<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Melbourne

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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.
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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.
<img src="https://www.urban.com.au/images/2018/7/31/Up%20Property_Click%20Collective%20Morris%20Moor%20Render%202.jpeg" alt="">
"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>

<iframe allow="autoplay" frameborder="no" height="300" scrolling="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/486204447&amp;color=%23ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;show_teaser=true&amp;visual=true" width="100%"></iframe>
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