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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WeWork, one of the world's fastest-growing co-working businesses, has arrived in Melbourne, following on its entry into Sydney last year. 
The co-working firm is leasing into the iconic art deco building at 401 Collins Street owned by fund manager Impact Investment Group, taking the building’s rooftop and the entire nine floors of commercial space, said a media release.
New York-based WeWork was founded in 2010 and has grown fast to set up more than 120 shared work spaces across 32 cities globally. The firm opened its first office at Sydney’s 5 Martin Place in the heart of the city’s central business district last year. 
Its arrival in Melbourne is part of a rising trend of co-working spaces in the city. Last year, Hub Australia opened Victoria’s largest coworking space, Hub Southern Cross, in Melbourne, spread across 3,900sqm and two floors of the historic Mail Exchange building.
Liberman-family backed Impact Investment Group (IIG) bought the building for $32 million in 2014 and is currently refurbishing it. The makeover includes restoration of 401 Collins’ heritage stone front façade, mechanical upgrades and improving its energy efficiency.
The 11-storey building was once commandeered by General Douglas MacArthur as his headquarters for US Army forces in World War II.
“This marks the start of a new era for 401 Collins. We’re proud to be setting up the next chapter in this remarkable building’s life,” said Impact CEO Chris Lock.
“It shows that these pre-war buildings, built to endure as they were, can still contribute to Australia’s move towards lower carbon emissions.”
Newly claimed space on the rooftop and in the basement will see the net lettable area (NLA) increase by 360 sqm, bringing the total NLA to about 6,291 sqm.
WeWork’s managing director, Asia Pacific, Ole Ruch, said Melbourne is home to startups, big businesses, and creative entrepreneurs “pioneering innovation” nd it was a “natural next step for WeWork”. 
The Hon Philip Dalidakis MP, Victorian Minister for Small Business, Innovation and Trade said, "We welcome global co-working provider WeWork to Melbourne's thriving startup community.”
IIG is also in talks with two Melbourne restaurateurs with plans to establish a new hospitality brand on the ground floor.
Current tenant, Roy Morgan Research Ltd (RMR), is expected to move out of the property in late 2017. 
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Co-working giant WeWork expands into Melbourne

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Future Fund board member Michael Wachtel is keeping a very close eye on the property market across Melbourne's two most watched property locations.
The Credit Suisse advisor was in the auction crowd when the late Lady Susan Renouf's Toorak home (above) was put to auction with $5 million plus last weekend.
After an hour of post-auction negotiations, the Struan Street home was sold but not to the only bidder at $4.55 million.
Renouf had bought the three bedroom home for $1.85 million from the blue blood Grimwade family more than a decade ago.
Wachtel and his photographer wife Linda monitor the Toorak market as their five bedroom home is currently listed with a price guide of $6.8 million plus through Kay &amp; Burton agents Michael Gibson and Matt Davis. 
The couple paid $726,000 for the Cross Street home in the recession-hit Melbourne in 1992.
They have paid $3.2 million for a 410 sqm site elsewhere in Toorak where they will build a new town house.
Wachtel came to our attention last month when he paid $1.95 million for the former Bell stockbroking family weekender at Portsea where he's owned for 13 years.
No sooner had he signed the contract on the three bedroom home with large entertaining deck that overlooks the Fiona Brockhoff designed gardens, than he was attending another auction.
Just out of curiosity it seems.
This article first appeared in the Weekend Australian's Mansion Australia section.
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Future Fund member Michael Wachtel watches Melbourne market

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The first W Hotel in Melbourne will be part of Cbus Property’s $1 billion plus mixed-use luxury precinct Collins Arch in 2020. 
W Melbourne at Collins Arch will be located in the eastern tower of the dual tower project, which will also have commercial office space, retail, hospitality and luxury residential apartments. 
The hotel will have 294 guestrooms across 15 levels, including 40 suites. Other facilities include a cocktail bar, restaurant, day spa, pool, gym, conferencing and ballroom facilities. 
Melbourne interior design practice Hachem has been appointed to design the hotel’s interiors. 
Designed in collaboration by Woods Bagot and New York practice SHoP architects the development will feature the city’s first sky bridge that links the dual towers. 
The hotel deal, brokered by Michael Simpson of Savills Australia and New Zealand, involved the sale of the hotel component of Collins Arch to Daisho Development Melbourne. 
He said the Collins Arch hotel deal was hotly contested by investors, with a number of luxury brands also showing interest.
“The resulting partnership between Cbus Property, Daisho Development Melbourne and Marriott International has been a really positive example of collaboration with all parties working together to deliver an outstanding luxury hotel and a city-enhancing project for Melbourne,” he said. 
 
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jonathanchancellor-7SQnKwU6yx

Whatever/Whenever! Melbourne to get its first W Hotel in 2020

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Continuing the 2015 trend, the Melbourne property market again recorded strong growth in median prices throughout 2016, according to the latest report from PRDnationwide.
Suburbs outside the inner Melbourne ring remained a popular choice for both owner occupiers and investors as they offer an affordable entry point into the Melbourne property market, said the company’s Melbourne Property Hotspots: Second Half of 2016.
These more outer-lying areas continue to gain momentum as private and state funded projects improve connectivity and fuel economic growth, attracting potential buyers.
The North and North Western suburbs in particular are benefitting strongly from this influx of funding, new facilities and economic impetus as their annual property growth continues to climb.
“Melbourne has been the stand-out eastern big-three city in terms of price growth in 2016,” said Tony Brasier, PRDnationwide managing director.
“Major projects and infrastructure construction in mid-outer areas are set to boost these regions even further.”
Click to enlarge:
<a href="https://www.propertyobserver.com.au/images/2017/01/31/melb-1.jpg"><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/2017/01/31/melb-1.jpg" alt=""></a>
<a href="https://www.propertyobserver.com.au/images/2017/01/31/melb-2.jpg"><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/2017/01/31/melb-2.jpg" alt=""></a>
<a href="https://www.propertyobserver.com.au/images/2017/01/31/melb-3.jpg"><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/2017/01/31/melb-3.jpg" alt=""></a>
The report focused on suburbs within a 20km radius of the CBD, taking into consideration the following factors:
Sales indicators - median price growth over 2016 and previous years, number of sales, average days on the market, and vendor discounting
<ul>
<li>Rental indicators - median rental price, rental yield, and vacancy rates</li>
<li>Affordability - the average Victorian home loan is $374,993 as at June 2016, which is a decrease of -3.1% over the previous quarter</li>
<li>Project developments commencing in 2016 - commercial, mixed use, infrastructure, industrial and residential. This indicates potential increases in economic and commercial activity, interconnectivity to the key transport routes, the CBD and other major urban business hubs</li>
</ul>
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ormond-124067486" target="_blank">37 Thompson Street</a>, Ormond (above) has been sold for $1,715,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ormond-123815938" target="_blank">6 Dunlop Avenue</a>, Ormond (below) was sold for $1,580,000.
<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/2017/02/02/6%20Dunlop%20Avenue.jpg" alt="">
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Ormond among Melbourne's top house performers: PRDnationwide

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An owner-occupier has paid $3.75 million for a warehouse in Melbourne's inner east.
The property, on 56 River Street features a 250 square metre building on a 371 square metre site zoned Commercial 1. It has two street frontages and on-site parking and was sold on a land rate of $10,135 sqm through Teska Carson.
According to Teska Carson’s Matt Feld, the property was sold subject to a short term lease at $44,950 per annum .
"A property with two street frontages in such a strong location was very attractive from a development perspective but the property also held strong appeal for owner-occupiers and investors," he said.
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$3.75 million paid for Sth Yarra warehouse

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<div class="pf-content">
Melbourne has no bubble and its apartment market was not even close to reaching an oversupply, according to Charter Keck Cramer research director, Robert Papaleo.
He says there has been misinformation surrounding the issue.
“The structural tailwinds supporting Melbourne apartment market outweigh the cyclical headwinds,” Papaleo told attendees at the recent Australian Property Institute and REIV’s State of the Market 2017 State of Market conference.
“There is no apartment supply bubble and oversupply is not imminent.
"Melbourne is experiencing unprecedented supply but it not oversupplied,”
Papaleo said Melbourne’s housing market is performing strongly because it is at a 30% discount to Sydney, compared to 15% cheaper in 2011.
“This will drive more migration to Melbourne," said Papaleo who added that Melbourne remains attractive to international students.
He said that one year ago, 24,000 apartments were expected to be completed in 2017 across metropolitan Melbourne, but the latest figures suggest 16,000 apartments are now expected to completed.
“We are heading towards a situation where 16,000 apartments a year will be completed over the new few years to 2020."
It comes off the supply peak of 19,000 apartments in 2016, he said.
“Oversupply is not evident in the market.
"Two years ago, in 2015, 9,000 apartments were sold across Melbourne’s Central City Region.
"In 2016, 6,000 apartments were sold; despite the fall it was still a good result.
"And developers are holding back supply,” he said.
“Obviously, if interest rates move, there will be an impact on that price growth.
"What we are seeing at the moment, though, is the Melbourne housing market is truly reflecting its attractiveness to local investors, local owner occupiers, as well as, in particular segments – such as the apartment sector as well as the greenfield market – international investors as well as interstate investors continue to see relative value in Melbourne prices compared to the places that capital is coming from, whether that be Sydney, or whether that be Singapore,” he said, as reported by Australian Property Journal.
 
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jchancellor-FAypfDUnLy

At 30 percent cheaper than Sydney, Melbourne has apartment advantage without oversupply or bubble: Charter Keck

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The number of listings in Melbourne is down compared to 12 months ago, according to CoreLogic’s latest report.
The property data firm says that the number of total listings is 28,486, which is a decline of 5.1% on last February.
This is not helped by the number of new listings declining by 2.5% compared to the same period last year.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.39.49%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/2017/02/27/Screen%20Shot%202017-02-27%20at%2012.39.49%20pm.jpg" alt="">
Sydney is down considerably, in both fresh and total offerings.
Going against the national trend is the number of Brisbane listings, which has increased by 6.6% over the past 12 months as well as its new listings increasing by 0.7%.
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j.ballantyne1990-6AQqhLzZaK

Number of Melbourne listings declines by 5%: CoreLogic

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The Outer East region of Melbourne has the highest number of weekend auctions success, according to CoreLogic’s latest report.
The property data firm says that out of the 77 auctions known to CoreLogic in the region 87% were cleared.
This is followed by the West region with 86.2% and the North East with 84.6%.
<a href="https://www.propertyobserver.com.au/images/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.18%20am.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/2017/02/27/Screen%20Shot%202017-02-27%20at%2011.31.18%20am.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-ashwood-124527206" target="_blank">14 Ashwood Drive</a>, Ashwood (above) was sold for $1,305,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-knoxfield-124631322" target="_blank">17 Horner Close</a>, Knoxfield (below) was sold for $795,000.
<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/2017/02/27/17%20Horner%20Close.jpg" alt="">
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Melbourne's Outer East takes top spot with highest cleared auction rate: CoreLogic

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Victoria’s industrial &amp; logistics sector posted its strongest year of sales on record in 2016, with $1.92 billion in assets changing hands, an increase of 15% from 2015, according to leading commercial real estate firm CBRE.
The record numbers were helped by Melbourne, which was the strongest performer nationally, according to CBRE’s Industrial and Logistics, Q4 2016, MarketView report.
Both domestic and offshore investors sought out industrial assets in all of Melbourne’s core industrial precincts, with the focus on super core stock or assets that add value/repositioning angles, said CBRE director, Industrial &amp; Logistics – Capital Markets, Rory Hilton. 
“2016 was a strong year for offshore investment in Melbourne’s industrial &amp; logistics market – with global capital continuing to seek out opportunities that offer scale and quality in key markets,” Hilton said.  
<a href="https://www.propertyobserver.com.au/images/2017/02/23/MelbIndSales.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/23/MelbIndSales.png" alt="">
The quarter ended December saw $394 million in property transactions, boosting Victoria’s numbers. New South Wales was second, recording $1.559 billion in transactions during 2016, followed by Queensland with $537.67 million, $617.2 million in Perth, $146.05 million in South Australia and $31.25 million in the ACT.
Nationally, however, total sales of industrial and logistics assets fell to $4.831 billion during 2016 from a record $5.267 billion in 2015, due to the available stock shortfall.
CBRE senior research manager Kate Bailey said Melbourne experienced further yield compression in Q4, moving 10 basis points to 6% – reflecting continued demand for high quality industrial assets. 
“This change was driven by yields in Melbourne’s south east region, which saw a 25 basis point compression to 5.8% - the lowest in Melbourne,” Bailey said. 
Secondary yields in inner locations are expected to continue compressing as investors look to capitalise on the increasing demand for last mile delivery facilities by refurbishing existing assets. 
<a href="https://www.propertyobserver.com.au/images/2017/02/23/MelbvsAust.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/02/23/MelbvsAust.png" alt="">
On the supply front, there was 128,000 sqm of new stock added in Melbourne during the December quarter – down 53% on the same period in 2015. 
Despite this, a number of notable developments are proposed, including the Target Distribution Centre in Trugganina and the Greens Road warehouse in Keysborough. 
<a href="https://www.propertyobserver.com.au/images/2017/02/23/MelbSupply.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/02/23/MelbSupply.png" alt="">
Hilton said Melbourne’s strong industrial leasing market would continue to support investment in the sector. 
“Strong levels of pre-leasing and leasing activity in the second half of 2016 are set to flow into the capital markets 2017, underpinning heightened investment in the sector,” Hilton said. 
“Top tier logistic, retail and industrial companies are attracted more than ever by Victoria's impeccable transport infrastructure, the efficiency of Melbourne Ports, high standard of blue and white collar work force – all of which continue to position Melbourne’s industrial and logistics sector as an attractive destination for capital.”   
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Melbourne leads rest of Australia with record industrial & logistics sales turnover: CBRE

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Three new tenants have moved into Frasers Property Australia’s Key Industrial Park in Melbourne’s Keysborough. 
The tenants are driveline products manufacturer Dana Australia, Licensing Essentials and hardware supplier Pinnacle Diversity.
Key Industrial Park is nearly 100 hectares of Industrial 1 zoned land with major frontages to Greens Road, Perry Road. It is Melbourne's South East benchmark in industrial development and provides access to EastLink and all other major road networks and proximity to the main port, airport and CBD.
Leading driveline products manufacturer, Dana Australia, has signed a seven-year lease for a 10,000 sqm facility comprising 8,972 sqm warehouse and 1,028 sqm office plus 100 car spaces. 
Licensing Essentials has also entered into a seven-year lease for 8,120 sqm space comprising 7,720 sqm warehouse and 400 sqm office.
Pinnacle Diversity committed to a five-year lease. The company will supply and distribute home hardware products from its 7,242 sqm premises comprising 6,842 sqm warehouse, 400 sqm office.
“We are very pleased with the level of activity at The Key Industrial Park with all three companies committed to leases prior to practical completion,” said Anthony Maugeri, general manager Southern Region C&amp;I for Frasers Property. “The lack of land and quality warehouse facilities in Melbourne’s South-East has helped us secure the most recent deals,” 
Dana was a pre-commitment with Frasers Property speculatively building two tenancies adjoining this building. These buildings were both leased prior to completion. Dana and Licensing Essentials recently moved in and Pinnacle Diversity is expected to move in soon.
The three new tenancies are located on Hudson Court. 
The deals were negotiated by Ben Fahey and Andrew Hanna from Frasers Property, Kosta Finn from Savills, Danny Green from Cushman Wakefield and Matt Ellis from JLL.  
The Key Industrial Park has been developed to accommodate purpose built facilities for Adairs, Symbion, AstralPool, BIC Oceania, TriMas, Early Settler, Rinnai, Sealy, Miele &amp; DANA.
 
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