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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The cheapest weekend auction sale across was nation was $230,000 in Melbourne's St Kilda for a renovated studio apartment.
The price guidance had been $200,000 to $230,000 for the $255 a week rental (above).
The 28 sq m 1965-built 10/3 Dalgety Street offering came with lockup garage.
It had been initially listed in May with $270,000 hopes having last sold at $229,000 in 2012.
Melbourne also had the cheapest house sold over the weekend which was $272,500 at Melton South (below).
<img src="/images/2016/11/07/Screen%20Shot%202016-11-07%20at%2011.05.57%20AM.png" alt="">
The 43 Bernard Drive home last sold at $160,000 in 2003.
The auction price guidance was $219,000 to $239,000 on the 1970-built three bedroom home.
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jonathanchancellor-7SQnKwU6yx

Just $1000 gain for Melbourne's cheapest sale at St Kilda

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<div id="post-13988" class="post-13988 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorised sectors-office geographies-australia">
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<div class="col-lg-11 col-md-11 col-xs-12 col-sm-11">
<div class="contents">
GUEST OBSERVER
Melbourne’s Southbank Riverside attracted a disproportionally large share of capital in the third quarter of this year.
Transaction volumes for the three-month period accounted for approximately 50 percent of the AUD 1.4 billion (USD 1.1 billion) transacted year to date.
Southbank Riverside is a small but significant component of the Melbourne CBD office market, accounting for 4.3 percent of total CBD stock (6.8 percent of prime stock).
In Q3 the following assets in Southbank Riverside transacted:
<ul>
<li>HWT Tower, 40 City Road (apportioned value AUD 194.2 million)</li>
<li>IBM, 60 City Road (apportioned value AUD 244.9 million)</li>
<li>Twenty8 Freshwater Place (AUD 286.0 million).</li>
</ul>
These sales represent 49.2 percent of the total precinct by NLA (Net Lettable Area). Currently JLL is marketing 12 Riverside Quay.  
A sale would mean that just under 60 percent of the total stock would have transacted in 2016.
A changing ownership profile
A number of domestic wholesale funds and large-cap REITs have divested holdings in the precinct. DEXUS, Frasers Property and GPT Wholesale Office Fund were active vendors over the quarter. A number of these groups are identifying opportunities to undertake tactical disposals, crystalise capital gains and recycle profits into new projects/investment opportunities or reduce gearing. An availability of investment grade product has enabled large international fund managers such as ARA Asset Management and J.P. Morgan to gain exposure to the Southbank Riverside precinct over the quarter.
The REIT sector remains active within the precinct. Mirvac is constructing a new Melbourne HQ for PwC and has secured superannuation fund ISPT for a 50% takeout of the completed product.
What is attracting a new cohort of investors? 
Southbank offers CBD access via a pedestrian bridge and connects to Flinders Street Station. Flinders Street Station provides connections to Melbourne’s white collar employees – a disproportionately high number lives to the East and South of the Melbourne CBD. The market fundamentals of Southbank Riverside have been positive, with the precinct recording an average vacancy rate 2.4 percentage-points lower than the greater CBD, over the last ten years. Investors are also drawn to the diverse nature of the tenant profile in Southbank Riverside – IBM, LinkedIn CPA Australia and PwC are all located in the precinct. The strength of the precinct as a corporate location was underlined with PwC committing to a new office at 2 Riverside Quay.
Historically the precinct has benefited from a flight to quality, with tenants vacating older style assets in St Kilda Road for modern product in Southbank Riverside. Given the significant supply anticipated to be withdrawn from St Kilda Road, this trend is likely to continue. A long-flagged rental upswing is finally occurring in Melbourne’s CBD, with prime net effective rents increasing by 5.7 percent over the quarter. The new investors in Southbank are poised to capture the upswing as each of the assets had a WALE of between three and four years.
With the precinct tightly held, and limited potential commercial sites for future development, the investment proposition of Southbank Riverside remains firm. The challenge will be securing investment grade product in a tightly held market.
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<div class="author-section">
<div class="author-description col-lg-8 col-sm-8 col-md-8 col-xs-8">
Ben Thatcher is research analyst, JLL, and can be contacted <a href="https://www.jllapsites.com/research/" target="_blank">here</a>.
</div>
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jchancellor-FAypfDUnLy

Where does Melbourne’s Southbank rank for commercial property?

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The REIV is expecting around 880 auctions across 300 suburbs this week, with top auction locations expected to be are Reservoir (14 auctions), followed by Richmond and Melbourne with thirteen auctions.
October ended with highest number of auction sales ever recorded in a weekend prior to Melbourne Cup. Craigieburn led the way, with 18 auction sales.
<a href="/images/2016/11/04/Screen%20Shot%202016-11-04%20at%2010.08.58%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/04/Screen%20Shot%202016-11-04%20at%2010.08.58%20AM.png" alt="">
 
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Reservoir, Richmond, Melbourne top auction suburbs: REIV

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Melbourne’s south and outer east have been characterised by a lack of speculative supply in all sectors of the industrial property market coupled with high levels of enquiry, according to Colliers International’s latest report.
Infrastructure developments such as the upgrades to the Monash Freeway and the strong workforce base in this market will continue to reinforce this demand, the agency suggests, to be driven by a healthy mix of localised businesses and national corporate occupiers.
Zoned land supply is extremely limited, particularly for greenfield sites in the outer east, which has seen occupiers and developers alike, seeking sites in core south-eastern locations including Dandenong South and Keysborough.
Zoned englobo land parcels for sale are all but non-existent in the east forcing users to zero in on brownfield sites which in many cases have been held for generations.
“Serviced vacant allotment sales have been strong, indicated by their shorter duration on the market – Frasers Property Australia’s sold 53 allotments within three months of release, from their property located on the north side of Greens Road, where land rates now reach $350 per square metre,” the report stated.
South-east markets have seen institutions seeking out core land banks in key locations which are generally starved of large scale vacant land opportunities. Earlier this year, Frasers Property snapped up a further 15.72 hectare of land in Keysborough, south of its 101 hectare “The Key Industrial Park”, where the success of this development has been largely driven by its proximity to Eastlink.
Local developers have been competing aggressively for serviced land, which has been driving up speculative development below 5,000 square metres where ongoing take up remains strong by localised users.
Larger properties (above 10,000 square metres) are currently in limited supply, with only five A-grade buildings available between 10,000-20,000 square metres and one greater than 20,000 square metres.
Tenants have few available options and coupled with limited land supply for this style of development, effective rents have been firming in this market.
Recent speculative development has been concentrated in the 5,000-8,000 square metres range, where supply has been historically low for new facilities.
This new supply has been met with positive demand, with the majority of these developments expected to be leased either prior to or shortly after practical completion.
Large investment grade industrial assets in the south-east and outer east continue to attract institutional investors, where growth in capital values has continued to outpace all other precincts.
These markets have also seen very limited investment opportunities for well-located assets, which has seen capital values increasing significantly over the year by 9.8% for the south-east and 12.8% in the outer east.
The yield compression has also been substantive during this period, with average prime grade yields compressing by 60 basis points to be at 6.3% for the south-east and 6.6% for the outer east.
Although investment stock remains in high demand at all price levels, there is unprecedented unsatisfied demand in the sub $20 million bracket where both private investors and syndicators have been aggressively pursuing passive leased investments in this proven logistics location.
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j.ballantyne1990-6AQqhLzZaK

Positive demand for new industrial properties in Melbourne's south and east: Colliers

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Melbourne and Sydney have long been the engine rooms of Australia’s property market, with Sydney traditionally leading the way, according to McGrath’s latest report.
But the southern capital is looking more appealing than ever before due to its superior value for money and glowing reputation as the world’s most liveable city for the past six years, the agency suggests.
The McGrath reported noted Melbourne’s relative affordability is contributing to record high net interstate migration, as well as strong net overseas migration, making it Australia’s fastest growing capital city with an average of 1,760 people moving in per week in FY2015, according to the ABS.
Although Sydney outshone its southern cousin in the boom with 64% growth in home values compared to 44% since 2012, Melbourne arguably offers greater prospects for growth in the future.
It’s median house price is $287,000 cheaper and a projected population surge from 4.61 million in 2016 to 7.91 million in 2053 will see it overtake Sydney as the most populous city in Australia.
Melbourne’s median house price rose by a modest 8.6% in FY2016 to $608,000, with the median apartment price up 2.5% to $485,000.
However, some areas experienced much stronger price growth due to a lack of supply in 2016.
According to CoreLogic RP Data, Melbourne’s top 10 suburbs for house price growth in FY2016 all experienced more than 25% gains in value.
The dominant buyers in Melbourne today are upsizing families, most of whom are targeting the catchment zones of top performing public schools to avoid private school fees.
This trend is so strong that new REIV research shows there is now a significant price difference between homes located within top catchments and those that border them.
In Parkville, homes within the catchment for University High have a median house price of $1,395,000 compared to $799,000 for homes that are 1 km outside the zone.
Similarly, homes in the catchment for McKinnon Secondary College have a $305,000 premium over those outside the zone.
With interest rates continuing at record lows, young buyers are stretching their budgets to get into premium areas.
They’re targeting small inner ring cottages with a bit of character and paying well over reserve to secure a piece of prime land while they can.
Some vendors are leveraging strong selling conditions to upgrade to larger homes in more affordable areas with change to spare.
For example, vendors in Doncaster, Mitcham, Blackburn and Box Hill are selling in the early $1 millions and buying in Croydon for $800,000-$900,000.
Given Melbourne’s tight supply and rising prices, we are seeing the ripple effect in many areas.
It advised uyers priced out of the highly desirable Bayside area are purchasing next door in Bentleigh and McKinnon, leading to several sales above $2 million this year – a price level not thought possible just a few years ago.
APRA restrictions have impacted investor demand but we are still receiving enquiries from Sydney, Perth, Brisbane and ex-Melbourne locals living overseas.
Many investors have now put Sydney into the ‘too hard box’ due to affordability and switched focus to Melbourne.
<a href="/images/2016/10/31/Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Melbourne.jpg" alt="">
The southern capital has long been the favoured destination of off shore Chinese buyers but demand has softened this year following changes to lending criteria for foreigners and forced sales of properties purchased in breach of Foreign Investment Review Board regulations.
Despite this, Melbourne’s prestige market remains strong with a new house price record for the city set in Toorak at $24.1 million and Victoria’s highest residential sale ever occurring in South Yarra with the exchange of three homes in one line for $33 million – both this year.
Sales above $25 million are expected for the penthouses in South Yarra’s glamorous Capitol Grand development, which would break the national apartment record.
Melbourne is facing an oversupply of apartments, which currently represent 49% of stock for sale compared to 42% a year ago and 29% in 2011.
CoreLogic RP Data figures show a pipeline of 80,500 new apartments due for completion over the next two years when only 61,500 apartments (old and new) are usually sold over this timeframe.
This presents a great opportunity for owner-occupiers with a long term view but they need to choose wisely.
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John McGrath’s top picks:
1. Windsor
A hidden gem neighbouring Prahran, Windsor was once considered the grungy end of Chapel Street but now the hipster crowd is moving in.
"We see great potential for this trendy pocket, which has easy access to trains and shops and is conveniently close to the CBD," the report stated.
2. Oakleigh South
Change is on its way with a noticeable uplift in buyer demand over the past 12-18 months. This suburb is full of mid-century homes on big blocks with plenty of potential for knockdown/re-builds and development. Downsizers are capitalising on a 10-15% jump in land values over the past few years and selling to young families and developers.
3. Wheelers Hill
Wheelers Hill has a median house price that is $250,000 less than its neighbours of Glen Waverley and Mount Waverley, yet it is only 5-10 minutes away. Buyers are increasingly looking for better value here and we anticipate solid price growth as a result.
4. Northcote
Just 6 km north of the CBD, Northcote has undergone major change and is now a destination suburb for young professionals and families. High Street village offers many restaurants and the tram runs straight through to the city with a train station also close by. Local schools including Northcote High and Santa Maria College are increasingly popular.
5. Abbotsford
This inner city precinct less than 3km from Melbourne’s CBD has been though significant gentrification over the past decade. With an abundance of leisure and lifestyle amenities, it also has cycling and running routes alongside the Yarra River. Young professionals and families enjoy its walkability and accessibility well serviced by trams and trains, while cashed up downsizers are now discovering this gem.
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Melbourne property market more appealing due to superior value for money and good reputation: McGrath

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Melbourne houses had the strongest September price growth, according to the Residex non-revised median values chart.
These figures suggest the Australian house market grew 1.63% in September, off the back of a slight decline in August. 
Sydney units had the highest mainland growth in the month of September. 
Table 1: September 2016 Median Value Index
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Source: Residex
Residex suggests the monthly figures are relatively volatile, with annual growth showing a more distinct trend.
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Melbourne house price growth strongest in country: Residex

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The Secret Agent has updated its price per square metre index for secondary apartments in inner Melbourne.
After adding 406 apartment sales from the last quarter, our index now consists of 1276 apartments sold between 1st January 2016 to 30th September 2016.
The updated average square metre rate for apartments in inner Melbourne is $8,687/sqm.
This figure is beginning to stabilise since our last two reports ($8,679/sqm in Q2 and $8,767/ sqm in Q1).
In this update, we present a more thorough look into the price per square metre rates of apartments by suburb, further categorising sales according to the number of bedrooms.
These results are shown in Table 1.
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Overall, the three most expensive suburbs to purchase an apartment are Albert Park ($13,276/sqm), East Melbourne ($11,914/sqm) and Middle Park ($10,720/sqm).
These areas have consistently topped our index. The least expensive apartments per square metre can be found in Travancore ($6,563/ sqm), Kensington ($6,869/sqm) and Flemington ($7,079/sqm).
A few things can be observed when considering apartments with a larger accommodation.
In some suburbs, the increase in number of bedrooms is directly proportional to the price per square metre, as seen in the CBD region, Carlton, Collingwood, Clifton Hill and South Yarra.
We can see that most of the inner North and inner West suburbs tend to have decreasing price per square metre rates as apartments grow in accommodation size.
However, note that some of the data may be inaccurate due to the small number of sales available for that particular apartment type.
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Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm

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Multiplex has delivered the fourth tower within Walker Corporation’s $2.5 billion landmark Collins Square development located at 727 Collins Street in Melbourne’s CBD.
The 22 level tower comprises just under 40,000 square metres of commercial office space (NLA) over 15 floors, as well as a six level car park providing just over 200 car spaces.
The construction of the tower generated approximately 1000 jobs and used some 13,000 cubic metres of concrete.
It comes with a 50 metre high internal greenwall, 11,000 square metre curtain wall and an internal glazed atrium.
Collins Square is a $2.5 million development spanning a city block and consists of five commercial office buildings providing over 200,000 square metres of net lettable area. The project is expected to be completed by mid-2018.
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“We are delighted to have delivered the fourth stage of Collins Square. This market leading commercial development responds to the high demand for brand new commercial space in Melbourne CBD and the design complements the surrounding streetscapes,” said Graham Cottam, Regional Managing Director of Multiplex Victoria.
Complexities faced during construction include the time restraint of completing a 14 month construction program with an integrated fitout. There was also the challenge of working with a live site adjacent to two interconnected buildings.
The Collins Square development has a Green Star Design and As Built v3 Rating as well as NABERS Energy 5 Star Rating due to its use of the a Tri-Generation system for producing power; along with the rainwater harvesting system and water efficient fixtures and fittings.
Multiplex has over $800 million worth of residential projects currently under construction in Melbourne including Platinum Tower in Southbank along with Australis, Bella Apartments, Melbourne One and Southbank Grand.
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Fourth tower constructed at Collins Square Melbourne by Multiplex

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The North West region takes the weekend's top spot as the Melbourne region with the highest auction clearance rate, according to CoreLogic’s latest weekly report.
Out of the 60 reported auctions to CoreLogic about 91% resulted in a successful outcome.
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This was followed by the Outer East region with 87% and both the North East and South East taking equal third place with 82%.
The region with the lowest auction clearance rate was both the Inner region and the Inner East region with both regions having an auction clearance rate of 70%.
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North West region's top spot as Melbourne region with best clearance rate: CoreLogic

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Melbourne’s Chapel Street, Prahran and Bridge Road, Richmond are following a downturn, previously seen in Sydney’s Oxford Street, Paddington and Brisbane’s James Street New Farm, according to Gunning agent Malcolm Gunning.
He said in Sydney fashion brands and food demand has been driven by the community, not weekend tourism and shop tops are being split from the retail area and are now in high demand as fashionable flats - a situation soon to be replicated in Melbourne.
“The more established boutique brands have relocated into the Melbourne CBD just as they did in Sydney with the redevelopment of the CBD and opening of Bondi Junction," he said.
“What we are seeing now is that Oxford Street, Paddington has reinvented itself. Rents have come down because of high and prolonged vacancy rates, attracting a new breed of businesses, which has ultimately enabled ‘life after death’.
“Paddington has evolved into a service, restaurant, and provedore area with young fashion brands entering the scene.
“The pubs are undergoing a transformation with Justin Hemmes and his group entering the area, the Paddington Inn, Bellevue in Hargrave Street and The Royal at Five Ways have been renovated. Other venues, best described as gastropubs, are moving towards a focus on food.
“There are also places like Saint Peter, a high end sea food restaurant, which previously would not have been there under the high rents.
“Melbourne will experience the same thing. Chapel Street and Bridge Road, tend to be a tourist destination. As the rents go down the area will evolve too and locals will need to be serviced.
“James Street, Brisbane which is between Fortitude Valley, Teneriffe and New Farm reinvented itself from its industrial business into an area which services the needs of a vibrant local community. It has established brands like Sass &amp; Bide, Camilla, Nudi Jeans well as upcoming designers and high quality food options such as Jocelyn’s Provisions.".
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