
Also owned by Australian Unity, the adjacent building is proposed to provide future residential aged and accommodation services, tailored to the needs of individual residents, as part of Australian Unity’s ongoing commitment to providing access to a spectrum of care services.
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Australian Unity announces $120 million, vertical retirement high-rise overlooking Albert Park Lake

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Up Property's iconic Morris Moor development will soon be home to CLIK Collective.
It will be the only co-warehousing and co-working space designed around the needs of ecommerce businesses in Melbourne, with the 6,000 sqm space set to meet the specific needs and growth of local online retailers.
Formerly known as Kensington Collective, CLIK Collective developed the co-warehousing concept after identifying co-working spaces for ecommerce retailers, that also included tailored warehousing spaces, loading bays, photography studios and showroom facilities, did not exist.
With over 80,000 ecommerce business in Australia, CLIK Collective Founder and Director Harry Kempler, explains that it was the well-connected location and planned surrounding onsite amenities that drove them to choose Morris Moor as the new location for their co-warehousing space.
CLIK Collective plans to provide purpose-built spaces, facilities and services for ecommerce businesses based in Melbourne's South East, assisting in the development of more than 60 new innovative businesses for the Moorabbin community.
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"Collaborative economies are making their way into the logistics industry by offering unique and clever solutions that are both efficient and environmentally responsive. We're passionate about small businesses and coworking environments and look forward to supporting local online retailers on a large scale and for the opportunities Morris Moor will bring to the local community," Kempler added.
Opening in September, CLIK Collective Moorabbin will offer a range of individually secure warehouse spaces from 12 sqm through to 300 sqm.
The business is one of four already confirmed for Morris Moor, which Up Property has revealed will see the transformation of the 60-year-old Philip Morris manufacturing site.
Up Property Managing Director, Adam Davidson, explains that they are excited to welcome CLIK Collective who are bringing the unique co-warehousing concept to Morris Moor.=
Construction began this month on Morris Moor's office building, located at the corner of Chesterville and Cochranes Road. Boasting 5,257 square metres of office space across two levels, the building has the potential to house up to six tenants ranging from approximately 250 sqm to the whole building.
Up Property have secured their first commitment within the office space.
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A new take on co-working: co-warehousing comes to Moorabbin's Morris Moor

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This week on our weekly podcast I sit down with <a href="/architects/cht-architects">CHT Architects</a> Director David Carabott and Associate Directors Mark Spraggon and Felipe Strahovsky to discuss the changing landscape of the Melbourne apartment market, and their collective experience and observations working on multi-residential projects.

As part of a wide ranging discussion we cover topics such as;

<ul>
<li>the impact of Better Apartment Standards (BADS) on apartment design and affordability the need to develop more diverse housing typologies to cater to a wider cross-section of society including families;</li>
	<li>the perception of apartment living and how it has gradually evolved over the last few years;</li>
	<li>the need to unlock the inner and middle ring suburbs for development, rather than relying on the Melbourne CBD, Southbank and Docklands to do all the heavy work and;</li>
	<li>we also briefly touch on Fishermans Bend and the work CHT have undertaken within the urban renewal area, and how critical </li>
</ul>
Listen below to find out more and remember to subscribe via Soundcloud or iTunes. Also in case you missed it here's <a href="https://soundcloud.com/urbancomau/weekly-podcast-episode-26">Episode 26 with Alastair Taylor.</a>

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