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

Perth

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GUEST OBSERVATION
Our reading of key metrics suggests that Perth property values are likely to end this year a below where they started the year. Sadly, the news doesn’t get any better.
Sales volumes peaked two years ago and the numbers since have steadily declined. REIWA has reported the latest vacancy rate for Greater Perth at 4.2%, making it easily the highest of all Australian capital cities. Put simply, neither property values nor rents have any pressure currently being applied.
As shown in this graphic, the levels of new supply in the pipeline are at record levels so the pressure valve will be released even further as new stock comes on line. Sales listings have increased over the last 12 months by a massive 46% and broke through the 13,000 barrier in December 2014.
<img src="/images/2015/02/26/BuildingApprovals_Style_2014.12.jpg" alt="">
But, the bigger concern for Perth’s market is on the demand side of the equation. Perth’s impressive run as the nation’s leader in population growth stakes has ground to a halt.
76% of Western Australia’s total population live in the state’s capital (the highest concentration rate in Australia).
<img src="/images/2015/02/26/Population_GrowthRate_2014.06.jpg" alt="">
There has been a sharp decline in the number of people relocating to WA (that is, Perth) over the last 12-18 months. The latest figures released by Australian Bureau of Statistics (ABS) shows a net overseas migration figure of 3,384 for the June 2014 quarter; well below the 10,201 average for the previous three comparative periods.
<img src="/images/2015/02/26/PropertyEconomy_2014.12.jpg" alt="">
As shown above, interstate migration has also been in decline. During 2011 to 2013, a net 2,000 people would typically relocate to WA from other states every quarter. The latest ABS data shows that a net 33 people left WA; the first time that the state has produced a negative figure since June 2003. To describe demand for extra accommodation as ‘easing’ is a gross under-estimate.
When we took a closer analysis of Perth’s economy to see where future demand might come from things look dull.
Iron ore plays a hugely important role in WA’s economy, accounting for 20% of the State’s total revenue and employing more than 61,000 people directly in 2013-14. Iron ore prices have fallen 50% over the last 3 years, hitting state government revenues hard and resulting in its first budget deficit in 15 years ($1.3 billion in 2014 and estimated to be a further $900 million in 2015).
While there are many mining jobs are in the state’s north, most of them live in Perth. 10,000 employees currently working on the Gorgon liquefied natural gas project and Roy Hill iron ore mine will be looking for new jobs once construction is completed later this year. The scenario will be the same for a further 6,000 workers on the Wheatstone LNG project that is set to be completed in 2016.
In spite of lower iron ore prices, mining heavy weights Rio Tinto and BHP have ramped up production. There is a school of thought that this is a strategic choice to squeeze out smaller players. There is a suggestion that, once the damage is done, production will be allowed to slow which can only mean job losses. Sentiment on the Perth jobs front is subdued. There’s no sign of new mining projects to support Perth’s engineering muscle.
To the current state government’s credit, there are an unprecedented number of large projects in metropolitan Perth. As shown in this info-graphic, these include the Crown Casino expansion, new sporting stadium, a large entertainment precinct, railway and airport upgrades, hospitals, and highways.
These big projects will ensure that new jobs will continue to be created in Perth. But, the rate of job growth has definitely slowed down and government finances are likely to remain tight for some time.
<img src="/images/2015/02/26/Jobs_Trend_2009-2014.jpg" alt="">
With the most active first home buyer market in the country over the last couple of years the reduction in residents competing for rental stock has resulted in rising vacancy rates. SQM Research lists the highest vacancies in East Perth (6.7%), Yanchep (5.3%), Perth City (5.0%), Darlington (4.8%), West Perth (4.6%), South Perth (4.2%), and East Fremantle (4.0%).
Bottom line, this will be more than a lull for Perth. Something significant will need to come from left field to stimulate housing demand otherwise Perth looks headed for a prolonged slump.
Simon Pressley is managing director of <a href="https://www.propertyology.com.au/" target="_blank">Propertyology</a>, a full-time property market analyst, accredited property investment adviser, and Australia’s (REIA) Buyer’s Agent of the Year (2012+2013+2014).
<h2>How to purchase high-performing investment properties: a free Propertyology eBook</h2>
 
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spressley-sBoeMhannA

Perth is headed for a prolonged slump: Simon Pressley

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GUEST OBSERVATION
Half of Perth’s metropolitan councils are dragging their heels in meeting the Western Australian government’s urban infill development targets, according to a progress report.
One of the key aims of the state government’s planning blueprint Directions 2031, which was released in 2011, was to increase housing densities to slow Perth’s urban sprawl and accommodate 3.5 million people.
As part of the measures, the WA government set a long-term urban infill target of 47%, which means 47% of new residential developments must be built within established suburbs in the two decades to 2031.
However a report card on the blueprint released by the state government recently revealed that just two (Claremont and Kwinana) of the 32 local councils were currently meeting the target.
It found that 14 councils were tracking towards the target while 16 councils, or 50%, were stuck in the ‘early planning phase’.
<img src="/images/2015/02/23/collions-feb-23-one.jpg" alt="">
Source: Directions 2031, Damian Collins.
Local councils falling behind the target include Subiaco, Cambridge, Melville, Nedlands, Canning and South Perth, among others.
The report stated: “These initial figures suggest that there would have to be a significant increase in residential infill development over the next three years if short-term infill targets are going to be met.”
Although Directions 2031 is a 20-year plan, local councils need to start taking substantial action now in order to meet the state government’s target.
While I acknowledge that Perth councils have been distracted by the WA government’s failed amalgamations agenda, some councils have simply sat on their hands purely because they’re against higher density.
However, if Perth is to adequately accommodate and manage its rapidly growing population, a concerted effort is needed by all local councils to offer a mix of housing options.
Councils need to create their own planning schemes to meet the objectives of Directions 2031, including rezoning to allow high-density housing in strategic areas of their precincts, including around transport hubs and shopping and activity centres.
The report card on Directions 2031 was released just months after the Western Australian Planning Commission (WAPC) revealed that Perth’s infill rate was actually declining, despite the push to increase infill developments.
The WAPC report, using the latest figures available, found that the infill rate dropped to 28% in 2012, down from 32% in the previous year.
Failing to meet the infill targets will only increase pressure on Perth’s public infrastructure, particularly its road networks, and force more people to live on the urban fringe.
Damian Collins is the founder and managing director of <a href="https://www.momentumwealth.com.au/" target="_blank">Momentum Wealth</a>, a Perth-based property consultancy that specialises in building the long-term wealth of its clients by assisting in the strategic selection, financing, acquisition, development and management of their investment properties.
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DamianCollins-BiwU8NaWEC

Perth councils falling behind infill targets: Damian Collins

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Last August Tukurua, the 21 room 1890s Cottesloe gold boom summer beach mansion, had speculative $50 million plus expectations.
Now the restored heritage listed home has official $25 million plus hopes. 
The grand mansion, with 10 bedrooms and six bathrooms, at 1-9 Rosendo Street, has been listed through <a href="https://www.realestate.com.au/property-house-wa-cottesloe-119026519" target="_blank">Mint agent Peter Clements with the price guidance</a>.
Offers are due 9 March for the 5,000 square metre block with its undeveloped beachfront potential.
Tukurua was built in 1896 as the summer residence of Western Australia’s first attorney-general, Sir Septimus Burt, handsome double storey residence sited on a gently sloping block on the corner of Rosendo Street and Marine Terrace. 
Burt's home was a substantial house, Strawberry Hill, in Adelaide Terrace, which had originally been owned by the Stone family but was purchased by Archibald Burt and extended by the prominent architect J. Talbot Hobbs to accommodate Septimus's large family of 10 children ranging in ages from four to 23 years.
Septimus also owned a riverside holiday home in Peppermint Grove, from which the family cruised the Swan River in their own steam boat Titu, one of only two in the colony.
In 1896, Burt commissioned a second holiday home from architect, R. T. McMasters, to be built in the newly fashionable, beach area of Cottesloe.
Around 1933, one of the Burt children rented the property to the Cass family, whose bed and breakfast made sufficient profit to then buy the property in 1939. During World War II, it served as military headquarters for officers and then as a home for refugee families after the fall of Singapore.
Their daughter, Dorothea Cass left it to her friend of many decades Ted Smith in 1994, when it was valued at $4 million. It has had a $5 million six year renovation.
Last year there was reported Chinese buyer interest.
“Most of the interest has come out of China, with people looking at buying a trophy home or developing the whole site,” agent Frank Torre told the local Post paper.
“We’ve had one group fly down from China to have a look at it, and another is arriving this weekend.” 
Torre says the front could be subdivided into five or six blocks, with each of the approximately 300 square metre sites priced at about $3.6 million. 
The median house price in <a href="/news">Cottesloe</a> sits at around $1.75 million, according to CoreLogic RP Data. 
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jchancellor-FAypfDUnLy

Cottesloe's Tukurua seeks $25 million plus offers

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In response to the City of Perth releasing their position paper about the proposed City of Perth Act, the Property Council has expressed their support.
The City of Perth has today called for the act to include a collaborative framework to allow the state government and the City of Perth to coordinate together and identify “critical initiatives”, explained Property Council executive director Joe Lenzo.
This is an initiative the Property Council supports.
“The City of Perth Act needs to ensure there is a strong connection between the local and state government, enabling the development of the city to be coordinated and prioritised,” said Lenzo.
“The development of the City of Perth needs to retain a strong focus on the CBD.”
Lenzo said that over 100,000 workers spend more than a third of their day in the Perth CBD.
“This is why the existing voting entitlements of the City of Perth must be retained in the act, to enable the business community to have a say in the future of their working environment.”
He noted that commercial property owners and tenants at present are required to re-register to vote after every second election, despite residential owners not requiring to do the same, and said that this new act should address this.
“Registering to vote should be kept simple, with all voters remaining on the electoral role unless they say otherwise.”
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jduke-EHk3XBmHkn

City of Perth development should remain focus: Property Council

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New data from the Real Estate Institute of Western Australia has found that Perth’s rents have dropped in December, with the median rent for the metropolitan area falling $10 to $440 per week.
REIA president David Airey has found that this drop is more prominent for apartments and villas, with houses weathering through a little better.
“Houses are typically holding a rental median of $450 per week, while units, apartments and villas have dropped to a median of around $420 per week,” Airey said.
The overall vacancy for Perth has lifted to 4.2%, with 6,300 rental properties vacant. Usually, a “normal” market for Perth is 3%, according to Airey, who says that the high rate is being driven by a slowing growth in population as a result of fewer jobs.
The data released by the REIWA sees the stock of property for lease increased by 10% over the December quarter – up some 37% over the year.
“The increase in stock over the past two years can be directly attributed to the rapid turnaround in migration which peaked in the year to September 2012. The latest reading of WA’s population growth for the year to June 2014 has it falling to its lowest level in eight years,” Airey said. 
“The available rental stock bottomed-out at around 2,100 dwellings in September 2012 and has grown by 200 per cent since then, lifting the vacancy rate from 1.8% to more than 4% over the last couple of years,” he said.
Areas that have seen the largest increases in rental listings include:
<ul>
<li>Belmont</li>
<li>Kwinana</li>
<li>Armadale</li>
<li>Wanneroo’s northwest corridor</li>
</ul>
However, Kwinana is up by $5 over 2014, to $390 per week – the only area to report an increase in median rent. Armadale is currently the most affordable area to rent – with a $370 per week median.
The biggest drops in median rent over the year (drop is in brackets):
<ul>
<li>Perth City ($65)</li>
<li>Vincent ($50)</li>
<li>Stirling South-east ($50)</li>
<li>Mundaring ($45)</li>
<li>Wanneroo South ($40)</li>
<li>Serpentine/Jarrahdale ($30)</li>
<li>Stirling West ($30)</li>
<li>Western Suburbs ($30)</li>
<li>Canning ($25)</li>
<li>Cockburn ($25)</li>
</ul>
Source: REIWA 
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Perth rents plummet in December: REIWA

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Brookfield Prime Property Fund has a conditional agreement to lease part of the vacant space in its 50% owned property at 108 St Georges Terrace, Perth. 
The agreement for lease for 8,300 square metres is with a BHP Billiton entity that would be part of South32, the new company which BHP Billiton plans to create via a demerger. 
A final decision on the proposed demerger is subject to BHP Billiton Board and shareholder approval expected to take place in May 2015. 
The lease will be for a period of 10 and a half years commencing May 2015.
Occupancy at the property will increase to 75%. 
Brookfield's 50% interest in the property is valued at around $166 million.
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BHP'S South32 takes 108 St Georges Terrace, Perth office lease

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Slowing population growth in Perth will allow the home building industry to better keep pace with demand, according to a property developer with investments in the city.
The downturn in mining investment has curbed population growth in Perth, with the city’s growth rate easing from 3.6% to 2.5%, Cedar Woods chief executive Paul Sadleir told Property Observer.
“That is a more sustainable growth rate,” Sadleir said. “When it was running at 3.6% we were not able to keep up as an industry.”
The Housing Industry Association’s bi-annual Housing Scorecard report, released in early December, found Western Australia remained the strongest residential building market in the country, despite a slowdown in the state’s property market.
Cedar Woods has housing estate developments in Perth, Melbourne and Brisbane.
Sadleir said the housing market was tipped to grow strongly in Queensland, to moderate in Victoria and to ease in Western Australia.
Despite expectations of weakening conditions in two of the states in which the company operates, Sadleir said the listed company anticipates it will deliver a net profit in the 2015 financial year at least in line with its record profit in 2014.
“Expectations switched from interest rate rises to rate cuts the underlying conditions for the sector will be quite positive for the next year. We still have reasonable population growth and interest rates are a key thing that buyers are always looking at,” Sadleir said.
He said buyers had become more discerning and wanted high quality housing and amenities, and developers had to ensure they met the standards.
“Most of our projects are multi-year and if we deliver quality stage one and two, people have the confidence to buy into the area,” he said.
Demand is increasing for smaller, low maintenance lots.
“People are time poor and we try with the large estates to make sure we have got a good network of parks running through … For many people, the backyard is a patio to sit on and when they need more space it’s the park we provide,” Sadleir said.
One example is Carine Rise, a 7.93 hectare former TAFE site about 15 kilometres north of Perth CBD, which is being redeveloped by Cedar Woods Properties with LandCorp and the St Ives Group. The site is considered an infill development as it is surrounded by established suburbs rather than being on the outer fringes of the city.
The development will incorporate a range of housing, retirement living and commercial developments. Almost a hectare of the estate will be dedicated to public open spaces.
Most of the buyers for the medium density development come from within a radius of about five kilometres from the site. Many of the buyers in those types of developments are retirees looking to downsize their family homes while remaining in the neighbourhood, Sadleir said.
“Infill opportunities are few and far between so when they do come along people are interested in that housing choice in their locality,” Sadleir said. “I think we will see more of that and the buyers for that will be people from within those catchments.”
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Slowing Perth market will allow supply to catch up with demand: Developer

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The property market for houses in Perth has been given a higher risk status in five of a total seven points of measurement from Herron Todd White.
Of the seven points of measurement, the two remaining stable include:
New properties are ‘almost never’ sold at prices exceeding their potential resale value.
The ‘rental vacancy trend’, which, while not exactly for investors, remains at an ‘increasing’ level.
Here are the five indicators that have been upgraded to higher risk status:
<ul>
<li>
Rental vacancy situation - Oversupply of available property relative to demand 
</li>
<li>
Demand for new houses - Soft 
</li>
<li>
Trend in new house construction - Steady 
</li>
<li>
Volume of House Sales - Declining 
</li>
<li>
Stage of Property Cycle - Declining market
</li>
</ul>
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Perth property market has ‘higher risk-rating’ in five of seven indicators: Herron Todd White

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While Perth’s property market was largely stable in November, the rental market has shown significant changes in the past 12 months, according to Real Estate Institute of Western Australia (REIWA) data.
There are now 6,111 rentals on the market – up 37% year on year.
However, rents are stable, at $450 per week for houses, while units have slipped slightly from $430 per week to $425 per week.
The vacancy rate sits under 4%, with little change forecast.
REIWA president David Airey said there has been a slight pickup in sales activity from the September quarter into October that appears to have been somewhat strong through November.
Listings for sale were up 13% in November, to 13,588 properties – up 40% on November 2013.
Airey said that this is a healthy return to an environment of choice that hasn’t been seen in Perth for a few years.
“Perth’s median house price appears to have picked up a little too, but this is nothing to get excited about,” Airey said.
Airey said that the skewed results were solely the result of an increase of near city sales that are pushing the median temporarily higher.
“As a result the Perth median is more likely to be steady at around $550,000.”
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Perth rentals up 37% in 12 months to November: REIWA

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Chris Ellison, the Mosman Park WA mining millionaire, and his wife, Tia have spent another $5 million to expand their $57.5 million Swan River luxury riverfront estate.
<a href="https://reiwa.com.au/property/for-sale/41a-Saunders-Street,-Mosman-Park-3367064/" target="_blank">It is a five bedroom, five bathroom 1988 built home</a> with 448 square metre living space on its adjoining 826 square metre Mosman Park block. The vendors had listed the hillside non-riverfront home in August last year with $7 million hopes.
Ellison, the founder, major shareholder and the executive director of Mineral Resources, had previously added a $6,625,000 holding just mid-year.
The June purchase of the hillside double storey mansion on 769 square metres was bought from Angela Bennett who secured the Australian record when she sold the adjacent <a href="https://www.google.com/maps/@-32.01167,115.778936,3a,75y,90t/data=!3m5!1e2!3m3!1s8418817!2e1!3e10?hl=en-US" target="_blank">sprawling Mosman Park riverfront compound</a>.
The initial purchase had a reported 7,567 square metres of riverfront land and included three self-contained buildings, private jetty, boathouse, gym, <a href="/news/the-swan-river-mosman-park-home-cinema-in-australias-priciest-sold-residential-compound">cinema</a>, pool and tennis court.
Property Observer notes the latest acquisitions take the holding to more than 8,800 square metres. The new acquisition sits lower than the big compound with its topiary lined driveway.
The iron ore heiress had bought the property, with home perched in similiar Mediterranean style above the main riverfront house, from the Sisters of St John of God for $400,000 in 1992.
At the time of his big purchase Chris Ellison's stake was worth about $300 million on his 2009 purchase.
Ellison sold his Applecross mansion for $4.85 million in April, having paid $6.85 million in 2008.
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