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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Flemington is the most affordable suburb in Melbourne, according to Secret Agent’s latest report.
Tables 3 to 6 list the most and least affordable suburbs for both terraces and townhouses, in terms of average prices as well as average price per square metre of internal space.
If a suburb had less than 5 sales it was excluded from the data pool.
Even the most affordable suburbs for terraces in inner Melbourne start at an average of over $1 million ($300,000 more than townhouses) as shown in Table 3.
<a href="https://www.propertyobserver.com.au/images/2017/06/Table%203.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/Table%203.jpg" alt="">
Buyers would be hard pressed to find terraces anywhere near the CBD for less than $10,000/m2 of internal space.
Brunswick and Brunswick East's affordable terraces have an average price per square metre of $10,400/m2 and $11,400/m2 respectively.
Both of these suburbs also make the list of top 5 most affordable townhouses.
Collingwood terraces, which had the lowest average prices in our sampled region over the last year, sold for $11,800/m2 on average.
Terraces in Flemington were more affordable than terraces in any other inner suburb in our study.
The most expensive terraces in inner Melbourne sold for nearly twice as much on average as the most expensive townhouses, and are valued about $5,000/m2 more.
Table 4 shows the least affordable terraces and is dominated by Middle Park and Albert Park, which are highest per square metre and only beaten by Parkville in terms of average sale price.
<a href="https://www.propertyobserver.com.au/images/2017/06/Table%204.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/Table%204.jpg" alt="">
Parkville terrace prices fell just short of making the list at $14,500/m2, edged out by its neighbour Carlton North ($14,800/m2).
"Despite being close on a price per square metre basis, if we only looked at average prices we would get a completely different impression, with average prices in Carlton North at $1.58 million, well below Parkville’s 2016 sample average of $2.44 million," the report stated.
Kensington in the inner West, as well as Brunswick, Brunswick East and Northcote in the inner North are in the top 5 most affordable suburbs for townhouses, both in terms of average prices and average price per square metre, shown in Table 5.
<a href="https://www.propertyobserver.com.au/images/2017/06/Table%205.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/Table%205.jpg" alt="">
This comes at no real surprise to people who have been following inner Melbourne’s property market trends.
The same can be said about the lack of any affordable suburbs from the inner South on the list.
Abbotsford is the only suburb from the inner East that made the top 5 in 2016, coming in 4th when ranked by average price.
While not in the top 5 most affordable by price per square metre, the suburb is still relatively affordable at just over $8,000/m2.
The most deceptive suburb is West Melbourne, where townhouses in our sample were sold for nearly $1.1 million on average over the past year, which is well above the other suburbs in the top 5 list.
However, at only $7,100/m2, West Melbourne was the number one most affordable inner suburb per square metre of internal space.
Table 6 shows the least affordable suburbs for townhouses in 2016.
Only suburbs from the inner South and East appear in the top 5 when looking at average prices.
South Yarra is the most expensive suburb by both metrics, with Prahran, Port Melbourne and Richmond also making both lists.
<a href="https://www.propertyobserver.com.au/images/2017/06/Table%206.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/Table%206.jpg" alt="">
Collingwood nearly made the most affordable list with an average townhouse sale price of only $870,000 in 2016.
However, when accounting for size, buyers of Collingwood townhouses spent nearly $9,300/m2 on average, the 5th highest of all suburbs we sampled.
While Hawthorn only made the top 5 when comparing average prices, at an average of $9,088/m2 it is also still relatively expensive on a price per square metre basis.
Property Observer found this three bedroom townhouse, <a href="https://www.realestate.com.au/property-apartment-vic-flemington-124556042" target="_blank">4/3 Tunbridge Street Flemington</a> (pictured above), on the market for between $660,000-$720,000.
 A two bedroom townhouse, <a href="https://www.realestate.com.au/property-townhouse-vic-maribyrnong-122451902" target="_blank">1 Gatehouse Place Maribyrnong</a> (below), is going o auction March 4.
<img src="https://www.urban.com.au/images/2017/02/13/Screen%20Shot%202017-02-13%20at%2010.01.54%20AM.png" alt="">
The three bedroom townhouse at <a href="https://www.realestate.com.au/property-townhouse-vic-ascot+vale-124554422" target="_blank" style="font-size: 12.16px;">36 Archer Avenue Ascot Vale is on the market for between $830,000 and $870,000.</a>
<img src="https://www.urban.com.au/images/2017/02/13/Screen%20Shot%202017-02-13%20at%2010.04.19%20AM.png" alt="" width="555" height="323" style="font-size: 12.16px;">
For more information from Secret Agent, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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jchancellor-FAypfDUnLy

Flemington offers Melbourne's most affordable terraces: Secret Agent

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Melbourne Cup winning jockey Michelle Payne is selling her St Kilda investment property.
The <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-124693306" target="_blank">one bedroom apartment</a> with balcony is situated in the STK development on St Kilda Road.
It comes with a price guide of $479,000.
<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/2017/08/Payne2.jpg" alt="" width="295" height="204">
It's not set to be a big windfall for Payne, who paid $463,000 off the plan in 2014.
The Ballarat-based jockey rode Prince of Penzance to success in the 2015 Melbourne Cup, despite being a rank outsider at $100.
Payne was the first female to win the iconic race.
 
 
 
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j.ballantyne1990-6AQqhLzZaK

Melbourne Cup winning jockey Michelle Payne lists her St Kilda investment

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Across inner Melbourne, townhouse developments are becoming increasingly common, according to Secret Agent's latest report.
With limited block sizes closer to the city, developers have to constantly negotiate the size of the actual house with the amount of land available.
Because of these varying levels of building density, Secret Agent wanted to find out if there was a ‘sweet spot’ in the ratio between indoor area and land area.
Are we paying more for a certain ratio?
For the purpose of this bulletin, density refers specifically to the ratio between indoor built area to total land area.
See the diagrams below.
Townhouses nearly always span multiple levels, meaning they often have more indoor area than total land area.
<a href="https://www.propertyobserver.com.au/images/2017/06/Screen%20Shot%202017-02-06%20at%201.54.59%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/Screen%20Shot%202017-02-06%20at%201.54.59%20pm.jpg" alt="">
Our sample consisted of 232 townhouse sales across 29 suburbs in inner Melbourne, all of which took place between January and December 2016.
A hedonic regression model was used and controlled for area (suburb), sale date, number of bedrooms, bathrooms and car spaces, and size of indoor and outdoor habitable space.
Overall, the ratio of indoor area to land area (in m2) did not have a statistically significant impact on townhouses as a continuous variable (i.e. not categorised).
"However, if we group townhouses with similar ratios into different ranges (e.g. 1:1.5 to 1:1.75), we found that an initial increase in the ratio (i.e. more dense development) led to an increase in average sale price, but the trend quickly reverses as the ratio increases further," the report stated.
<a href="https://www.propertyobserver.com.au/images/2017/06/Screen%20Shot%202017-02-06%20at%201.55.07%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/Screen%20Shot%202017-02-06%20at%201.55.07%20pm.jpg" alt="">
The only ratio that had any significant positive impact on expected sale price was a 1:1 ratio, up to a 1:1.27 ratio.
On average, townhouses in this category had a land area of 95m2 and an indoor square metre rate of 109m2.
Additionally, these properties had outdoor space (land area not occupied by the building) of 34m2, which is about 36% of the total land, however this was not a prerequesite for the 'sweet spot'.
It is expected that townhouses in the 1:1 to 1:1.27 range can sell for up to 15.15 percent more than denser developments with twice as much indoor area as the land size.
While there is always a demand for bigger houses, it's important to remember that there is such a thing as too much space.
Property Observer found these townhouses currently on the market in Melbourne.
A two bedroom townhouse in Richmond, <a href="https://www.realestate.com.au/property-townhouse-vic-richmond-124572226" target="_blank">11/22 Buckingham Street</a>, with roof top views (pictured above) is currently on the market for between $720,000 - $780,000.
In Malvern East, the three level three bedroom townhome (below) at <a href="https://www.realestate.com.au/property-townhouse-vic-malvern+east-124689830" target="_blank">1039E Dandenong Road Malvern East</a> is up for auction March 11 through Krish Bundhoo and Courtney Matthews of Ray White Mount Waverley.
<img src="https://www.urban.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.28.32%20AM.png" alt="">
 <img src="https://www.urban.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%209.34.26%20AM.png" alt="" style="font-size: 12.16px;">
 A four bedroom townhouse in Doncaster East, <a href="https://www.realestate.com.au/property-townhouse-vic-doncaster+east-124553714" target="_blank">3/27 Paula Crescent</a>, (above) is on the market with expectations of between $1.05m - $1.15m.
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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The ideal density of a townhouse: Secret Agent

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Melbourne’s office market was expected to have compressed further in the quarter ended September 2016, helped by moderate deal activity and strong service sector jobs growth, according to the latest office market report by commercial real estate firm Cushman &amp; Wakefield.
The fourth quarter marked the last inflow of new stock in the current development cycle with the completion of Towers 2 and 4 at Collins Square, the firm says in its Q4 Office Market Outlook for Melbourne. 
With only the return of refurbished stock forecast for 2017, the new development cycle is expected to begin in 2018 with the development pipeline for completion stretching to the early 2020s. 
<a href="https://www.propertyobserver.com.au/images/2017/01/11/Q4Melb-PrimeRent.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/01/11/Q4Melb-PrimeRent.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/01/11/Q4Melb-NetAbsorption.png" target="_blank">Click to enlarge</a> 
<img src="https://www.urban.com.au/images/2017/01/11/Q4Melb-NetAbsorption.png" alt="">
Sydney pain is Melbourne’s gain too. With the Sydney CBD facing stock constraints and heated face rents, Melbourne’s attractiveness remains, says the report.
Moderate deal activity has fuelled expectations of further compression from the Prime-grade vacancy rate of 6.7 percent reported in July. 
Q4 prime gross effective rents rose 8.4 percent on an annual basis to $503 per sqm, with the upward trend expected to continue into 2017. 
“As Sydney prime gross effective rents are trading at a 77 percent premium to Melbourne, tenants operating in both cities may prioritise Melbourne for future growth,” it says.
Transactions of note in the quarter include Deloitte pre-committing to 22,000 sqm as anchor tenants at 477 Collins Street, and Transurban signing on for 14,000 sqm to anchor Collins Square Tower 5. Collins Square Tower 4 is now at full capacity with Devondale Murray Goulburn committing to 5,200 sqm and PEXA committing to 2,600 sqm. 
<a href="https://www.propertyobserver.com.au/images/2017/01/11/Q4Melb-KeyDeals.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/01/11/Q4Melb-KeyDeals.png" alt="" width="806" height="214">
<a href="https://www.propertyobserver.com.au/images/2017/01/11/Q4Melb-Projects.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/01/11/Q4Melb-Projects.png" alt="">
The report forecasts strong rental growth in the near term as new supply will not be able to catch up with strong demand. 
“With a significant pipeline of confirmed and mooted future developments, and effective rents trading at a significant discount to Sydney, Melbourne appears to have time yet to run in this phase of the cycle,” it concludes.
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jonathanchancellor-7SQnKwU6yx

Melbourne office space expected to see strong rental growth: Cushman & Wakefield

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A freestanding office building in Melbourne CBD’s legal precinct is being offered for sale through auction on March 3. 
Menzies, an indigenous and tropical health research institute, has appointed CBRE City Sales to divest its <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502253190" target="_blank">563 Lonsdale Street </a>property, as it seeks to reinvest funds from the sale into the business. 
Located on a 336 sqm landholding with double street frontage, the property comprises a two-level commercial building comprising 670 sqm.
The property is being offered for sale with vacant possession.  
CBRE’s Nick Lower, Tom Tuxworth and Paul Tzamalis are the listing agents.
“In 2016, there was an unprecedented commercial sale activity in Melbourne’s CBD, with investors eager to capitalise on investment opportunities in the city’s most highly sought after pockets,” Lower said. 
With reduced stock supply in 2016, pent up demand and competition has resulted in record transactions in the Melbourne CBD, Lower said. 
Tuxworth said the property was also expected to draw interest from owner occupiers. 
“Due to record low interest rates and the SMSF investment vehicle, business owners are recognising the advantages of owning the premises they work in rather than paying rent,” said Tuxworth. 
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Research firm to sell Lonsdale Street building 

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GUEST OBSERVATION
Melbourne is more likely to face an undersupply of new apartments rather than an over-supply due to its rapidly growing population.
Melbourne is the fastest growing city in Australia and projected to be the nation’s first city to reach a population of eight million.
Many proposed apartment developments in Melbourne will never get off the ground, while some developers are acquiring permits for apartments but have no intention to build, massively inflating the number of approvals.
It’s easy to think that with all the apartment construction currently underway in Melbourne that the city is undergoing an apartment over-supply, but Melbourne will not be seeing an apartment over-supply crisis anytime soon.
The Commonwealth Bank of Australia revealed that more than 140,000 apartments were approved across Melbourne, with only 35,000 expected to be completed between 2016-2018.
These figures suggest that an under-supply of high rise apartments in the future is more likely than an apartment over-supply.
Another important reason Melbourne does not have an apartment over-supply is down to the number of new developments that are failing to start. This is due to stricter lending policies and developers finding it tougher to be approved for finance, especially if they have little or no experience. There is now a greater demand from young professionals, smaller families as well as retirees looking to downsize and live in new apartments, particularly larger and high quality apartments.
Apartments are generally more affordable and tend to be well located close to amenities, transport and schools, creating plenty of lifestyle appeal.
If Melbourne wants to continue to be recognised as the world’s most liveable city, which it has been awarded six years in a row by the Economist Intelligence Unit’s liveability survey, then it needs to continue to build quality apartment developments.
Mark Mendel is CEO of<a href="https://www.ibuynew.com.au" target="_blank"> iBuyNew Group Limited</a>
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Melbourne likely to face an apartment undersupply: Mark Mendel

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The weekly rent in Melbourne for houses has continued to increase, according to SQM Research’s latest weekly report.
The weekly rent for Melbourne houses currently sits at $500, an increase of 4.9 perent over the last year.
<a href="https://www.propertyobserver.com.au/images/2017/01/31/Screen%20Shot%202017-01-31%20at%202.37.42%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/2017/01/31/Screen%20Shot%202017-01-31%20at%202.37.42%20pm.jpg" alt="">
The weekly rent for three bedroom houses in Melbourne is around the same while renting a unit costs $379.
A four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-mill+park-420362602" target="_blank">16 Mill Park Drive</a>, Mill Park (above) is available for rent for $520 per week.
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Weekly house rent in Melbourne sits at $500: SQM Research

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The cost of purchasing a plot of land in Melbourne rose 12.4 percent in 2016, buoyed by low interest rates, strong auction clearance rates and population growth, with the trend expected to continue this year.
The latest figures from project marketers red23 add to the strength of the Melbourne property market where house prices surged 15 per cent in 2016 ( CoreLogic), says a recent article in the Australian Financial Review. 
Across the 143 active housing projects tracked by red23, the Melbourne median lot price rose to just under $240,000, though buyers were compensated with slightly bigger blocks of land, with the median lot size rising from 420 to 448 square metres.
Explaining the surge in land prices, Red23's head of research Andrew Perkins was quoted by the AFR as saying, "In 2016, we saw interest rates at an all‐time low, the strongest auction clearance rates since 2009, continued strong population growth, affordability relatively sound in comparison to Sydney and confidence levels stable.
A Melbourne lot is still 40 percent cheaper on average than a Sydney lot. The October HIA-CoreLogic Residential Land Report recorded a Sydney median lot price of $420,000 for a 450 sq m block.
"This suggests that all things being equal, 2017 will be much the same [for price growth]," he added.
Factoring in the cost of building, a new three-bedroom home within 25 kilometres of the Melbourne CBD can still be bought for under $350,000. In Sydney's outer west, a new three-bedroom home will cost around $600,000.
According to red23, lot price growth was strongest in Wyndham in the south-west, home to the more established growth suburbs like Point Cook and Williams Landing, where lot prices soared 28 per cent to $270,000 and weakest at just 3.8 per cent in Hume in the north and Melton in the west.
Strong buyer demand was also a key factor in rising lot prices, with the Victorian Planning Authority reporting a record 22,000 lot sales in the year to September – Melbourne is home to the country's fastest selling housing estate, the 7000-lot Woodlea estate at Rockbank in the west being developed by Mirvac and VIP Properties.
The strong rise in lot prices and record demand for new housing has seen developers pay huge sums of money for land in the outer suburbs.
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Melbourne land prices rose in double digits in 2016

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Melbourne’s median house price has surged over $750,000 for the first time, new data from the REIV shows.
In the three months to December 31, Melbourne’s median house price increased 5.0 per cent to a record high $770,000.
Growth was widespread across Melbourne and the market – from Toorak and Brighton to Moonee Ponds and Macleod. Double-digit growth was experienced in 43 of suburbs with more than 30 sales.
Growth was also recorded in the outer, more affordable suburbs, including Cranbourne in the south-east, and Hoppers Crossing and Wyndham Vale in the west.
Melton offers Melbourne's most affordable homes with a median price of $285,000.
<table style="width: 348px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="29">
 
</td>
<td width="177">
Most Affordable Suburbs
</td>
<td width="71">
Dec-16 Median
</td>
<td width="71">
Quarterly Change
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
1
</td>
<td valign="bottom" nowrap width="177">
MELTON SOUTH
</td>
<td nowrap width="71">
$285,000
</td>
<td nowrap width="71">
5.6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
2
</td>
<td valign="bottom" nowrap width="177">
KURUNJANG
</td>
<td nowrap width="71">
$309,000
</td>
<td nowrap width="71">
0.5%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
3
</td>
<td valign="bottom" nowrap width="177">
MELTON WEST
</td>
<td nowrap width="71">
$352,000
</td>
<td nowrap width="71">
1.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
4
</td>
<td valign="bottom" nowrap width="177">
PAKENHAM
</td>
<td nowrap width="71">
$410,000
</td>
<td nowrap width="71">
-0.1%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
5
</td>
<td valign="bottom" nowrap width="177">
SUNBURY
</td>
<td nowrap width="71">
$412,000
</td>
<td nowrap width="71">
-3.5%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
6
</td>
<td valign="bottom" nowrap width="177">
WERRIBEE
</td>
<td nowrap width="71">
$415,000
</td>
<td nowrap width="71">
6.4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
7
</td>
<td valign="bottom" nowrap width="177">
WYNDHAM VALE
</td>
<td nowrap width="71">
$415,000
</td>
<td nowrap width="71">
6.4%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
8
</td>
<td valign="bottom" nowrap width="177">
HAMPTON PARK
</td>
<td nowrap width="71">
$430,000
</td>
<td nowrap width="71">
0.2%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
9
</td>
<td valign="bottom" nowrap width="177">
CRANBOURNE
</td>
<td nowrap width="71">
$442,000
</td>
<td nowrap width="71">
13.3%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="29">
10
</td>
<td valign="bottom" nowrap width="177">
HOPPERS CROSSING
</td>
<td nowrap width="71">
$445,000
</td>
<td nowrap width="71">
6.7%
</td>
</tr>
</tbody></table>
A three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-melton+south-124447998" target="_blank">5 Moss Street</a>, Melton South (above) has been listed for sale for between $289,000 to $309,000, having last traded for $17,900 in 1986.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-melton+south-124527786?listingType=buy" target="_blank">453 Jester Drive</a>, Melton South (below) has been listed for sale for $278,500.
<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/2017/01/31/453%20Jester%20Drive.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-melton+south-124529894" target="_blank">1 Lachlan Road</a>, Melton South (below) has been recently sold for $300,000. It sold for previously for $207,500 in 2008.
<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/2017/01/31/1%20Lachlan%20Road.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-melton+south-124237090" target="_blank">2 Henty Street</a>, Melton South (below) was also recently sold for $272,000, having last traded in 1979 when selling for $26,000.
<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/2017/01/31/2%20Henty%20Street.jpg" alt="">
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Melton South ranks top of Melbourne's most affordable 10 suburbs

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A development site in West Melbourne with a permit for apartments and ground floor office is up for auction with price expectations of at least $2 million.
The auction is on March 2 through Teska Carson.
Located at <a href="https://www.realcommercial.com.au/property-retail-vic-west+melbourne-502222982" target="_blank">53 Dryburgh Street</a>, two kilometres from the CBD, the property comprises a two-level office building on a 230 square metre site zoned Mixed Use.
It has apermit for a five-level, mixed-use development, with 19 apartments and an office, and has two street frontages.  
According to marketing agents, Teska Carson’s Gideon Marcus and George Takis, the property will be sold subject to a short term, ground floor lease at $40,909 per annum plus GST. The first level is vacant. 
Marcus said West Melbourne had developed into a vibrant inner-city location because it was close to essential services including public transport, freeways, shopping, sporting arenas, schools and public open space.
“Sites with easy access, two or more street frontages, have been very much in demand from both developers and end users as well as owner-occupiers and investors,” Marcus said.
"It goes without saying that sites with a development permit in place have been that much more attractive, and for that reason we expect a high level of interest in Dryburgh Street.’’ 
Takis said the CBD fringe apartment market had gone from strength to strength as Melbourne’s population growth surged and a new generation of Australians chose the inner-city lifestyle which afforded close proximity to everything with a minimum of travel required.
“Properties which present in this market generally offer fundamentally sound investment credentials and Dryburgh Street is no exception,’’ he said.
 
   
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