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

Newcastle

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In the second month of 2020, the Hunter region continued to see buzzing activity in the local property market, according to the latest Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
The report notes even with the uncertainty of an interest rates move, there was still plenty of activity around the region for both established houses and also people wanting to purchase a block of land to build their dream home.
"Newcastle is hoping to see market conditions improve further due to the rising population of the city, surrounding areas and also Maitland and Hunter Valley regions fuelling housing demand and relatively healthy housing affordability. 
"The Newcastle and Hunter region is highly likely to see continued growth due to close proximity to major capital cities such as Sydney. As housing affordability becomes a resurgent issue in 2020, capital city residents may once again seek relatively affordable housing in nearby regions or regional areas with high levels of amenity," the valuation firm said. 
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In terms of residential property, Newcastle has become its own market and no longer relies on Sydney as it once did. 
"In the past 12 months, Newcastle saw a shift in confidence independently of Sydney; we no longer follow suit like we once did. Locally, since the federal election, we have seen an increase in activity from all classes of potential property purchasers," the valuation firm said. 
There is still a healthy supply of inner city units for sale and with further developments around Hunter and King Streets in Newcastle and also Honeysuckle continuing into the future, perpetuates the old saying of “as long as people buy, they will continue to build them”, the report noted. 
"Savvy property investors are still seeing Newcastle and supporting areas as a great place to invest due to affordability and also strong growth potential," the valuation firm said. 
These investors will be ready to pounce on the best performing pockets which include properties in the Kotara, Islington, Hamilton, Charlestown and Mayfield areas, all located within a 15 minute drive of the Newcastle CBD.
"First home buyers in the region are also continuing to purchase established dwellings around the fringes of the city suburbs and also showing keen interest in house and land packages around the Maitland areas of Chisholm, Thornton and Bolwarra, which are all less than a 40 minutes drive into Newcastle city," the valuation firm said. 
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The trendy inner city suburb of Tighes Hill also saw a record sale price for the year at the end of February of $1.5 million for a waterfront <a href="https://www.realestate.com.au/sold/property-house-nsw-tighes+hill-133013166" target="_blank">Throsby Creek, Sparke Street</a> property (pictured below).
<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/2020/5/4/tighes%20hill.jpg" alt="">
The largest sale in the affluent suburb of Merewether for the month of February was <a href="https://www.realestate.com.au/sold/property-house-nsw-merewether-132847678" target="_blank">68 Curry Street</a> (pictured below) which sold for just under the $2 million mark at $1.98 million, the report noted. 
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<div>Notes regarding COVID-19</div>
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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Newcastle property market likely to see continued growth: HTW residential 

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2019 started in the doldrums and finished on a high with record sales across a number of suburbs in Newcastle, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
The report notes records sales tend not to happen in a falling or subdued market.
<a href="https://www.realestate.com.au/sold/property-house-nsw-bar+beach-131859426" target="_blank">16 Bar Beach Avenue, Bar Beach</a> (pictured below) sold for $5.525 million towards the end of 2019 and set the record in Newcastle for a single residential holding.
This eclipsed the $5.51 million paid at the beginning of 2019 for 40 Kilgour Avenue, Merewether.
<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/2020/2/10/bar%20beach.jpg" alt="">
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<a href="https://www.realestate.com.au/sold/property-house-nsw-merewether-131281662" target="_blank">21 Flowerdale Drive, Merewether Heights </a>(pictured below) sold for $2.18 million with settlement due in the first quarter of 2020.
This property saw strong interest after a significant media campaign and is a record for the Merewether Heights location.
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So with the backdrop of a resurgent market and most agents reporting increased interest across the board, 2020 starts with a whiff of optimism (and at the time of writing, a fair waft of smoke). 
The same could not be said for Newcastle and the Hunter 12 months prior in January 2019. 
This time last year, pessimism abounded. 
"How long this current resurgence lasts or whether it can be knocked off course easily is yet to be seen. Our prediction is that it can’t be as strong as the last uptick (2012 to 2017), which was unprecedented for the area with massive increases across the board in all property sectors," the valuation firm said. 
“Part-time psychologist hat being reached for and placed on head at a jaunty angle” warning. 
"If we were to hazard a guess, it would be fair to say that we are at an interesting juncture in the market," the valuation firm said. 
The recent boom is fresh in the minds of all property investors and professionals. 
When the boom finished, many who either missed the boat or didn’t fully capitalise will have made promises to themselves that next time the ship sets off, they would get up that gangplank sharpish (or whatever it is they board ships with these days; with our smarts, we have probably moved past planks). 
"We suspect that the recent gains in the market locally are born from the fear of missing out a second time. That’s a powerful driver in any market." 
2020 is set to be a pivotal year in our future with a number of events all converging to a point where something monumental is likely to happen. 
"We have US elections winding up like a coiled spring, ever-growing awareness of and focus on climate action and China testing out sovereign nations’ resolve across the globe. Any of these have the ability to derail or boost the economy like nothing has for a decade or more," the valuation firm noted. 
And Newcastle and the Hunter is like a bug hanging on for grim death to the windscreen, being buffeted by headwinds as speed quickly escalates, whilst simultaneously trying to avoid the jet of water shot fair up the caboose followed by the wiper of death.
"We are at the mercy of things bigger and more complex than us." 
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Newcastle market resurgence yet to be seen in 2020: HTW residential 

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When we look at the industrial market in Newcastle, there are five key precincts to consider in 2020, according to the February 2020 report from valuation firm Herron Todd White.
The property valuation firm found, the Beresfield precinct continues to grow with 16 hectares of land sold at the end of 2019.
There have been a number of strata and stand alone buildings constructed in this area in the past 12 months and there are a number of buildings in the planning or initial construction phase.
In the Cardiff precinct, the extension of Munibung Road with the expected link to Lake Road at the western end has seen a number of new developments at that locality, with a number of developments recently completed.
Meanwhile in the Steel River precinct in Mayfield West, there have been sales of development land, however the market for established properties has slowed.
HTW valuers said, "we also note the completion and sale of the Myspace development which is targeted at the smaller end of the market, having units with areas less than 100 square metres."
"Thornton is very stable with no significant new developments, however we note that there have been some recent sales in that area."
"Finally, the Tomago precinct, which is more suited to heavy industrial, is starting to show some signs of activity after a relatively stagnant period."
"Overall, the key issue facing the local market is the demand for quality industrial properties outstripping supply. Moreover, decreases in lending rates have the potential to lead to an increase in investor activity, however there have been very few sales to investors recently."
"We are seeing more owner-occupier sales in recent months indicating that the reduction in the cash rate is having the effect of stimulating the market," they concluded.
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Newcastle industrial market sees supply picking up in 2020: HTW Industrial

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Newcastle retail activity has been defined by an unusual dichotomy where yields are at or near all-time lows, meaning values remain high, while the number of sales transactions has been very low compared to activity in peak market conditions from 2015 to 2018, according to the latest retail report from valuation firm Herron Todd White.
The property valuation firm found that some further discussion on the state of yields is required at this point. Well tenanted property with tenants that show strong trading history and long lease terms is still very strong and recent interest rate reductions by the Reserve Bank have helped underpin this strong market.
The report authors said, "we have seen, however, a (small) number of sales that indicate we have come back from peak market conditions, especially for those non-core retail properties that may reflect a higher degree of risk for the investor."
"Factors such as a secondary location, short lease expiry profile or partial vacancies were not being factored into yields during the market boom and the yield differential between core and non-core retail investment properties was not being adequately built into sale prices."
"We have seen a number of retail sales of such properties where yields have increased somewhat to reflect these risks. We see further adjustment required in this space, which is happening, albeit at a slow pace given the limited number of retail sales this year"
"We also anticipate this sales rate to increase somewhat in 2020 with a further easing of lending policy from major lenders. Now that the light rail has been up and running for some time, we see that a number of retailers on Hunter Street have suffered. Not only during the construction phase, but now with no parking available where the light rail runs along Hunter Street, many retailers have been forced to shut up shop or landlords are now in a position where they either accept lower rental returns or face extended letting up periods."
"We see these areas being converted from retail to office in coming years," they concluded.
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Newcastle retail property yields are at all time lows: HTW Retail

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The Newcastle/Hunter area has a range of yields with the general figures sitting between 3.5% and around 6%, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation.
"When discussing yields and property investments, you can break it into bite size chunks and compare the yield aspect of property versus the end capital growth," the valuation firm said. 
"Each has their benefits in the property realm and it all depends on what type of investment you require. Like all good investments you must find what works best for you in each situation.
"At the lower end you find the yields averaging around the 3.5% mark. These are the investments that are good quality properties in desirable locations which are steady and safe and in demand tenancy wise.
"Here these types of investments usually have strong capital growth and appreciation on the property.
"Basically, not huge amounts of income (or cash flow) but good solid capital growth figures generally."
The firm suggests that suburbs such as Hamilton and surrounds, Georgetown and New Lambton are examples.
"At the upper end, you find the 6% and above yields," it said.
"The higher the yield, the riskier the investment becomes, mainly because you take on more risk with the reward of higher cash flow.
"The capital growth is also usually more stunted as the yield stream is the main driver in these types of investments.
"As with any greater risk and greater reward style scenario, there is much less stability and potential for a negative effect resulting from outside forces.
"We are also finding more dual occupancy and ad-hoc boarding or student style housing that do have higher yield potential. But on the back of this greater reward comes the potential for problems which can include planning, zoning and ongoing maintenance issues. "
At any stage the property could become non-compliant with costly remediation works on the cards to rectify the issues, the report warns.
It notes any unplanned costs associated with investment properties is never ideal and something that needs to be factored into any planning for would be investors.
"We’ve seen plenty of new construction in the area to include a main house at the front of the site with a newly constructed granny flat at the rear. These are becoming common sights during our valuation runs," the valuation firm added. 
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Newcastle upper end market sees 6% and above yields: HTW residential 

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There have been no sales of larger industrial sites of any note in the area in recent months, according to the latest report from valuation firm Herron Todd White.
The report found that given this, they took look at the sale of a large parcel of industrial land located close to the port and CBD.
The property, known as 110 Elizabeth Street, Tighes Hill is a 3.45 hectare parcel of remediated industrial land. The property is located at the corner of a major industrial intersection and has a frontage of almost 500 metres to the Industrial Highway.
The property was sold in April 2019 for an undisclosed sum.
The HTW valuers said, "we note that there is currently a DA with council for a service station which will take up approximately 6,000 square metres at the Elizabeth Street elevation. For the remaining parcel, the initial plan is for a multi-unit retail warehouse development."
"The proposed development will comprise three lots with up to 17 units ranging from 110 to 800 square metres approximately. The development also includes significant common area parking and a car wash facility. This project will be an industrial retail park and will be the only development of its type this close to the CBD," they added.
It’s likely that these units will attract strong demand from a variety of industrial retailers as well as general warehouse users.
Proximity to the CBD and Newcastle Port as well as having direct access to the Industrial Highway, which essentially links the CBD to the Pacific Highway, will be attractive features to tenants.
The report authors also said, "with the continuing development of the Honeysuckle precinct as well as new residential developments in Wickham and limited bulky goods retailers nearby, this creates a good opportunity for a range of tenants."
"The effect on rents that this development will have is difficult to ascertain until the mix of tenants is more obvious, however the proximity to the CBD and services would indicate a medium to high level of demand, and we would expect lease terms of three years and above as tenants look to secure longer term tenancies," they concluded.
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Newcastle industrial market sees no large scale sales: HTW Industrial

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Office investment activity in Newcastle has been fairly subdued over the past 12 months, according to the latest report from valuation firm Herron Todd White.
The property valuation firm said the outlier was the headline grabbing sale of 18 Honeysuckle Drive, Newcastle (pictured) to IOOF Investment Management Ltd for a reported sum of $52.2 million of course, A record for office property in the city.
Colliers International describes the property as, “an A Grade, seven-level commercial building completed in 2017 that provides investors with a top tier asset featuring outstanding investment credentials."
"The 6,524 square metre building is 100% leased to a diverse list of corporate and Government tenants. Plus it is well-positioned in the prominent Honeysuckle harbour front precinct of the Newcastle CBD."
The property was designed to meet a 4.5-star NABERS energy rating and was awarded a 5-Star Green Star rating.
The sale reflects an approximate yield of 6.2% and reflects the continuance of low yields for well positioned and occupied investment stock in the current market.
A-grade vacancy remains at historic lows and with major office developments around the Wickham transport interchange being built fully or majority pre-committed, this vacancy rate will remain low for some time, the report concluded.
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Newcastle office market remains subdued: HTW Commercial 

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The upturns in Newcastle and Wollongong lagged the Sydney market and prices have also held up better through the Sydney market downturn, according to the latest BIS Oxford Economics Residential Property Prospects 2019 to 2022 report. 
The report suggests the upturns have been partly supported by stamp duty exemptions being offered for first home buyers on purchases under $700,000.
Being closer to Sydney, the price falls will reduce trade-down activity into Wollongong.
Associate Director and report author, Mr Angie Zigomanis said, “Wollongong is closer to Sydney and prices have moved more in tandem as people in Wollongong have the ability to commute to Sydney."
"Newcastle is further away and the property market is more reliant on the local economy, which was hampered during the Sydney upturn by a fall in coal investment."
"It therefore didn’t have the upturn of Sydney and so has not really had much of a correction."
"It also means that there is more upside to prices because it is now more affordable relative to Sydney and therefore attractive for people to move north as the local economy improves, and it is also starting from a lower base," he stated.
The firm said the Wollongong median house price is forecast to rise by 5% in the three years to June 2022.
In comparison, greater affordability in Newcastle is likely to provide more upside, with an aggregate 9% rise forecast.
After an estimated 18% decline in the median house price in Sydney in the two years to June 2019, house price growth is expected to stabilise through 2019/20 as affordability improves and credit conditions ease.
A total rise of <a href="/expert-insights/buying/sydney-median-house-price-expected-to-rise-6-by-2022-bis-oxford-economics">6% is forecast for Sydney’s median house price</a> in the three years to June 2022.
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Newcastle and Wollongong residential markets performing well: BIS Oxford Economics  

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Despite initial fears, prices haven’t taken a huge tumble within the Newcastle and Hunter Region, according to the latest Herron Todd White (HTW) residential report. 
The report notes that the Newcastle property market hasn’t seen the huge falls in prices some capital cities have.
"Typically, the property market works in cycles and via our Herron Todd White property clock, we have indicated that our region is now in decline, but this is off the back of solid increases in property prices throughout the past few years," the valuation firm said. 
"This type of growth cannot be economically sustained and thus the real estate market can be seen as correcting itself.
"We have also noted that many buyers in our local area are finding themselves with more choice and much less pressure to make an offer. There are no longer three people in line ready to make an offer on the same property.
"You will find the well-priced and quality properties in preferable locations are still selling well despite all the talk of declining prices.
"These quality properties become the standout in these conditions and the gap widens between primary and secondary properties.
"We’ve also identified that suburbs which were previously out of the budget of buyers are now becoming more attainable."
Previously some buyers who were looking at outer suburbs such as Highfields and Kahibah can now expand their search areas without expanding their price bracket much to include suburbs closer to town such as Adamstown, Kotara and some areas of New Lambton.
The typical blue-collar suburbs including Merewether, Cooks Hill and Bar Beach are just as popular as ever, but prices are softening in these suburbs.
The more affordable first home buyer suburbs such as Mayfield, Hamilton North, Waratah and some properties in Tighes Hill are also softening, but here the quality properties are constantly selling quicker than others on the market.
"Interestingly, there are still many record-breaking sales happening across Newcastle," the report noted.
It referred to a recent sale in Adamstown Heights.
Renovated with the help of a local architectural firm, this large family home (pictured below) sold for $2.15 million in March 2019.
The property at<a href="https://www.realestate.com.au/sold/property-house-nsw-adamstown+heights-130488002" target="_blank"> 3 Ragan Close</a> has five bedrooms, three bathrooms and two car spaces with a large backyard and swimming pool.
<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/2019/6/25/adamstown%20heights.jpg" alt="">
There has been another sale of a renovated Federation home in the much sought after suburb of Hamilton South.
The auction sale has become the suburb’s second highest recorded sale at $2.25 million.
The agents originally stated a price guide of $2 million to $2.2 million.
The property at <a href="https://www.realestate.com.au/sold/property-house-nsw-hamilton+south-130934446" target="_blank">72 Gordon Avenue </a>(pictured below) is well-known in the area for its restored Federation features and large corner block location.
It comes with four bedrooms, three bathrooms, two car spaces and a large swimming pool and outdoor entertaining area.
<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/2019/6/25/hamilton%20south%201.jpg" alt="">
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Newcastle residential market in decline, but losses limited: HTW

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GUEST OBSERVATION
The Newcastle Herald has won eight Walkley awards for journalistic excellence over the past seven years. This includes a Gold Walkley for the groundbreaking reportage that led to Australia’s royal commission into institutional responses to child sex abuse. It has told stories of national and international importance.
But this local newspaper, serving the NSW regional city of Newcastle and the surrounding Hunter region, is not profitable enough for Nine Entertainment Co, which acquired it in the takeover of Fairfax Media last year.
Nine has offloaded it and the rest of Fairfax’s Australian Community Media (ACM) division, comprising about 160 regional news titles, 130 community-based news websites and 650 editorial staff.
But this is the best news the staff of the Newcastle Herald have had for a long time. There’s a cautious optimism among both staff and readers that the newspaper (which began as the Newcastle Chronicle and Hunter River District News in 1858) could undergo – like the city itself – revitalisation.
Cautious optimism
<img src="https://images.theconversation.com/files/272289/original/file-20190502-103063-pwor6g.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
The Newcastle Herald, Saturday December 8, 2018. The Newcastle Herald
The new owner is a consortium of former Fairfax real estate supremo Antony Catalano and the Thorney Investment Group, a company that “concentrates on producing <a href="https://www.thorneyopportunities.com.au/news-announcements" target="_blank">absolute returns for shareholders</a> over the medium to long term”.
Catalano has said he plans to “grow the business, not shrink it to greatness”. He has assured Herald staff that he is about “hiring, not firing”. That’s comforting following cutbacks and two brutal rounds of redundancies in the past seven years.
Yet these inspiring assurances may prove hard to keep.
Newspapers – and journalism more generally – still face structural headwinds. Neither platform prophets nor philanthropists have found a dead-cert solution to the dried-up rivers of gold once richly fed by classified and display advertising streams.
The ACM division is still profitable, but its revenue in the first half of the 2019 financial year was down 8% on the previous year (A$194.1 million, against A$212.1 million), with advertising revenue down 13% (to A$121.2 million).
So optimism about the benevolence of the Herald’s new owner must be cautious indeed.
Benefiting the community
<img src="https://images.theconversation.com/files/272273/original/file-20190502-103049-1hdomjp.png?ixlib=rb-1.1.0&amp;rect=27%2C22%2C1496%2C2129&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="" width="235" height="334">
The Newcastle Herald, Monday, October 22, 2018. The Newcastle Herald
But optimistic we must be. Research provides empirical evidence to support just how important a local newspaper is to a local community.
According to a US study published in the <a href="https://www.cjr.org/united_states_project/public-finance-local-news.php" target="_blank">Columbia Journalism Review</a> in 2018, local government becomes more wasteful without a local newspaper.
The researchers compared local government costs in counties where a newspaper had closed with demographically comparable counties still with a newspaper. It’s evidence media scrutiny is essential to governments being kept accountable.
Local media coverage is also associated with better informed voters and higher voter turnouts, the study’s authors suggest.
Good local journalism sees, knows and cares about the local community. It reflects that community’s history, present and where its future might lie.
Setting the agenda
This is certainly the case with the Newcastle Herald.
Newcastle is the nation’s second-biggest non-capital city, with a population of about 325,000; the population of the Greater Hunter Region is about 625,000. The Newcastle Herald is the only newspaper serving the region six days a week.
As such the newspaper plays a significant role in setting the news agenda for other local media.
Journalists and production staff at remaining commercial news outlets in Newcastle all operate – in the words of one senior newsroom contact – on the smell of an oily rag. Repeated savage cuts and increased networking have played their part in reducing commercial radio bulletins to rip-and-reads of the day’s Herald. Even the ABC has decreased the number of local radio bulletins it provides.
The Newcastle Herald clearly influences the city’s only local commercial television news bulletin (from NBN Television, owned by Nine Entertainment).
Local, original stories
The Herald has maintained its relevance largely because of the local, original stories it has pursued. It has done this despite its own newsroom being slashed, with a third of the journalists it had seven years ago.
Its much admired reporting on child sexual abuse (the Catholic diocese of Newcastle-Maitland was a hotspot of crimes and cover-ups) is just one example.
The paper has also led the way with coverage of the <a href="https://www.theherald.com.au/story/5309813/a-catastrophe-for-some-women-pelvic-mesh-report/" target="_blank">medical traumas of local women</a> that propelled a <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Community_Affairs/MeshImplants" target="_blank">Senate inquiry</a> into pelvic mesh devices in 2017.
It also exposed the story of Cabbage Tree Road, a cluster of 50 cancer cases near a drain carrying toxic chemicals from the Williamtown RAAF base. The Herald’s reporting came from journalists knocking on the door of every home on the road. (The NSW Health Department <a href="https://www.theherald.com.au/stry/5229588/outcry-as-study-dismisses-williamtowns-cancer-cluster-fears/?cs=6099" target="_blank">has dismissed</a> there being a link.)
Investigative journalism is expensive to produce. No other local commercial outlet in the area has the resources to do public-interest and accountability journalism. They all rely on the Newcastle Herald to set the agenda.
For the good of Newcastle and dozens of other local regional and rural communities, we can only hope the Herald’s new owner can do better than its last.<img src="https://counter.theconversation.com/content/116276/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Paul Scott, Lecturer, School of Creative Industries, Faculty of Education and Arts, University of Newcastle
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-a-local-newspaper-means-to-a-regional-city-like-newcastle-116276" target="_blank">original article</a>.
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