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

Joel Robinson

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

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>.

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.

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.

[smartcode_project:default project_id=112343 project_image_fid=352689]

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.

<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."

“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.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<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.

“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.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

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.

“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.

<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.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Melbourne

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There is a growing trend for small retail spaces in the Melbourne CBD, according to valuation firm Herron Todd White.
The property investment firm said in a report that there is also a trend of low to medium mixed use properties in the inner ring of Melbourne.
In Melbourne’s CBD and within the 15 kilometre inner ring from Melbourne’s CBD, there are two entry level price categories currently popping up in the retail market, said the report.
“Firstly, within Melbourne’s CBD, there is a growing trend for very small retail spaces to be created in areas that were previously not used for retail purposes," said HTW.
“For example, only late last year, a small 20 square metre cafe known as Saluministi was created in Flinders Lane, in the base of an existing carpark, where a tenant entered in to a new five-year lease at $35,000 per annum on a gross rental.
“Similarly, in Equitable Lane within a narrow space being the former foyer of a commercial building, a new coffee shop known as Heresy was created utilising an area of 22 square metres at a starting annual gross rental of $40,750 per annum."
While these spaces are not yet for sale, they are being created in more inventive, small retail spaces and when made available for sale, are likely to be at prices below $1 million.
“This is an affordable entry level for Melbourne’s CBD and we would expect yields of between 3% and 4% for these assets."
“Secondly, given the trend of low to medium rise mixed use retail/residential developments in the inner ring of Melbourne we are seeing a number of small sub-100 square metre retail premises selling in the current market in these locations,” the report stated.
These properties are either new or currently under construction, according to HTW.
“These isolated retail premises, generally sit below new, or currently under construction, residential apartment complexes and generally offer a food/coffee option for existing and nearby residents in this specific location."
“For example, in one recent off-the-plan sale in Elland Avenue, Box Hill, a 100 square metre retail shell just sold for $600,000 excluding GST. Based on a hypothetical rental of $30,000 per annum net, and after deducting appropriate letting up allowances and adjustments for non recoverable outgoings, this sale price shows a yield of approximately 4.75%."
It said such examples abound in these inner to middle suburban locations and are expected to be available in the foreseeable future.
“At present we are seeing yields in the order of 4% to 5% for these small retail orientated strata assets."
“The lower price retail sector of the Melbourne market is performing well and we expect this trend to continue in the short to medium term,” the report said.
A retail corner property at <a href="https://www.realcommercial.com.au/property-retail-vic-collingwood-502356550" target="_blank">9-15 Little Oxford Street</a>, Collingwood (above) has been listed for sale.
 
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j.ballantyne1990-6AQqhLzZaK

Melbourne CBD sees a growing trend of small retail spaces: HTW

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The Melbourne residential auction market remains positive for most sellers despite slowing over recent weeks according to Domain's Andrew Wilson.
He said Melbourne auction numbers will be lower this weekend with the mid-winter market pause to gather momentum over the coming month.
"Melbourne is set to host over 900 auctions this Saturday which will be down on last weekend’s 983 listings but similar again to the 901 auctioned over the same weekend last year," he said.
"Melbourne’s western suburbs are again the most popular for auctions this weekend with 149 listed.  Next highest region is the inner east with 132 followed by the inner south with 125, the outer east 119, the north east 113, the inner city 100, the north 85 and the south east with 57 auctions scheduled.
"Craigieburn is the most popular suburb for auctions this Saturday with 16 followed by Reservoir and Glen iris each with 15 and a number of suburbs with 13 auctions scheduled including Glen Waverley, South Yarra and Hawthorn."
 
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jonathanchancellor-7SQnKwU6yx

Melbourne residential auction market remains positive

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Most indicators suggest that Melbourne has moved into first place as the city creating the most jobs and growth.
That said, the New South Wales Treasurer handed down a 2017-18 Budget yesterday revealing that the state's finances are in rude health.
Each month I've been tracking the unprecedented stamp duty take resulting from Sydney's property boom, a gift which has kept on giving.
It was reported yesterday that the state beat projections in 2016-17 to hit another surplus of $4.5 billion, with NSW now in a negative net debt position, boasting a net worth totalling more than a quarter of a trillion dollars, and with enough left over to set up a $15 billion Future Fund.
To complete the virtuous circle the state now plans to unleash a towering $72.7 billion spend on infrastructure, incorporating an impressive range of projects, a further record $7.7 billion for health infrastructure, and $4.2 billion to build 26 new schools and to fund upgrades.
This is a positive move for Sydney, and the harbour city will need to get these projects moving to fill the hole left by any coming downturn in the rate of apartment building.
Melbourne vacancies keep falling
We seem to have reached an inflection point in this property cycle.
Lower interest rates spurred record numbers of property investors into the market since 2012.
But now regulators and banks are winding back interest-only loans and have introduced tougher serviceability measures and higher mortgage rates for investment products.
And this is at a time when demand for rentals has never been higher, with employees changing roles and locations more frequently than in times past, and a record boom in international visitors and students.
While the rate of dwelling construction has been impressive, I recently mused <a href="https://petewargent.blogspot.com.au/2017/06/is-sydney-heading-for-rental-crisis">here</a> whether the number of available rental properties will keep up with demand this year and next. 
Vacancy rates declined across much of Australia in May, with the national vacancy rate dropping from 2.4 per cent to 2.2 per cent. 
Vacancies remained super-tight in Hobart (0.6 per cent) and Canberra (1 per cent), while in Sydney the vacancy rate declined to just 1.8 per cent. 
Vacancy rates ticked down in Brisbane, Perth, and Darwin in May, though from elevated levels in the case of Perth and Darwin, where median asking rents continue to slide. 
In Melbourne the vacancy rate is almost in freefall, halving from more than 3 per cent at the end of 2014 to a 7-year low of just 1.5 per cent.  
Inflation impact?
SQM's asking rents index shows rents already rising for apartments in Sydney (up 3.5 per cent over the year to June 20), and quite sharply for apartments in Melbourne (up 5.9 per cent).
<a href="https://www.propertyobserver.com.au/images/2017/06/22/SQM1-1.jpg" target="_blank">Click to enlarge</a>
<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/2017/06/22/SQM1-1.jpg" alt="">
The vacancy rates figures suggest that rental prices may soon level off in the resources capitals, while there is mounting evidence of a tightening rental market in the two most populous capital cities.  
If rents do start to rise again then this has implications for monetary policy since rents form an important part of the consumer price index (combined with rising energy prices, a strengthening rental market could be enough to scope out further rate cuts). 
On the other side of the ledger, oil prices have declined to their lowest level in 9 months. 
Overall, the figures suggested that the rental markets in the weakest cities are approaching their cyclical nadir, while most other markets ex-Brisbane are either tight or tightening. 
Most notably, the feared oversupply in Melbourne has not materialised - if anything the number of available rentals is failing to keep pace with demand. 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Melbourne vacancies crash to a 7-year low

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Real estate fund manager EG Funds Management has recently sold a business park from the Core Plus Fund No. 1 portfolio in Melbourne’s Mount Waverley for $76.3 million.
The Gateway Business Park is located at 495-501 Blackburn Rd. The property currently has two tenants, Leica Biosystems and Metricon Homes, on long-term leases.
Its net lettable area (NLA) is more than 22,000 sqm and includes several offices, a laboratory, and warehouse and storage facilities.
EG bought the property in 2014 for $63 million. 
After a number of unsolicited approaches, EG said it made a “strategic decision to divest the property to capitalise upon strong cap rate compression and market appetite for quality product offering future upside”. 
The asset was purchased by FIFE Capital, a Sydney-based alternative asset manager.
The deal was brokered by Chris O’Brien, Rory Hilton and Kiran Pillai of CBRE.
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EG sells business park in Melbourne for $76 million

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Melbourne led the rise in median house prices across Australian capital cities for the March quarter, according to the latest research from industry body the Real Estate Institute of Australia. 
Weighted average median prices rose by 2.9 percent for houses and 2.5 percent for other dwellings.
Over the quarter, Melbourne had the largest increase in both the median price for houses, 7.6 percent and for other dwellings, 3.8 percent. 
The weighted average median price for houses for the eight capital cities increased to $763,892, according to REIA Real Estate Market Facts for the March quarter 2017.
REIA president Malcolm Gunning said the median price was driven by increases in Melbourne and Sydney and, to a lesser extent, in Darwin. “The weighted average median price for other dwellings increased to $587,290, again driven by median price growth in Melbourne and Sydney and, to lesser extent, in Perth, Canberra and Hobart,” are said.
“Median house prices decreased in Brisbane, Adelaide, Perth, Canberra and Hobart and, median prices for other dwellings decreased in Brisbane and Darwin.”
Median rents for three-bedroom houses rose in Sydney, Melbourne, Brisbane, Adelaide, Hobart and Canberra with Hobart leading with an increase at 5.7 per cent. Perth and Darwin experienced decreases. 
Median rents for two-bedroom other dwellings increased in most capital cities with the largest rise in Hobart at 7.5 percent. In Melbourne and Perth, median rents for other dwellings remained steady while it fell in Darwin.
The weighted average vacancy rate for the eight capital cities remained steady at 2.9 percent during the March quarter. In most capital cities, the vacancy rates either remained steady or increased/decreased by 0.1 percentage points. 
“The vacancy rate ranged from a high of 7.1 percent in Darwin to a low of 1.7 percent in Canberra, which had the tightest rental market for the quarter. With a rise of 0.1 per cent, Perth was the only capital city to see its vacancy rate increase,” Gunning said. 
 
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Melbourne drives rise in median house price: REIA 

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Fractional property investing platform BrickX has added a terrace home in Melbourne’s Brunswick West to its portfolio for investors to buy ‘bricks’.
Pre-orders start June 23 at $99 a ‘brick’ for the property at <a href="https://www.brickx.com/properties/BRW01/summary" target="_blank">10 Shamrock Street</a>.
BrickX, which puts properties into an individual trust and split each one into 10,000 units or ‘Bricks’ which investors can then buy, recently launched several properties in Sydney. 
Its previous buy was in Manly. The <a href="https://www.brickx.com/properties/MAN01/summary?utm_source=mailchimp&amp;utm_medium=email&amp;utm_campaign=manly&amp;utm_content=warmup&amp;utm_term=button" target="_blank">4/8 James Street</a> property is a two-bedroom apartment and was offered at an initial 'brick' price of $87.
The company says they were snapped up the same day by investors.
CEO Anthony Millet expects the offering in Melbourne to be popular with investors further, adding to the current Melbourne portfolio of Prahran and Port Melbourne. “We’re thrilled to provide access to such a stunningly transformed terrace at an affordable entry price of just under $100,” Millet said. 
The three-bedroom, two-bathroom terrace with an undercover carport on Shamrock Street boasts a courtyard along with a private rooftop garden off the master bedroom.
The 169 sqm property's selling price was $1,190,000, according to CoreLogic. It was sold through Nelson Alexander Real Estate Brunswick.
It last traded for $371,750 in 2003.
 <img src="https://www.urban.com.au/images/2017/06/21/BrickX.png" alt="">
“With the initial Brick price being $99, BrickX continues to strive to make property investment affordable for all Australians,” said Millet.
Investors earn capital returns and monthly net rental income in proportion to the number of ‘bricks’ they own. Members can choose when to invest and when to exit by offering their ‘bricks’ for sale on its platform. 
CoreLogic head of Research Tim Lawless, who is also an adviser at BrickX, said there is strong demand for property close to the city, university and social precincts. 
Data from the property analytics firm show house prices in Brunswick West have increased by almost 6.6 per cent per year over the past five years.
“Brunswick West has a strong rental market which has contributed to ongoing low vacancy rates and high demand. With convenient tram and train access to the CBD, the area is particularly popular with university students and young families,” he said.
BrickX added three Sydney properties in the last two months — Potts Point, Surry Hills and Darlinghurst. 
This is in addition to properties in Prahran and Port Melbourne in Melbourne and Manly, Bondi Beach, Enmore, Mosman, Annandale and Double Bay in Sydney.
For more details on how to invest, <a href="https://www.brickx.com/" target="_blank">click here</a>.
<a href="https://www.brickx.com/"> </a>
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BrickX launches terrace home in Melbourne’s Brunswick West at $99 per brick 

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The North East region of Melbourne had the cities' highest weekend auction clearance rate, according to CoreLogic’s latest report.
The property data firm says that out of the 109 auctions in the region it scored a clearance rate of 84.4%.
This was followed by the North West with 83.1% and Outer East with 76.9%.
<a href="https://www.propertyobserver.com.au/images/2017/06/19/Screen%20Shot%202017-06-19%20at%2012.26.38%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/06/19/Screen%20Shot%202017-06-19%20at%2012.26.38%20pm.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ivanhoe+east-125545598" target="_blank">27 Wallis Avenue</a>, Ivanhoe East (above) was sold over the weekend for $2.521 million.
Similarly a four bedroom house at two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-thornbury-125553922" target="_blank">55 Rennie Street</a>, Thornbury (below) was sold for $1.205 million over the weekend.
<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/2017/06/19/55%20Rennie%20Street.jpg" alt="">
Outside of Melbourne a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-lima+east-125493622" target="_blank">48 Tulley Road</a>, Lima East (below) was sold over the weekend for $280,000.
<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/2017/06/19/48%20Tulley%20Road.jpg" alt="">
Similarly a four bedroom house on a land parcel at <a href="https://www.realestate.com.au/sold/property-acreage+semi-rural-vic-healesville-125736670" target="_blank">508 Chum Creek Road</a>, Healesville was sold for $791,000 over the weekend.
<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/2017/06/19/508%20Chum%20Creek%20Road.jpg" alt="">
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Melbourne's North East scores 84% auction clearance rate: CoreLogic

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A retail and residential property at Camberwell in Melbourne’s inner east has sold for $1.31 million at auction. 
The <a href="https://www.realcommercial.com.au/property-retail-vic-camberwell-502351846" target="_blank">539 Burke Road</a> property sold well over the vendor’s reserve, said selling agents Fergus Evans and Adrian Boutsakis of Teska Carson.
“This was a property located in a tightly held strip with a low vacancy rate in an area with strong growth potential,” said Evans.
An owner-occupier bought the property with vacant possession. 
The property comprises a solid brick, two-level shop and dwelling of 221 sqm on a 232 square metre site with frontage to Burke Road and rear laneway access. 
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Shop and home in Melbourne’s Camberwell fetches $1.3 million at auction 

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<img src="https://counter.theconversation.edu.au/content/78681/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The closure of the Gatwick Hotel in St Kilda represents a new front in the ongoing gentrification debate in inner Melbourne.
It highlights inconvenient truths about cultural appropriation, heritage as a driver of urban renewal, and the marginalisation of the city’s most vulnerable residents.
Gentrification taps into the fundamental urban planning and social issues facing Melbourne and other big Australian cities in coming decades. In particular, it has impacts on liveability, housing affordability, and social cohesion.
Gentrification has its benefits
Gentrification and the financial investment it represents can be a positive and transformative process for local communities. Better access to education and health services, as well as welcoming, attractive and vibrant streetscapes, are just some of the benefits of urban regeneration.
But, too often, the economic benefits of regeneration are separated from its social impact on existing residents. Rising property prices and rents are inevitable with gentrification. As a result, people on low incomes or who rely on social welfare are forced out as the wealthier middle class moves in.
The adaptive reuse or restoration of heritage buildings plays a key role in this process. Such developments can provide a sustainable and culturally sensitive solution to the challenge of increasing population density in our cities. Nonetheless, the debate on the role and value of heritage buildings is often paradoxical and divisive.
At its simplest, the divide is between those who passionately argue for preserving these buildings for their historical and cultural value, and those who see heritage as an unnecessary restriction on urban development.
Sometimes, the two sides align, as is largely the case with the Gatwick. Those in charge of the building’s redevelopment buy into the benefits of gentrification, with this development creating an opportunity to market luxury apartments at a substantial premium.
Trading on edginess and authenticity
The issues surrounding the Gatwick feed into a much more complex and potentially problematic debate about how we value our urban environment.
The threat to heritage is not destruction of the building itself. It’s the loss of a more intangible and hard-to-commodify aspect: the “collective memory” of stories, folklore and history. This forms the cultural fabric that contributes to the urban character and identity of an area.
The reality of life at the Gatwick was sometimes difficult. But, for decades, it provided a home for those most in need of shelter and safety. In the public consciousness, however, the Gatwick was a potent symbol of the inner city’s social problems: homelessness, drug addiction, prostitution and violent crime.
Local traders, residents and politicians all campaigned for its closure. Even the retail decline of Fitzroy Street was blamed on the hotel’s reputation.
It could be argued, though, that this very notoriety played a pivotal role in moving St Kilda along the path of gentrification. In recent decades, property developers have successfully marketed St Kilda as an edgy – but safe – place to live.
The area’s undeniable heritage, set against the backdrop of drugs, prostitution and a healthy dose of rock ’n’ roll folklore, knits together in an irresistible narrative that feeds the public appetite for “cultural authenticity”. In street after street, elegant but tarnished historic buildings have allowed investors to buy into this local mythology with relative ease.
Those who gave area its character lose out
The bitter irony is that this quest for authenticity has left long-term locals, such as the former Gatwick residents, vulnerable to the pitfalls of gentrification. The narrative, of which they formed an integral part, has moved on. New residents have co-opted the authenticity of St Kilda’s past while rejecting the challenging reality of how these social issues play out locally.
In effect, the very people who arguably contributed most to the local community’s cultural diversity and vibrancy are the first to be excluded. This pattern of appropriation, commodification and finally exclusion is replicated in historic suburbs across Melbourne and other cities.
The producers of Channel Nine’s The Block have bought the Gatwick. Under the TV spotlight, the gritty boarding house will undoubtedly be transformed into stylish and desirable apartments aimed at wealthy buyers.
But what does the future look like for its former residents? By ignoring the impact of urban regeneration on the homeless and vulnerable, are we acknowledging that closing the gap between our wealthiest and poorest residents is an impossible task?
Reducing urban regeneration to a system largely driven by the accumulation of personal wealth, with little or no thought for the profound social displacement that gentrification can bring, risks further marginalising those residents who already have little or no say in the future of our cities.
Gareth Wilson is researcher at the Australian Centre for Architectural History, Urban and Cultural Heritage, University of Melbourne and author for The Conversation.
He can be contacted <a href="https://theconversation.com/profiles/gareth-wilson-378123" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Goodbye to the Gatwick, and to so much of the old St Kilda

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A bayside Melbourne hotel has been snapped up by a Chinese investor for $15.8 million on a tight of yield of 3.3 percent.
It was its second sale in recent times.
Brighton's Marine Hotel at <a href="https://www.cbremelbourne.com.au/properties/199-217-new-street-brighton/" target="_blank">199-217 New Street</a> was bought a year ago by BRW Rich Lister Giuseppe "Joe" Catalfamo from another well-known property family, the Zagames, for $13 million, according to titles records, The Australian Financial Review noted.
The present transaction translates to a 21.5 per cent capital return for Catalfamo, a former meat industry veteran. Catalfamo was 190th on the BRW list with a wealth of $373 million.
The Brighton hotel stands on a prominent corner and is set on an expansive 4,670 sqm land holding.
The leased hotel had a current net income of $533,540 pa. It has a five-year net lease ending next year, with 25 years of further options. There are fixed annual increases of 3 percent.
It is close to the bustling Church Street shopping precinct and Brighton Yacht Club.
The Chinese private investor is understood to have paid in cash, and the deal pips another recent pub deal in bayside Albert Park, according to the AFR. 
The Beach Hotel was sold for $17.1 million on a 4.1 percent yield to an offshore Chinese purchaser
CBRE brokered the Marine Hotel deal along with Vinci Carbone's Joseph Carbone and Frank Vinci.
In April, another Chinese investor paid bought the Arena Shopping Centre in Melbourne’s south-east suburb of Officer for $48 million. That deal was also brokered by CBRE.
The recent deals highlight the strength in investment appetite for well-located assets backed by strong tenancy profiles.
The centre generates an annual income of $2.65 million per annum and the initial yield works out at 5.38 percent.
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