The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Queensland

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While vacancy rates across Queensland are declining, Townsville's rental market has worsened since the start of the year, according to the Real Estate Institute of Queensland (REIQ).
Townsville's vacancy rate now sits at 5.9%, with the REIQ attributing the uptick to the city's unemployment issues.
Last month, <a href="/news/qld/high-unemployment-remains-a-restraint-for-townsville-market-herron-todd-white">Herron Todd White's Month in Review report</a> said Townsville's unemployment rate "remains a restraint" for the Townsville market.
Some mining regions showed slight improvements, with Gladstone's vacancy rate sitting at 3.8% after peaking at 7.7% at the end of 2013.
REIQ chief executive Antonia Mercorella said:
"Looking at the figures for Mackay, Rockhampton and Gladstone it is too soon to call this anything other than what it is – a glimmer of hope that a turnaround is imminent.
"We know that in Mackay the local government is focusing on diversifying its key industries and employment prospects are looking up."
However, not all mining towns are strengthening. The oversupply of rental properties in Bowen and Moranbah are contributing to the high vacancy rates in Isaac and Whitsundays respectively. Isaac's vacancy rate is 17.4%, while Whitsundays recorded a 13.5% vacancy rate at the end of March.
The Gold Coast, Brisbane and the Sunshine Coast are all classified as "tight" markets, with the Gold Coast and Sunshine Coast recording the lowest vacancy rates in the state.
"The Gold Coast has recorded its lowest vacancy rate in seven years, with just 1.3% of the market's rental properties vacant," said Mercorella.
"This is a strong indicator that other sectors of the economy may be rebounding and we are buoyed by this news."
<img src="/images/2015/04/29/reiq-april-29-bre.jpg" alt="">
 
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jrichardson-uRX5hFdKfN

Queensland rental markets improving, but Townsville worsens: REIQ

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Queensland's Lockyer Valley and Scenic Rim saw the greatest proportion of loss making resales of any near Brisbane region in the December quarter, according to CoreLogic RP Data.
The two rural local government regions are each far from the Brisbane city centre.
Lockyer Valley, which includes Gatton, Laidley, Ballard, Blanchview, Blenheim, Flagstone Creek and Ropeley, had the biggest proportion of loss-making sales, at 28.6%. The median loss for an unsuccessful sale was $24,500.
In<a href="https://www.realestate.com.au/property-house-qld-laidley-118697115" target="_blank"> Laidley, 1 Cassowary Place</a> (pictured below)sold in February. The four bedroom house sold at a loss, for $245,000. Eight years earlier, the vendors paid $257,000.
<img src="/images/2015/04/23/laidley%20april%2023%20bre.jpg" alt="">
While the Scenic Rim region recorded a smaller proportion of loss-making sales than the Lockyer Valley, at 27%, the median loss was higher, at $36,500. In total, $604,000 was lost in Scenic Rim sales in the December quarter.
Beaudesert, Boonah, Palen Creek and Maroon are all part of the Scenic Rim region.
<a href="https://www.realestate.com.au/property-house-qld-boonah-118419223" target="_blank">5 Melbourne Street, in Boonah</a>, (pictured below) sold for $275,000 in December last year.
<img src="/images/2015/04/23/boonah%20april%2023%20bre.jpg" alt="">
That's the same price vendors paid in December 2011. They had attempted to sell the property earlier in 2014, with an asking price of $309,000, before withdrawing it from the market and relisting it for $280,000 in November 2014.
CoreLogic RP Data's Pain and Gain report showed that regional Queensland had the highest proportion of loss-making resales of any areas in the country.
The Brisbane local government area (LGA) itself had the lowest proportion of loss-making resales for the December quarter, with a median profit of $163,500. Of Brisbane LGA resales, 93.8% turned a profit.
There was no area in Brisbane that was totally immune from losses in the December quarter.
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More than a quarter of sales in Lockyer Valley making a loss: Corelogic RP Data

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Buoyant property market conditions do not always mean that all sectors of the property market are performing well according to quarterly rental data released today by CoreLogic RP Data research analyst and report author Cameron Kusher.
Kusher said: “With new housing supply increasing and investor purchasing at record highs we have seen a significant slowdown in the rate of rental growth over the past couple of years and we expect this trend to continue over the coming year."
CoreLogic RP Data's Quarterly Rental Review results show that over the first quarter of 2015 national house and unit rental rates increased by just 1.3% while advertised weekly house and unit rents have risen 1.2% at a combined capital city level over the three months to the end of March 2015.
Click to open in new window:
<a href="/images/2015/04/10/brisbane-april-13-one.jpg" target="_blank"><img src="/images/2015/04/10/brisbane-april-13-one.jpg" alt=""></a>
<a href="/images/2015/04/10/brisbane-april-13-two.jpg" target="_blank"><img src="/images/2015/04/10/brisbane-april-13-two.jpg" alt=""></a>
Picture courtesy of Wikimedia Commons/Clarebear/ <a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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po-LsXgBTHBmX

Ipswich house rents in reverse: CoreLogic RP Data

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Mark Spearing, the chairman of the REIQ in Gladstone, understandably keeps getting asked "What will the market do over the next 12 months?"
"Firstly, however, we need to look outside of Gladstone, at what is happening globally, or nationally, then statewide, and of course locally and how the key pointers are aligning along the way," <a href="https://www.gladstoneobserver.com.au/news/forecasts-skewed-south/2608597/" target="_blank">he wrote in the local paper</a>, The Gladstone Observer.
"We currently have property market commentators making sweeping comments about the Australian housing market, and these opinions are skewed by the Sydney market that is absolutely flying in terms of competition for property."
He noted the south-east corner of Queensland was "travelling along nicely (in general terms), yet in central Queensland there are caution signs everywhere".
"The feel locally at present is that business in general is very tough and the cost of business is affecting employment, which in turn affects confidence and the housing market.
"This then affects all the associated industries and trades that are required to buy, sell, rent and build homes for our residents."
Spearing wrote more people were seeing the Gladstone market as a good buying prospect "with heaps of upside".
He noted a key indicators locally was the rental market that has stabilised over the quarter, that has been a long time coming.
"We all know the property market moves in cycles and now we are seeing some very interesting sales numbers come through, highlighting that more people are seeing our market as a good buying prospect with heaps of upside.
"Have we conceivably transitioned from an over priced market to an under valued one in super fast time?
"Time will tell."
{mijopolls 106}
Picture courtesy of Wikimedia Commons.
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jchancellor-FAypfDUnLy

Gladstone residential market has emerging positives: REIQ's Mark Spearing

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The number of Cairns homes that sold in the year to November 2014, was 5% higher over the 12 month period, according to CoreLogic RP Data.
The majority of the rise was attributed to the increase in units that sold over the year.
House sales were 1% higher over the period, while unit sales were up 12% year on year.
Cairns home values have increased over the year, up 5.8% for houses and 3.0% for units, while since December 2009, house values are only 1.2% higher and unit values have fallen by 6.9%.
Rental yields have fallen slightly over the 12 months to December, however they still remain relatively strong at 5.5% for houses and 7.1% for units. 
Click to open in new window:
<a href="/images/2015/03/16/carins-mar-16-one.jpg" target="_blank"><img src="/images/2015/03/16/carins-mar-16-one.jpg" alt=""></a>
Source: CoreLogic RP Data
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Cairns home sales rise, but yields fall: CoreLogic RP Data

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Home values across the Wide Bay-Burnett region increased by 0.5% for houses and 3.8% for units over the year to December 2014, according to CoreLogic RP Data.
The Wide-Bay Burnett region includes the Fraser Coast region, Gympie, South Burnett, North Burnett and Bundaberg. 
Over the past three years, capital growth across the region has been somewhat lacklustre with values having only appreciated by 2.7% for houses and 1.2% for units since December 2011.
The number of homes that sold across the region fell -2% over the 12 months to November 2014, however sales volumes are currently 3% higher than the five year average.
On average, homes across the region are taking upwards of three months to sell from when they are first being listed indicating the lack of demand across the market. 
The Wide-Bay Burnett region was named <a href="/news/qld/queenslands-wide-bay-burnett-region-one-of-australias-top-buyers-markets">one of the Australian property markets that most favoured buyers over sellers</a> by the Commonwealth Bank and CoreLogic RP Data in their latest Home Buyer's Index.
Click to open in new window:
<a href="/images/2015/03/16/wide-bay-mar-16-one.jpg" target="_blank"><img src="/images/2015/03/16/wide-bay-mar-16-one.jpg" alt=""></a>
Source: CoreLogic
Photo: Public domain.
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Wide Bay-Burnett home values grow slightly over 2014: CoreLogic RP Data

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The Wide-Bay Burnett region of Queensland was named one of the Australian property markets that most favoured buyers over sellers by the Commonwealth Bank and CoreLogic RP Data in their latest Home Buyer's Index.
The area came just behind Tasmania's Mersey-Lyell in the list of the top five buyers' markets, which is based on the number of properties listed on the market compared to the number of loans the Commonwealth Bank has signed in the same period.
The Wide-Bay Burnett region, which includes the Fraser Coast region, Gympie, South Burnett, North Burnett and Bundaberg, has experienced a somewhat depressed economy in recent years, affecting property prices. Gross Regional Product (GRP) <a href="https://lawrenceconsulting.com.au/localeconomy/widebayburnett/wbb" target="_blank">contracted across all of Wide Bay-Burnett</a> between 2012-13 and 2013-14, by 7.4%. The downturn was felt most severely in North Burnett, where GRP Dropped by 8.2% over the year. GRP per capita across Wide Bay-Burnett was $42,123 for 2013-14, well below the Queensland-wide GRP per capita of $63,361 and the national Gross Domestic Product per capita of $67,415.
The income gap between Wide Bay-Burnett residents and the rest of Queensland, and Australia, increased in the last financial year, as shown below.
<img src="/images/2015/04/02/Picture%2042.png" alt="">
<a href="https://lawrenceconsulting.com.au/localeconomy/widebayburnett/wbb" target="_blank">Source: Lawrence Consulting</a>
Similarly, the region's unemployment rate is higher than the state's, at 8.8% compared to 6.2% for the 2014 September quarter.
<a href="https://www.realestate.com.au/property-house-qld-bundaberg+east-119017263" target="_blank">7 Killara Court in Bundaberg East</a> sold earlier this month for $295,000, the same price the vendors paid in October 2009. When the house traded before that, buyers paid $257,500 for the house in 2006, reflecting 14% price growth over nine years.
The home's performance on the market over the last nine years was significantly slower than it had been in the past. In 2002, buyers paid $126,000 for the home, selling it four years later in 2006 for $121,000 (96%) more.
The house was used as an investment property from 2008, with an advertised rent in January 2013 of $320 per week. Assuming its rent hasn't increased since that date, it sold this year at a 5.6% yield.
<a href="https://www.realestate.com.au/property-house-qld-mundubbera-105050435" target="_blank">21 Wilson Avenue, Munduberra</a>, which is in the North Burnett region, is currently available to purchase with a price guide of $240,000. The investment property currently returns $160 per week. If it sells at its advertised price, the three bedroom house will yield 3.4%.
The vendors have been trying to shift the house for quite some time - according to CoreLogic RP Data's records, it's been on the market since July 2008. They paid $8,250 for the property in 1990.
In North Burnett's East Tinana, <a href="https://www.realestate.com.au/property-house-qld-tinana-113721347" target="_blank">154 Iindah Road</a> is for sale. The four bedroom house on 2.4 hectares is listed for $389,000. It is worth noting that many of the properties listed in the Wide-Bay Burnett region are land sites, not existing dwellings.
Photo of Bundaberg: Public domain.
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Queensland's Wide Bay-Burnett region one of Australia's top buyers' markets

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Townsville's residential property market is currently at the "start of recovery phase", according to Herron Todd White's March Month in Review report.
The northern Queensland city was once touted as a hotspot, with both Australian Property Investor and Your Investment Property <a href="/expert-insights/buying/of-15-000-suburbs-21-rise-to-the-top-as-worth-a-look-for-investors">both naming Townsville</a> in their annual respective Hot 100 and Top 100 lists in 2011. But a sharp economic downturn quelled enthusiasm for Townsville's property market as unemployment rose.
Now, the valuation firm Herron Todd White is cautiously optimistic about the market. The real estate agency predicts that the recent interest rate cut is unlikely to have a great affect on the sluggish market.
"Over the past 12 months on the back of record low interest rates and subdued market conditions, activity remained slow and we believe that the most recent cuts in interest rates will provide little stimulation at a local level with economic factors still being the main driver of our market," says the report.
However, the agency advises that it is currently "a good time to buy" in Townsville, given low median prices and low interest rates. According to the Real Estate Institute of Queensland (REIQ), Townsville's median house price was down 5.6% in the September quarter to $340,000, with a 27% increase in sales activity.
<a href="https://www.realestate.com.au/property-house-qld-bohle+plains-118955947" target="_blank">5 Fulford Annex</a>, in the outer eastern Townsville suburb of Bohle Plains, sold for $331,000 earlier this month. The three bedroom house on a 520 square metre corner plot overlooks parklands and comes with a garden shed and side access (pictured below).
<img src="/images/2015/03/26/bohle%20plains%20mar%2025%20one.jpg" alt="">
The vendors made a loss on the sale, paying $350,000 in November 2011. They attempted to sell it once before, in early 2014. The property spent 61 days on the market, with its asking price reduced to $355,000, before the vendors pulled the listing. When it returned to the market in late January this year, its price guide had dropped further, to $349,000.
The house had been used as an investment property, and was last advertised to rent at $340 per week, in April 2014. Assuming the rent has remained constant, the property sold at a yield of 5.1%.
While the vendors of <a href="https://www.realestate.com.au/property-house-qld-kelso-118785147" target="_blank">17 Janelle Street in Kelso</a> (pictured below) did not make a price loss on the sale of the house, its growth has been subdued over their nine years of ownership.
<img src="/images/2015/03/26/kelso%20mar%2025%20one.jpg" alt="">
They paid $310,000 for the four bedroom, two bathroom house in 2006. It sold for $322,000 in January this year, reflecting just 3.9% price growth in nine years.
In the September quarter of 2014, units and townhouses had a median price of $251,750, down 6.8% from the previous period. Units did not see the escalation in sales activity that Townsville's house market did in the same period, with sales activity down 6.8% for the quarter.
The price of <a href="https://www.realestate.com.au/property-apartment-qld-south+townsville-118434571" target="_blank">402/2 Dibs Street in South Townsville</a> has steadily declined since it was purchased in June 2007 for $355,000. When investors bought the property in September 2011, they paid just $300,000 – a 15.5% price drop. At its sale earlier this month, it traded for $255,000 – down another 15% from its 2011 price and $100,000, or 28%, from its 2007 price.
<img src="/images/2015/03/26/townsville%20mar%2025%20one.jpg" alt="">
Its advertised rent has also dropped, from $400 per week throughout 2013 to $350 per week in May 2014. At that rental rate, it sold at a 7.1% yield.
The "economic factors" cited by the Herron Todd White report include "lingering high unemployment levels" and doubts over job security, which continue to hinder the market despite surrounding "positive vibes". While Townsville is widely regarded as being less exposed to volatile single-industries as some other regional Queensland towns, its economy still suffered last year over a range of industries. Data released in July 2014 showed Townsville had the highest unemployment rate in Queensland, at 10.5%. At the time, regional economist <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-07-18/townsville-records-qlds-highest-jobless-rate/5606418" target="_blank">Colin Dwyer told the ABC</a> there were many factors contributing to the poor employment factors:
"That is more likely to be ... structural issues within the regional economy and that's likely to be in the areas of construction, likely to be in the areas of transport, likely to be in the areas of mining and also agriculture, so it's not a single item that's contributing to the high unemployment rate," Dwyer said.
In September, Local Government, Community Recovery and Resilience Minister <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-09-19/townsville-jobs-disappear-amid-perfect-storm-of-economic-factors/5751132" target="_blank">David Crisafulli told the ABC</a> that the economy was suffering under a "perfect storm" of factors.
Since then, Townsville's economy appears to have improved, perhaps indicating the beginning of a recovery, as identified by Herron Todd White. Figures released in February show Townsville's unemployment rate is now at 8.0%, with areas like Cairns and Mackay showing weaker employment figures.
As for Townsville buyers most likely to benefit from the current "depressed market" and low interest rates, Herron Todd White believes it is those who already have money saved, including investors. According to the REIQ, though the Townsville rental market remained "weak", with a 4.7% vacancy rate, it was steady, while vacancy rates in many other Queensland regions, including Cairns, were increasing.
Currently, this three bedroom Queenslander in Garbutt, at <a href="https://www.realestate.com.au/property-house-qld-garbutt-408504651" target="_blank">45 Chandler Street</a>, is being offered with the first week rent free (pictured below).
<img src="/images/2015/03/26/garbutt%20mar%2025%20one.jpg" alt="">
The advertised rent for this investment property has decreased from $575 per week in December 2010 to $500 per week in September 2012, down to the currently advertised $450 per week.
The owners paid $461,000 for the house in 2008. If they can secure a tenant at the currently advertised rate, it will reflect a rental yield of 5.07%. In 2010, it was yielding 6.49%.
SQM Research has tracked an escalation in Garbutt's vacancy rate from mid-2012.
<img src="/images/2015/03/25/Picture%2022.png" alt="">
<img src="/images/2015/03/25/Picture%2023.png" alt="">
While low interest rates currently on offer may entice some investors, Herron Todd White observe that it's the local economy, not interest rates, which will have the biggest effect on Townsville's recovering market.
"Overall the impact of low interest rates is not currently having any dramatic impact on the market, and until our local economic conditions improve, this is likely to remain the status quo", reads the report.
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High unemployment "remains a restraint" for Townsville market: Herron Todd White

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GUEST OBSERVATION
Strengthening first home owner incentives should be towards the top of the political agenda for the Palaszczuk government in 2015 ahead of the year’s first state parliamentary sitting.
This is an important issue out there in the community, with so many Queenslanders wanting to see first home owner grants made available to all buyers.
We believe it was a short-sighted move to restrict first home owner grants to new home purchases, but there’s a real opportunity now to put that right.
We’ve already held some very positive discussions with Treasurer Curtis Pitt on this issue and we’ll continue to make the case for this important economic reform.
Reinstating the full spectrum of first home owner incentives would unlock of millions of dollars in investment, delivering an important boost to the Queensland economy.
It would also greatly assist Queensland’s residential housing recovery and help thousands of extra Queenslanders to realise their dream of home ownership.
There was no sound basis for the preferential treatment which currently exists for purchasers of newly built properties.
There needs to be a level playing field for all first home buyers in Queensland.
When grants for existing housing were abolished in 2012 first home owner rates experienced a marked decline, but this could be reversed with the reinstatement of a more even-handed scheme.
The current two-tiered system favouring one class of home buyer over another has simply resulted in thousands of Queenslanders being locked out of the residential real estate market.
We acknowledge there is a need to create more housing supply, but first home owners shouldn’t be limited in their choice as they are under the current system.
Antonia Mercorella is CEO of the <a href="https://www.reiq.com/" target="_blank">REIQ</a>.
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We need to level the playing field for first home buyers: REIQ's Antonia Mercorella

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Sunshine Coast home values have been rising since mid-2013, according to CorLogic RP Data.
 Over the 12 months to December 2014, house values rose by 6.7%, while unit values increased by 6%.
The number of houses sold across the Sunshine Coast has increased by 9% over the 2014 year, while unit volumes have remained virtually unchanged (+1%). 
Vendor discounting rates have improved over the year, with houses discounted by -5.9% from the initial list price, in comparison to -6.7% at the same time last year, while the average vendor discount for units has eased from -7.2% over the previous year to -6.5% currently. 
Click to open in new window: 
<a href="/images/2015/03/16/sc-mar-16-one.jpg" target="_blank"><img src="/images/2015/03/16/sc-mar-16-one.jpg" alt=""></a>
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