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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</section>

[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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Buyers in Perth paid a median price of $547,000 for houses in the quarter to April, according to the latest RP Data Rismark index.
Property Observer looks to recent sales in the West Australian capital to see just what $547,000 will buy you.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-wa-forrestfield-116312443" target="_blank">8 CHERRY TREE ROAD, FORRESTFIELD <img src="/images/2014/05/12/1.jpg" alt=""></a> This four bedroom house sold for $542,000 last month through Frank Mills of Centurion Real Estate, High Wycombe. Set on a 600 square metre block, it also includes two bathrooms and a kitchen and dining area with separate lounge. Outside, there is also a covered entertaining area and an underground pool. Price: $542,000 Bedrooms: four Drive to CBD: 24 minutes 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-currambine-115851527" target="_blank">67 CALEDONIA AVENUE, CURRAMBINE <img src="/images/2014/05/12/2.jpg" alt=""> </a>Another four bedroom Perth home sold that weekend for $535,000. The house in Currambine is located in the <a href="/expert-insights/buying/suburb-spotlight-joondalup-adjusting-to-moderating-market">Joondalup region, north of the Perth CBD</a>. The suburb had a median house price of $540,000 in March. The master bedroom of this house has a walk in wardrobe and en suite. There is ducted air conditioning throughout the home and a formal lounge and dining in addition to the open plan kitchen and living area. Price: $535,000 Bedrooms: four Drive to CBD: 25 minutes 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-stirling-115774427" target="_blank">4/13 SANTAROSA WAY, STIRLING <img src="/images/2014/05/12/3.jpg" alt=""> </a>
Vendors sold this home for $545,000 earlier this year. The townhouse has three bedrooms and two bathrooms, with a dining and living area and a separate formal lounge. Tenanted at the time of sale, the home was last advertised to renters at $500 per week. The vendors purchased the house on a block of six for $300,000 in 2005.
Price: $545,000
Bedrooms: Three
Drive to CBD: 14 minutes
</li>
<li>
 <a href="https://www.realestate.com.au/property-house-wa-morley-116369795" target="_blank">30 HARROWSHILL ROAD, MORLEY </a> <img src="/images/2014/05/12/4.jpg" alt=""> 
Set on 728 square metres, this home in the north eastern suburb of Morley sold for $547,000 in March. The suburb, 10 kilometres from the Perth CBD, had a median house price of $515,000 for the month. This home has three bedrooms and there’s a powered workshop on the plot. When it was on the market, agents Natasha Harwood and Shane Stewart of Midland Real Estate Plus Australia pushed the property’s subdivision and development potential.<a href="https://www.realestate.com.au/property-house-wa-morley-116369795" target="_blank"> </a>
Price: $547,000
Bedrooms: three
Drive to CBD: 19 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-canning+vale-115761715" target="_blank">68 BIRNAM ROAD, CANNING VALE <img src="/images/2014/05/12/5.jpg" alt=""></a>
The vendors got more than double their purchase price when they sold this home in Canning Vale. The house sold for $550,000 – it was purchased for only $215,000 less than six years earlier. The four bedder south of the river was advertised by the new owners for $500 per week in March.
Price: $550,000
Bedrooms: Four
Drive to CBD: 22 minutes
</li>
</ol>
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jrichardson-uRX5hFdKfN

What can you get for Perth's $547,000 median house price?

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Northern Perth’s Joondalup region is adjusting to the moderating market of the city.
The northern beaches Joondalup region includes Burns Beach, Edgewater, Joondalup, Connolly, Heathridge, Kinroos, Currambine, Iluka and Ocean Reef. The suburb of Joondalup itself acts as a hub to Perth’s outer northern suburbs.
The push to establish Joondalup as an urban centre extends back to 1970, with the Corridor Plan for Perth. A number of retail and transport infrastructure initiatives have been implemented around the area in the past 40 years to facilitate urban development and direct activity to Joondalup. Joondalup was highlighted in the West Australian state government’s Directions 2031 strategy as one of two primary centres in the Perth metropolitan area, along with Rockingham.
The area’s CBD has a strong retail focus and has seen considerable residential development in recent years, with a relatively high density of townhouses and apartments. With the presence of Edith Cowan University, a healthy retail and entertainment district, established parks and in close proximity to the beach and Lake Joondalup, the area has attracted demand from the middle class lifestyle market.
The greater region of Joondalup had a median house price of $588,750 in March, while units in the area sold for a median price of $415,000. A <a href="https://www.realestate.com.au/property-apartment-wa-joondalup-115477939" target="_blank">two bedroom Joondalup apartment</a> in the block pictured below sold for $408,000 in February.
<img src="/images/2014/05/07/joondalup%20unit.jpg" width="800" height="600">
According to Australian Property Monitors senior economist Andrew Wilson, Joondalup’s appeal to middle income earners has lent the area some resilience against the changes seen in Perth’s market.
“Joondalup is in the middle price range area,” said Wilson.
“There’s a bit of a lifestyle market there. With all the new developments that have been established in that area, we’re seeing middle price bracket, executive type buyers.
“Because of that nature of the market, it tends to be quite resilient. The big picture is that Perth is moderating. The latest data shows that Perth’s market has plateaued.
“We’re seeing quite a significant upward shift in unemployment in Perth, which has moderated lately.”
According to data from the Real Estate Institute of Western Australia, listings in Joondalup and the neighbouring Wanneroo <a href="/news/wa/perth-vacancies-highest-in-years-rentals-on-market-56-up-on-2013">jumped earlier this year</a>, up 28% in the March quarter from December.
Despite Joondalup’s relative strength, its property market must still deal with exposure to Perth’s labour market, said Wilson.
“The Perth labour market has seen some difficulties with absorbing eastern state migration, which saw rents get pushed up quite sharply in some suburbs of Perth. Perth prices rose 10% last year, and with rising unemployment, we’re starting to see some affordability issues.
“And the lifestyle market can certainly be affected by job security and affordability issues. But as the economy does pick up and absorb that unemployment, incomes will grow.”
The slowing mining sector in Western Australia has seen a shift in focus for the region, with the city of Joondalup launching new initiatives to market the region as Perth’s “knowledge capital”. How well the region responds to the state’s shifting economy remains to be seen, but strong infrastructure investment in the area in the past and extending into the future ensures that it will remain a significant urban centre for Perth’s northern corridor.
Photo courtesy of Wikipedia/Creative Commons.
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Suburb spotlight: Joondalup adjusting to moderating market

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Agent: Andrew Fife <img src="/images/2014/05/05/fife-may-5-breakout.jpg" alt="" style="float: right;">
Position: Industrial sales and leasing executive
Company: Colliers International
Office location: Perth
How long have you been in the industry?
Six years.
What’s happening in the area you specialise in?
We are seeing a correction in the market as a result of more stock, both for sale and for lease, becoming available.  Leasing is steady and deals are still being done with some incentives creeping into offers, but this is coming off an incentive base of nil. The sales sector is still being dominated by the owner-occupier market, as most properties are being offered for sale with vacant possession. Enquiry is very solid for investment-grade stock.
Describe the most interesting property you have sold?
Probably an irregular-shaped parcel of land which was directly under the flight path of approximately one commercial plane every 15 minutes. The planes flew directly overhead and so close to the property we had to wear ear plugs during inspections.
What are the ingredients to being successful in your job?
Doing the basics right all the time – managing relationships with existing clients, but always looking to develop new relationships to instigate new business. Delivering on what you say, understanding the market and your client’s needs. 
What aspects of your role do you enjoy the most?
Doing deals, but also delivering a result where you can see the client is pleased with what you have been able to achieve.
Where would you invest a spare $750,000?
I’d give it to PrimeWest – a property syndicator.
Which football team do you support?
West Coast.
What’s your favourite app or techno gadget? 
Footy Live
How do you use social media?
<a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-fife/64/812/856" target="_blank">LinkedIn</a> to see what shenanigans Shane Warne is up to.
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kjiminez-eaYKfU7qd2

In profile: Colliers International's industrial sales and leasing executive, Andrew Fife

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AMP Capital has been given the green light to construct in Booragoon what will be Western Australia's largest shopping centre.
AMP confirmed today that it had received planning approval from the Western Australian Planning Commission’s for its proposed $750 million redevelopment for Garden City Booragoon, a structure that will allow the centre to grow to 120,000 square metres in size.
AMP Capital head of shopping centres, Bryan Hynes, said the vote to approve the plan was another step forward for AMP Capital’s proposition to redevelop an integrated Garden City Booragoon.
“Our proposed development will further enrich the retail offer of Perth’s iconic shopping centre to include enhanced retail, leisure and lifestyle precincts as well as residential development to create an iconic activity centre for Perth,” he said.
Garden City is managed by AMP Capital and owned by AMP Capital managed funds.
The proposed redevelopment is valued at up to $750 million and will include a new full line David Jones, a new full line supermarket and fresh food precinct, allowance for an additional discount department store and an outdoor dining precinct linked to the cinema.
The redevelopment is expected to create 5,000 construction associated jobs and 5,000 new retail jobs.
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Green light for AMP Capital's Booragoon, WA shopping centre $750 million redevelopment

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The ANZ Australian Housing Market Update has found that Perth remains out of step with the rest of Australian cities, recording price weakness where other capitals are recording an uptick.
ANZ Research’s David Cannington and Stephanie Wong reported that “home prices continued to trend higher across all reported capital cities, except Perth."
Prices in Perth have been easing moderately since the commencement of this year, despite solid increases being recorded in Sydney and Brisbane.
Upticks were recorded by RP Data and ANZ in Sydney, Melbourne, Brisbane and Adelaide, while the other states and territories are not recorded.
<img src="/images/2014/04/29/perth-graph-april-29.jpg" alt="">
Source: RP Data, ANZ Research
Auction sales have remained low, due to public holidays, yet despite this sales are expected to rebound in coming weeks, providing a timely read.
Cannington and Wong noted that when this data comes through after this seasonally-affected period, a more accurate picture of housing strength and momentum, as well as a growth outlook, should be ascertainable.
Year on year, the percentage growth trend is still a positive for Perth, despite being down 0.2% over the month since a gradual softening from the end of 2013.
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ANZ points to Perth price weakness as out of step with other capitals

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A warehouse unit in the Bibra Lake industrial precinct south of Perth has been sold for $240,000. 
The 4/84 Barberry Way property offered total floor space of about 144 square metres, including a mezzanine level and was built in 2008. The vendor was Belregis Pty Ltd.
Chad Parham and Mathew Garbin of Ray White Commercial Perth were the selling agents.  
The purchaser was a local owner/occupier. 
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Local owner-occupier buys Bibra Lake, Perth warehouse unit

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Oil and gas exploration giant, Carnarvon Petroleum Limited has secured 281 square metres in an office building in West Perth. 
The lease occupies part of the office space, at 2/76 Kings Park Road and runs for five years with a further five year option. It is understood that the net rent per annum is about $400 per square metre. 
The leasing agent was Lachlan Ottley of Savills Leasing WA. 
The office space features a combination of office fit-out and open plan with ample parking, and was close to local amenity, public transport and the CBD, said Mr Ottley. 
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Carnarvon Petroleum Limited lease West Perth office

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A keenly contested bidding process saw two hotel investments owned by Coles in Queensland and Western Australia sell for a total of $13.22 million.
The Old Bundy Tavern in Bundaberg, Queensland, sold for $7.7 million to a  Brisbane-based family. The sale reflected a yield of 8.18 %. 
A Sydney-based doctor was the end buyer of the Victoria Park Hotel in Perth (pictured above) for $5.525 million - equalling a yield of 5.79%. 
CBRE’s Joel Fisher, Glenn Price and Ryan McGinnity, in conjunction with Billy Holderhead of Burgess Rawson handled the sale. 
The Old Bundy Tavern and First Choice Liquor outlet is leased to Liquorland for a 15-year term with five 10-year options. 
The refurbished hotel is on a 3,380 square metre site and includes an 886 square metre freestanding First Choice Liquor store. The hotel includes four bars, a large bistro, gaming lounge with 30 machines, function room and on-site parking for 28 cars. 
The Victoria Park Hotel also has a 15-year lease to Liquorland and features four bars, a function centre, underground cellar, drive-through bottle shop and alfresco area. 
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Coles sells off two hotels for total of $13.22 million

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Melbourne's preliminary clearance rate the lowest of the year so far: RP Data's national auction market wrap

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The number of unique residential properties advertised for sale across the country over the four weeks to 30 March 2014 was recorded at 243,941. 
This figure consists of 47,805 newly listed properties over the four weeks and 196,136 re-listed properties.
As highlighted by the <a href="https://blog.rpdata.com/2014/02/homes-prepared-sale-real-estate-agent-activity-gathers-pace-2014/" target="_blank">RP Data listings index</a>, there has been a surge in the number of new properties listed for sale and they are 18.9% higher than they were at the same time a year ago. Although new listings have surged, total properties advertised for sale are -3.8% lower than they were a year ago which is reflective of the rapid rate of sale we are seeing nationally. Although new listings are way up on a year ago, the rate of sale is much faster and total listings are falling. 
To put it simply, properties are being absorbed by the market faster than they are being listed for sale.
<img class="aligncenter size-full wp-image-3065" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-12.jpg" alt="Chart 1" width="500" height="180">
Looking at the different residential property types; new listings for houses are 20.2% higher than they were a year ago however, total house listings are -4.5% lower.
New unit listings are also significantly higher, up 22.6% while total unit listings are -5.1% lower.  New vacant land listings are -5.4% lower than they were a year ago however, total listings are 2.1% higher.
<img class="aligncenter size-full wp-image-3063" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-21.jpg" alt="Chart 2" width="444" height="262">
Looking across the individual capital cities, each region except for Canberra (-12.0%) is recording a higher number of new properties listed for sale than they were a year ago. 
Sydney and Melbourne, which are also recording the strongest capital growth conditions, have recorded the largest rise in new listings over the year, up 49.7% and 32.0% respectively compared with a year ago.  Clearly new properties are coming to the market in both cities however, evidence suggests that most are selling quite shortly after the listing.
Although new capital city property listings are generally higher than they were a year ago, total listings are generally much lower than they were a year ago. Across the combined capital cities total listings are -8.3% lower than they were a year ago and each city except Hobart (3.3%) and Darwin (25.2%) is recording fewer total listings.  
Although both Sydney and Melbourne are each recording fewer total properties advertised for sale than a year ago, it is interesting to note that total listings in Melbourne (33,144) are significantly higher than in Sydney (22,423).
It is encouraging to see that a greater number of new residential properties are coming to the market than at the same time last year however, it is important to remember that in most regions sales transactions are much higher than they were a year ago. 
Clearly buyer demand has escalated and quality properties are not staying on the market for a long period of time which is highlighted by the fact that total listings both at a national and capital city level are lower than they were a year ago.
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