<p>Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.</p>

<p>The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.</p>

<p>The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.</p>

<p>The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" /></p>

<p>SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.</p>

<p>“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" /></p>

<p>The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.</p>

<p>Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" /></p>

<p>“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.</p>

<p>The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.</p>

<p>The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.</p>

<p>Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a></em></p>


Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.</p>

<p>The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.</p>

<p>The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.</p>

<p>SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”</p>

<p>The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" /></p>

<p>The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.</p>

<p>A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.</p>

<p>Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" /></p>

<p>The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.</p>

<p>Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.</p>

<p>The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.</p>


First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;</p>

<p>The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;</p>

<p>The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."</p>

<p>Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.</p>

<p data-end="950" data-start="653">Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.</p>

<p data-end="1522" data-start="1309">The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.</p>

<p data-end="1945" data-start="1716">The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.</p>
</section>
</section>

<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

<p data-end="320" data-start="79">Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.</p>

<p data-end="638" data-start="322">The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.</p>

<p data-end="864" data-start="640">Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352689]</p>

<p>Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.</p>

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."</p>

<p>“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352687]</p>

<p><a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.</p>

<p>“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352690]</p>

<p>The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.</p>

<p>“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.</p>

<p><a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.</p>

<p>[smartcode_project_cta:default project_id=112343]</p>


Eastern Suburbs buyers snap up ESTE Little Bay apartments

Melbourne

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<p>A freestanding two-level building in leafy Lygon Street on the edge of the Melbourne CBD remains listed for sale.</p>
<p>The <a href="https://www.realcommercial.com.au/property-retail-vic-carlton-502417766" target="_blank">232 Lygon Street</a> property is being offered with vacant possession through commercial real estate firm CBRE after last month's sale failed to yield a buyer.</p>
<p>Lygon Street is also a synonym for ‘Little Italy’, where Melbourne's cafe culture was born.</p>
<p>The 245 sqm landholding has further development potential subject to council approval.</p>
<p>The property is surrounded by some of Melbourne’s best eateries and there are plenty of boutique retailers.</p>
<p>According to the description, the street offers 7 day/24 hour trading conditions due to high volumes of pedestrian traffic driven by shoppers, tourists and students.</p>
<p>The listing agents are Sandro Peluso, Rorey James and Nic Hage of CBRE.</p>
<p>Its previous sale price was $495,000 in 1985, according to CoreLogic RP Data.</p>
<p>A recent sale in the tightly held precinct were two freestanding corner adjoining buildings at <a href="https://www.realcommercial.com.au/property-retail-vic-carlton-501668953" target="_blank">242 Lygon Street</a>.</p>
<p>The deal value was in 2015 at $6.32 million through Colliers International.</p>
<p> <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/2017/07/10/July12CommPropLygonSt1.jpg" alt=""></p>
<p>The property is fully leased to Stotts College at a net rent of $338,000 pa plus GST.</p>
<p>The lease is for five years with options for two further extensions and fixed 4% annual increases.</p>
<p>Last year, a retail space at <a href="https://www.realcommercial.com.au/property-retail-vic-carlton-501937130" target="_blank">265 Lygon Street</a> sold for $3.96 million, according to CoreLogic RP Data.</p>
<p>The shop was on a six-year lease providing an annual income of $148,567 plus GST and fixed annual rental increases.</p>
<p><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/2017/07/10/LygonSt2.jpg" alt=""></p>
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jonathanchancellor-7SQnKwU6yx

Lygon Street property listed for private sale

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<p>A leading beauty firm has leased space in a laneway in the Melbourne CBD.</p>
<p>The shop at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502310898" target="_blank">22 Russell Place</a> has been leased by Nailist by Seepair Pty Ltd.</p>
<p>The high-end nail and beauty services provider will take up the CBD space on a sublease, at a net annual rent of $78,000 plus outgoings and GST.</p>
<p>The deal was negotiated by Fitzroys’ Terence Yeh, who acted on behalf of I Love Ugly Pty Ltd.</p>
<p>The 53 sqm shop has frontage to Russell Place and is in the Melbourne CBD’s retail core, between Bourke Street and Little Collins Street.</p>
<p>“This laneway gem generated strong interest from a variety of businesses, including fashion retailers, cosmetic retailers, cafés and boutique bars all looking to secure a presence in the heart of Melbourne’s CBD, and take advantage of the high exposure afforded by the frontage.”</p>
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j.ballantyne1990-6AQqhLzZaK

Beauty firm takes prime space in Melbourne's CBD

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<p>A leased warehouse/office property in Melbourne’s Campbellfield has just sold to a local investor for $1.8 million and strong yield of 7.95 percent.</p>
<p>The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-campbellfield-502355778" target="_blank">57-65 Paulson Road</a> property generates an annual rental of $143,170 p.a. net. The property is on a five-year lease with another five-year option.</p>
<p>The 2,600 sqm building sits on a land area of 4,180 sqm and has a side hardstand/yard area, multiple roller door access and first floor office space.</p>
<p>At the purchase price, the building rate works out to be $692.31 per sqm. </p>
<p>The property is located close to main roads and major arterials including Sydney Road, Mahoneys Road, Hume Freeway, Western Ring Road and Tullamarine Freeway. </p>
<p>The selling agents were Leo Mancino and Bradley Ellul of CVA.</p>
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Warehouse in Melbourne's Campbellfield snapped up for $1.8 million

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<p>The Outer East Melbourne region had the highest auction clearance rate over the weekend, according to CoreLogic’s latest report.</p>
<p>The property data firm says that out of the 55 auctions in the Outer East region 90.9% resulted in a successful outcome.</p>
<p>This was followed by the South East with 86.2% and North West with 83.6%.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/07/17/Screen%20Shot%202017-07-17%20at%2010.23.18%20am.jpg" target="_blank">Click to enlarge</a></p>
<p><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/2017/07/17/Screen%20Shot%202017-07-17%20at%2010.23.18%20am.jpg" alt=""></p>
<p>A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wantirna+south-125727574" target="_blank">42 Argyle Way</a>, Wantirna South (above) has been sold for $1.045 million.</p>
<p>Built in 1990 the property was last sold in 2011 for $462,500 and in 2003 for $295,000 while the land was sold in 1979 for $40,000.</p>
<p>A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ferntree+gully-125727006" target="_blank">42 Bryden Drive</a>, Ferntree Gully (below) was sold for $850,000.</p>
<p>Built in 1985 the property was last sold in 2014 for $525,000, 1994 for $130,000 and in 1986 for $92,500.</p>
<p><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/2017/07/17/42%20Bryden%20Drive.jpg" alt=""></p>
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Outer East Melbourne scores 90% auction clearance rate: CoreLogic

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<p>Over the year to March 2017 Victoria delivered an impressive 66,085 new dwellings, 31,337 of which were attached dwellings of one sort or another.</p>
<p>Yet annual population growth has exploded to +146,600.</p>
<p>In short, you can basically forget any chance of an oversupply in Melbourne until population growth comes down from the stratosphere. </p>
<p>It's not happening, and indeed Melbourne's vacancy rates appear to be approaching decade lows.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/07/13/A1.jpg" target="_blank">Click to enlarge</a></p>
<div id="post-body-2953428177568349591" class="post-body entry-content">
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<br><div>Different dynamics<br><br>Annual population growth has ramped up in New South Wales too at +116,400.</div>
<div> </div>
<div>But with 64,824 new dwellings delivered over the year this crude ratio has shifted favourably towards the supply side after ten years of relative under-building in Sydney.</div>
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<div class="post-body entry-content"><a href="https://www.propertyobserver.com.au/images/2017/07/13/A2.jpg" target="_blank">Click to enlarge</a></div>
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<br><div>With some 82,836 dwellings under construction across New South Wales there's plenty more to come too, in spite of dwelling starts now finally having passed their peak. </div>
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<div>Despite being a more diverse state - as well as being home to traditional boom/bust markets such as the Gold Coast - Queensland has followed a similar pattern. </div>
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<div>The Sunshine State delivered 46,469 dwellings over the year through a period where population growth had slowed dramatically following the peak of resources construction boom in 2012. </div>
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<div>Although population growth has now picked up in Queensland and dwelling starts are apparently slowing to a crawl, it's clear that an oversupply of new dwellings is writ large.</div>
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<div>The number of dwellings under construction has been in decline since September 2016, with 37,624 dwelling units 'live' as at the end of the first quarter of 2017, and new starts have slowed dramatically, so the market is in the process correcting itself.  </div>
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<div>Notably, 28,391 of the dwellings under construction were of the attached variety, reflecting the super-boom in apartment construction up north. </div>
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<div>Of course these models aren't intended to be anything other than a crude dashboard, but are a simple display of the apartment oversupply that faces parts of inner city Brisbane.<br><br>Finally, Western Australia saw the completion of 28,535 dwellings in 2016, yet population growth slowed sharply to 16,835, illustrating what can happen to population growth in an economic slowdown.</div>
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<br>Population growth appears to have bottomed out in WA in line with a number of other indicators, but there is now a clear oversupply of dwelling stock to be absorbed. </div>
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<p class="p1"><span class="s1">PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank"><span class="s2">AllenWargent</span></a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank"><span class="s2">blogger</span></a>.</span></p>
<p class="p2"><span class="s3"><em>His latest book is </em><a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank"><span class="s2"><em>Four Green Houses and a Red Hotel</em></span></a><em>.</em></span></p>
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Forget any chance of an oversupply in Melbourne dwellings: Pete Wargent

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<p class="p1">An office/warehouse in Melbourne’s Tullamarine has been leased for $235,000 per annum to Bio Strategy Pty Ltd, a medical and research appliance company.</p>
<p class="p1">The property at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-tullamarine-502338346" target="_blank">8-10 Trade Park Drive</a> is located just off Melrose Drive providing direct access to Melbourne’s international Airport.</p>
<p class="p1">Bio Strategy has taken a five-year lease with another option of five years.</p>
<p class="p1">The 2,385 sqm building comprises a clear span warehouse, a two-level office that features open plan and partitioned spaces, kitchen and other amenities.</p>
<p class="p1">The land area is 5,834 sqm.</p>
<p class="p1">The deal was brokered by Anthony Carbone of CVA.</p>
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Warehouse in Melbourne's Tullamarine leased out

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<p>A former Salvation Army site in Melbourne’s northern suburb of Glenroy has sold at auction for $1,705,000, well above expectations.</p>
<p>The property at <a href="https://www.realestate.com.au/sold/property-residential+land-vic-glenroy-201806918" target="_blank">132-134 Cardinal Road</a> comprises a solid brick building with frontage to Cardinal Road.</p>
<p>The 1,393 sqm site is located within a favourable Neighbourhood Residential Zone.</p>
<p>The buyer was an interstate owner occupier and the selling price translated to a land rate of $1,223.97 sqm and building rate of $3,486 sqm. </p>
<p>The selling agent was Anthony Carbone of CVA.</p>
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Former Salvation Army site in Melbourne's Glenroy fetches $1.7 million at auction 

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<p>Melbourne’s St Kilda Road is experiencing an influx of major businesses in the past 12 months, as witnessed by a recent leasing office deal in the precinct. </p>
<p>Perth-based landlord Lester Group’s office asset at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501843394" target="_blank">324 St Kilda Road</a>, which was previously leased to Target, has found three new tenants across five floors totalling 4,500 sqm. </p>
<p>Sales solutions provider The SMART Group has relocated from Richmond, committing to levels two and six; waste, water and energy solutions provider Veolia has relocated from South Melbourne, committing to level five; and claims management solutions provider Crawford &amp; Company has relocated from Southbank, committing to levels three and four, according to leasing agents from Colliers International.</p>
<p>The vacancies were created after Target, which leased five floors in the building between 2012 and 2015, vacated the space and relocated to Geelong and Bourke Street.</p>
<p>The discount retailer, which is owned by Perth-based Wesfarmers - also a tenant at No.324 - has since committed to a new office building at Williams Landing in Melbourne's west.</p>
<p>The trend is part of a growing number of national and international companies relocating to the city-fringe boulevard, including advertising agency Big Red from Prahran, Just Group from Richmond, Deluxe from South Melbourne and Monash University from various locations. </p>
<p>The deal was negotiated by Colliers International’s Ben McKendry, Vincent Tran and Matt Cosgrave along with Thorburn Property’s Kenny Thorburn.</p>
<p>The three deals were completed at circa $450 gross per sqm, with multiple options to renew the lease terms.</p>
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<p>According to Colliers, St Kilda Road’s proximity to the CBD and its high-quality and cost-effective leasing opportunities attract major tenants.</p>
<p>“The successful leasing campaign has vindicated our decision and belief in St Kilda road four years ago when we acquired the building,” Lester Group’s Russell Lester said. </p>
<p>“324 St Kilda Road is now 100 per cent leased following Target’s relocation to Geelong mid last year, which left Colliers International and Thorburn Property with five floors to lease, each measuring 918 sqm,” Tran said. </p>
<p>Further reinforcing the precinct’s strong standing within the city-fringe office market, several large multi-national businesses already present on St Kilda Road have opted to remain there, with Macquarie Leasing, WPP and Frasers Property Australia recently renewing their leases.</p>
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Melbourne's St Kilda Road witnesses surge in major tenants 

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<p>Country Garden Australia, the Australian arm of Hong Kong-listed Country Garden Holdings Co Ltd, has announced its first Victorian development project in Wyndham Vale.</p>
<p>The 353-hectare project, located about 36 km south-west of Melbourne, will comprise more than 4,000 homes on completion.</p>
<p>CGA managing director Guotao Hu said the strategic acquisition represented the company’s long-term commitment to the Australian market.</p>
<p>“We are excited at the prospect of delivering our first major greenfield community in Australia and we remain committed to developing high-quality housing for all Australians,” Hu said.</p>
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<p>Established in 1992, the parent company has a market capitalisation of nearly $30 billion and has built homes for over three million people across 400 cities globally.</p>
<p>The company entered the Australian market in 2014 and is currently delivering a major residential mixed-use community, Ryde Garden (pictured above), 15 kilometres north west of the Sydney CBD that consists of 830 apartments.</p>
<p>Last year, it acquired a 10-house site amalgamation in St Leonards South for about $45 million under a put and call option.</p>
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Country Garden Australia acquires 4000-home project in Melbourne's Wyndham Vale  

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<p class="p1">A double-fronted Victorian in original condition in Melbourne’s Yarraville has sold at auction for $1.81 million, well above the expected range of $1.4-1.5 million.</p>
<p class="p1"><span style="font-size: 12.16px;">The house at <a href="https://www.realestate.com.au/sold/property-house-vic-yarraville-125568406" target="_blank">9 Fairlie Street</a> was described as “a classic case of being probably the worst house on one of the better streets”.</span></p>
<p class="p2"><span style="font-size: 12.16px;">The four-bedder sits on a large area of 760 sqm and was assessed by property agency National Property Buyers at $1,650,000 - $1,700,000, it said in a newsletter.</span></p>
<p class="p2"><span style="font-size: 12.16px;">The selling agents were Leigh Melbourne and Wayne Elly of Greg Hocking Elly Partners.</span></p>
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<p class="p1"><span style="font-size: 12.16px;">The description says that the un-renovated house is</span><span class="Apple-converted-space" style="font-size: 12.16px;">  </span><span style="font-size: 12.16px;">“ready to be rescued and re-invented”, implying there is scope for refurbishment or redevelopment.</span></p>
<p class="p2"><span style="font-size: 12.16px;">It comprises four bedrooms arranged around a central living room, a kitchen/meals area and bathroom.</span><span class="Apple-converted-space" style="font-size: 12.16px;"> </span></p>
<p class="p2"><span style="font-size: 12.16px;">To the rear, the garden offers possible redevelopment scope subject to council approval.</span></p>
<p class="p2"><span style="font-size: 12.16px;">It is close to Seddon station, Yarraville Gardens, village cafes and the city.</span><span class="Apple-converted-space" style="font-size: 12.16px;"> </span></p>
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