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.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Victoria

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First home buyers in Victoria have seen the biggest increase in the time needed to save for a deposit for a median priced house across all of Australia, according to a new report by Bankwest.
Victorian first time buyers (FTBs) are having to save for seven months longer than they did last year, the biggest increase in the country, thanks to a buoyant property market in the state.
FTBs have to save for 5.4 years to save the necessary $126,187 needed for a deposit, up from 4.9 years last year and well above the 4.6 year national average, said the 2017 Bankwest First Time Buyers Report.
Despite this shows, first time buyers are not being put off from trying to get their foot on the housing ladder with 26,369 first time purchases in the year to June 2017 (roughly stable YoY).
Furthermore, ABS data shows the number of FTBs buying in the year to August 2017 rose by 3% to 27,758 (accounting for 15.1% of all homes purchased in the same period).
<a href="https://www.propertyobserver.com.au/images/2017/12/1/VicMostTime.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/12/1/VicMostTime.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/12/1/VicLeastTime.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/12/1/VicLeastTime.png" alt="">
Victoria’s FTBs have been responding to a number of factors, according to Bankwest general manager Personal &amp; Small Business Banking, Donna Dalby.
“Victorian house prices rose by 14.0% in the 12 months to August 2017 but also in 2017 we saw the introduction of stamp duty discounts for Victorian first time buyers on properties up to $750,000,” she said.
“While Victorian wages only grew by 2% this stamp duty discount will have encouraged first time buyers into the market. There were approximately 3,162 FTBs in Victoria in the month of August 2017 alone, the highest number since December 2009.”
In Melbourne, it takes more than four years for FTBs to save for a deposit in every local government area (LGA) in the city - the first time in the history of the report. Two in three (67.7%) LGAs require FTBs to save for more than six years, up from 54.8% in 2016.
FTB couples in Melbourne will need an average of 6.4 years to save the $153, 008 deposit needed on a median priced house, eight months longer than in 2016 (5.7 years) and 1.5 years above the capital city average of 4.9 years.
Melbourne’s Boroondara area is the least accessible as FTBs there will require an average of 15 years to save a median deposit of $436,738.
The saving time here rose by 1.4 years year onn year, driven by a 12.8%1 increase in Boroondara median house prices.
A four-bedroom house at <a href="https://www.realestate.com.au/property-farmlet-vic-gannawarra-7913094" target="_blank">50 Lake Road, Gannawarra</a> (picture above) is on the market for $350,000. It was previously listed in 2013 for $355,000.
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jonathanchancellor-7SQnKwU6yx

Victorian FHBs hampered by buoyant housing market 

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The Melbourne areas with the most number of unoccupied properties have been revealed, as the Andrews government prepares for its new vacant property tax.
The new tax will hit the Melbourne City Council area, where more than 2500 high-rise apartments are vacant.
The new tax will apply to the 16 local government areas from January 1 next year for properties that are left vacant for more than six months in a calendar year.
In the Moonee Valley council area, which includes Essendon, Moonee Ponds, Ascot Vale, Avondale Heights, there are at least 1700 empty properties.
There are more than 1000 vacant properties in the inner-northern Yarra City Council area, which takes in Fitzroy, North Carlton, Collingwood and Richmond.
Glen Eira and Port Phillip each have up to 1300 unoccupied properties.
 The number of empty homes is estimated based on water usage.
Premier Daniel Andrews said the vacancy tax would send a strong message to property owners who were "land banking" that they needed to sell or rent those homes.
There is a range of exemptions for the tax. Some of those will include deceased estates, holiday homes and properties being renovated.
Mr Andrews said the vacancy tax was a commonsense change.
"This is a really powerful signal to the market not to be leaving properties vacant at a time when so many people are finding it so hard to get into the market."
Census figures from 2016 showed that Australia had 200,000 more homes sitting empty than it did a decade ago. 
The vacancy tax is expected to raise more than $80 million over four years. But Mr Andrews said he hoped it would encourage owners to rent or sell their properties rather than providing revenue to the government.
Opposition Treasurer Michael O'Brien​ asked "are property owners now required to send their diaries to Daniel Andrews' tax officials?"
HomeGround Real Estate, a division of Launch Housing, is calling on owners of empty properties in the municipality to return 1,000 homes to the rental market.
Despite the current housing affordability crisis, more than 7,000 homes in the City of Melbourne municipality remain empty according to City of Melbourne demographic data 2013*. Returning just 14 per cent, or 1,000 homes, to the rental market would make a big difference to the growing number of people who struggle to find an affordable home in Melbourne.
HomeGround Real Estate is a not-for-profit real estate agency run by Launch Housing, one of Melbourne’s largest providers of housing and homelessness services. The innovative social enterprise aims to increase the stock of affordable housing for clients throughout Melbourne, securing affordable properties for low income tenants, including women and children escaping family violence. 
Launch Housing Deputy CEO Dr Heather Holst said property owners leave homes empty for a variety of reasons but listing the properties with HomeGround Real Estate could make a big difference.
“More and more people on lower incomes are at risk of homelessness due to the lack of affordable rental properties in Melbourne.
“The benefits are huge. People who have otherwise been priced out of the market are offered more affordable private rental, and HomeGround Real Estate offers landlords expert property and tenancy management services that give them peace of mind, the opportunity to contribute to those in need of housing, and a ‘social return’ on their negotiated, discounted rental fee.” 
The City of Melbourne made a one-off grant of $150,000, from its $2 million Pathways Innovation Package, to HomeGround Real Estate to contribute to activities that will increase the number of rental properties that are available to people experiencing homelessness within the municipality.
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j.ballantyne1990-6AQqhLzZaK

Melbourne's vacant property hotspots revealed as Andrews introduces new tax

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Victoria’s land sales boom continues in step with strong migration, with new research by Oliver Hume showing prices rising and new lot sales increasing by 2.1% in the last three months.
Melbourne land continues to be some of the hottest property in the country with new lots being snapped up in just around three weeks on average, down from nearly 200 days five years ago.
Median prices in metropolitan Melbourne’s growth areas rose by around a third, reaching over $292,000 in the September quarter 2017, according to Oliver Hume’s new Quarterly Market Report.
Meanwhile, lot sizes keep shrinking. The median size of a lot declined over the year to 414 sqm in the September quarter 2017 from 420 sqm in the September quarter 2016.
The research, which covers key land, apartment and development site markets in Victoria and South East Queensland, analysed thousands of transactions.
It showed around 6,800 land sales in the three months to the end of September across key markets in Victoria.
The median price of land in metropolitan Melbourne’s growth areas reached $292,650 in the third quarter, up 7.6% (or $20,650 from $272,000 in the June quarter of 2017.) 
Melbourne’s west remains the city’s major growth corridor with more than 50 active projects; the northern corridor had 38 active projects, while the south-east corridor had over 31 projects. 
Oliver Hume national head of Research George Bougias said Melbourne’s unprecedented population growth was driving the property market.
“The new property market continues to see considerable growth,” he said. “It is being driven by a range of demand and supply factors, especially record population growth and demographic change.
“Population growth via natural increase remains high and Victoria continues to attract an increasing number of overseas and interstate migrants. Importantly, many new migrants are now calling Melbourne’s growth area municipalities home.”
Victoria’s population rose by over 149,000 people in the year ending March 2017 with all components of population growth either at their peak or close to their previous peak.
<a href="https://www.propertyobserver.com.au/images/2017/11/15/AvgTimeonMkt.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/11/15/AvgTimeonMkt.png" alt="">
Oliver Hume director Gerrard Ellis said land was attracting a wide variety of buyers including first home buyers, investors and value hunters from Sydney.
“Over the last couple of years, we have seen an ever-increasing number of people priced out of the Sydney market looking to set up their life in Melbourne,” he said. “If your job and family are transferrable, the decision is pretty simple.
“Melbourne is not just attracting locals either with roughly three out of every four buyers in Melbourne born overseas and one-in-five from India.” 
An analysis of buyers in the September quarter showed first home buyers (38%) remain the most active and together with second home buyers account for around 70% of all new land purchases.
Bougias said the medium and long-term outlook for land sale prices and volumes remained positive if population growth continued to remain robust.
“Metropolitan Melbourne could add over a million people in under a decade with the greenfields playing a critical role in accommodating this higher than expected population growth,” he said.
“The Melbourne greenfield market is nationally significant in accommodating Australia’s record growth in population.”
Bougias said the population of Melbourne would continue to grow strongly well into the future, and probably outstrip most official forecasts.
Except for the first quarter of 2015, the average time on market for new land lots has now fallen or remained steady in every quarter since the third quarter of 2013, after peaking in the current cycle at 6.6 months at the end of 2012.
The statistic measures the period from when a piece of land is released for sale by a developer until it is contracted by a purchaser.
 
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Victorian land sales soar as population grows fast: Oliver Hume

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Located on the shores of Victoria’s Gippsland Lakes, Bay House at Metung has sold for a record $2.8 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-metung-124869986" target="_blank">charming three bedroom residence</a> is on a 1888 sqm block on Bancroft Bay, at the upper end of the town's market.
It had been traded at $2.55 million in 2007, setting a record which was only bettered last year when another house on what's known as Shaving Point sold for $2.62 million.
The picturesque township, four hours east of Melbourne, comes with a $415,000 the median house price.
Bay House offered a state of the art kitchen, open-plan living area, fireplace, timber floors, and a fully fitted self-contained studio.
With all bedrooms complete with ensuites and water views, the Metung Road retreat sold through Castran Real Estate agent, John Castran, in conjunction with King &amp; Heath First National. 
It came with landscaped gardens and lawn with 26 metres of bay frontage.
The property included a jetty and a private floating marina with deep water berthing for two boats up to 17m, plus additional berthing for smaller vessels. 
This article was first published in The Weekend Australian.
 
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jchancellor-FAypfDUnLy

Record waterfront Metung beach house sale

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State Government stamp duty cuts have saved first-home buyers in Victoria more than $76 million.
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Around 4500 new homeowners have benefited from the concessions between July 1 and October 12, including 3711 who paid no stamp duty at all.
The cuts, announced in March and introduced in July, scrapped the property tax on homes that cost less than $600,000.
First-home buyers purchasing property between $600,000-$750,000 also received reduced discounts.
Premier Daniel Andrews said the average first-home buyer was $8000 better off.
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Victorian stamp duty cuts cost $76 million since July

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Rental bidding apps such as Rentberry, Liveoffer and Rentwolf, which aim to implement the property auction process to renting, could soon face a crackdown in Victoria.
The announcement was part of the Labor government’s policy push to make “renting fair” through a package of tenancy reforms.
Victoria’s Minister for Consumer Affairs Marlene Kairouz said that as more people are renting than “ever before and for longer – that’s why tenants need a fairer deal”.
“These changes will crack down on rental bidding, make it easier and faster for renters to get their bond back, and will better hold landlords and agents to account for their actions,” Kairouz added.
Academic Garrick Small from CQUniversity Australia had noted recently in The Conversation that in a market already tilted in favour of landlords, renting apps could further push up rents.
Small summarised each of the apps: Live Offer, Rentberry and Rentwolf
"Live Offer asks prospective tenants to fill out forms and these are then ranked for the landlord to choose," Small said.
"The prospective tenants can see where they are in the rankings, in real time.
<img src="https://www.urban.com.au/images/2017/10/18/LiveOffer.png" alt="">
"Rentberry is more of a real-time auction site.
"Prospective tenants submit bids, can see what the current highest bid is and how many bids there have been. 
 <img src="https://www.urban.com.au/images/2017/10/20/Rentberry.png" alt="">
"With Rentwolf, prospective tenants set up extensive profiles, as they would with AirBnB, and then apply for properties through the marketplace."
<img src="https://www.urban.com.au/images/2017/10/20/Rentwolf.png" alt="">
Domain reported earlier this year that the controversial Silicon Valley start-up, Rentberry that lets tenants bid against each other for rental properties will launch in Australia this year.
Elite website editor Sarah Bell recently listed some ‘thinking points’ about rent bidding apps in the Elite Agent.
While she said that the apps encourage a free and open system, rewarding those who compete and are bold, a roof over our heads is a basic necessity and bidding will only increase the stress of renting.
Also, the ‘market price’ for rentals won’t necessarily be dependent on the features of the accommodation as much as it will turn on the availability of the accommodation. 
Bell suggested making available data on recently leased comparable properties so that tenants can make an informed decision about market value, as opposed to market value being whatever a tenant is prepared to pay. 
Rental bidding creates an uneven bargaining power between tenant and landlord, she said.
“There is a danger that as the economy cycles and rental accommodation becomes more scarce, the non-property owning class – some of whom are the most vulnerable people in our society – will feel the impact most sharply.”
The rental bidding apps should try to address the imbalance of power between landlord and tenant. 
The highest possible market price could punish a tenant through the term of a lease and the hassles involved where a tenant cannot afford and ceases to pay rent can dwarf a theoretical windfall from an inflated rent bid.
Limits on bidding based on affordability were needed to protect those most vulnerable to over-bidding, she suggested.
Bidding simply makes price the most important factor in choosing a tenant, rather than other factors such as the tenant’s rental history, stability and others that make a good tenant.
Rental bidding can eventually backfire if tenants feel it is unfair. Collectively, tenants could vote with their feet and simply refuse to rent properties in a rent-bid scenario – essentially driving their corrective action on a perceived power imbalance, she says.
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Debate grows as Victoria announces crackdown on rental bidding  

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What is something worth? How do you put a dollar value on something like a river, a forest or a reef? When one report announces that <a href="https://theconversation.com/whats-the-economic-value-of-the-great-barrier-reef-its-priceless-80061" target="_blank">the Great Barrier Reef is worth A$56 billion</a>, and another that it’s <a href="https://theconversation.com/whats-the-economic-value-of-the-great-barrier-reef-its-priceless-80061" target="_blank">effectively priceless</a>, what does it mean and can they be reconciled?
This contrast points to fundamentally different notions of value. Environmental accounting is a way of recognising and comparing multiple sources of value, in order to better weigh competing priorities in resource management.
In practice it is sometimes crude, but it’s been <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/SEEA_CF_Final_en.pdf" target="_blank">standardised internationally</a> and its scope is expanding to include <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/eea_final_en.pdf" target="_blank">social, cultural, and intrinsic benefits</a>.
Using environmental accounting we’ve <a href="https://rdcu.be/vXlL" target="_blank">investigated</a> the tall, wet forests of Victoria’s Central Highlands to weigh the competing economic cases for continuing <a href="https://www.vafi.org.au/" target="_blank">native timber harvesting</a> and creating a <a href="https://www.greatforestnationalpark.com.au/" target="_blank">Great Forest National Park</a>. But first we’ll explain a little more about environmental accounting, and how we put a price on trees.
<h2>What we count</h2>
Essentially, environmental accounting involves identifying the contributions of the environment to the economy, summarised as gross domestic product (GDP). In Australia, the Australian Bureau of Statistics standardises the data and reporting of these contributions in the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/AusStats/ABS@.nsf/MF/5204.0" target="_blank">System of National Accounts</a>. The Bureau also produces <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/AusStats/ABS@.nsf/MF/4655.0" target="_blank">environmental accounts</a> that extend the range of information presented - e.g. water and energy use and greenhouse gas emissions.
But there are other things of value, like positive environmental and social outcomes, worth incorporating into calculations. <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/eea_final_en.pdf" target="_blank">Ecosystem accounting</a> gives researchers a framework for doing this, extending the accounting to look at the value of different “ecosystem services” – the contributions of ecosystems to our wellbeing - and not just goods and services captured in our national accounts or environmental accounts.
For example, businesses and homes pay a price for water delivery, but the supplier doesn’t pay for the water that entered the dam. That water is an ecosystem service created by forests and the atmosphere. By assessing costs in the water supply industry, we can estimate the value of the ecosystem service of water provisioning.
<h2>The value of Victoria’s Central Highlands</h2>
Victoria’s Central Highlands are contested ground. Claims and counter-claims abound between the proponents of native timber production and those who are concerned about the impacts of logging on water supply, climate abatement and threatened species.
<a href="https://rdcu.be/vXlL" target="_blank">Our research</a> has, for the first time, directly compared the economic and environmental values of this ecosystem. It shows that creating a Great Forest National Park is clearly better value.
With any change in land management, there will be gains and losses for different people and groups. Assessing these trade-offs is complex, made even more so by patchy and inconsistent data.
Through careful accounting, we synthesised the available data and calculated the <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">annual contributions of industries</a> to GDP. In 2013-14, the latest year for which all financial data were available, these came to A$310 million for water supply, A$312 million for agriculture, A$260 million for tourism and potentially A$49 million for carbon storage. (There is no current market for carbon stored in native forests in Australia – more on that in a minute.)
All of this far exceeds the A$12 million from native timber production. Although timber production is a traditional industry, its contribution to the regional economy is now comparatively small.
<a href="https://images.theconversation.com/files/186939/original/file-20170921-16572-3kqj0h.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/186939/original/file-20170921-16572-3kqj0h.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> The GDP contribution in millions of dollars by primary industries in 2013-14. Author provided
The industries that use ecosystem services are classified as <a href="https://www.abs.gov.au/ANZSIC" target="_blank">primary production</a> – agriculture, forestry and water supply. This classification is comprehensive (it covers all economic activities) and mutually exclusive (there is no overlap of categories). Downstream uses of the products from agriculture, forestry and water supply are an important consideration for the industries as a whole, but are included in manufacturing industries and not in ecosystem accounts.
<h2>Older forests are more valuable</h2>
Native timber production involves clearfell harvesting (<a href="https://www.vicforests.com.au/planning-1/harvestingtypes" target="_blank">removing the majority of trees at the site</a>) and slash burning (using <a href="https://www.vicforests.com.au/planning-1/harvestingtypes" target="_blank">high-intensity fire to burn logging residue and provide an ash bed for regeneration</a>). Regenerating forests are younger, with all trees the same age, and have lower species diversity.
This means these young forests contribute less to biodiversity, carbon storage, water supply and recreation. Therefore harvesting native timber requires a trade-off between these conflicting activities.
<a href="https://images.theconversation.com/files/186940/original/file-20170921-16572-1mfc03p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/186940/original/file-20170921-16572-1mfc03p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Trade-offs between industries in their use of ecosystem services can be complementary (green) or conflicting (red). Author provided
But <a href="">more than 60%</a> of the native timber harvested in the Central Highlands is used for pulp. This can be substituted by production from plantations that are more efficient and increased use of recycled paper. Both softwood and hardwood plantations can provide <a href="https://www.mup.com.au/books/9780522854190-the-forest-wars" target="_blank">substitute sawlogs</a>.
If we phased out native forest harvesting, increases in the value of water supply and carbon storage would offset the loss of A$12 million per year contributed by the industry. (It would also most likely increase profits for the tourism and plantation timber sectors.)
Older trees use less water than young regrowth, and allowing native forests to age would increase the supply of water to Melbourne’s main reservoirs by an estimated 10.5 gigalitres per year. That’s worth <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">A$8 million per year</a>. Security of water supply for the increasing population of Melbourne is an ever-present concern, particularly with projected decreases in rainfall and streamflow.
Older forests also <a href="https://www.sciencedirect.com/science/article/pii/S092180091300030X" target="_blank">store more carbon</a> than younger regrowth forests. The federal government’s Emission Reduction Fund does not recognise native forest management as an eligible activity for <a href="https://www.environment.gov.au/climate-change/government/emissions-reduction-fund" target="_blank">carbon trading</a>, but if this changed the forest could earn carbon credits worth A$13 million per year. This would provide an ongoing and low-cost source of carbon abatement, which could be used to meet Australia’s emissions reduction targets, while the Victorian government could use the money gained to support an industry transition.
Of course, economic benefit is only one way of looking at land. We know that the Central Highlands is home to unique flora and fauna that cannot be replaced (much of which is <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">increasingly under threat</a>). But careful environmental accounting can help explicitly define the various trade-offs of different activities.
<img src="https://counter.theconversation.com/content/84357/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">It’s particularly important when legacy industries – like native timber harvesting – are no longer environmentally or economically viable. The accounting reveals the current mix of benefits and costs, allowing management of this area to be reconsidered.
<a href="https://theconversation.com/profiles/heather-keith-145929" target="_blank">Heather Keith</a>, Research Fellow in Ecology, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>; <a href="https://theconversation.com/profiles/david-lindenmayer-4848" target="_blank">David Lindenmayer</a>, Professor, The Fenner School of Environment and Society, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>, and <a href="https://theconversation.com/profiles/michael-vardon-165459" target="_blank">Michael Vardon</a>, Visiting Fellow at the Fenner School, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/money-cant-buy-me-love-but-you-can-put-a-price-on-a-tree-84357">original article</a>.
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Money can't buy me love, but you can put a price on a tree

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Mortgagees have sold a four-bedroom weatherboard for $169,000 at Stanhope in Victoria's north central district.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-stanhope-125981422" target="_blank">2 Ross Court</a> had country style verandahs.
Set behind a picket fence, the home came with a renovated kitchen.
It was sold by Peter Cardamone.
It last sold at $117,000 in 2003.
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Stanhope mortgagee offering sells for $169,000

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Landlord insurance will go up after the Andrews' Government pet policy for tenants is introduced in Victoria next year.
Canstar says most exisiting landlord insurances don't include covering damage from pets.
"Landlords should check with their insurer to see if they’re covered, before allowing pets at their property," one industry adviser recently stressed.
“Before allowing pets at your property, it’s a good idea to establish a pet agreement between you and your tenant,” they said.
“You should also outline the consequences if a tenant fails to meet their obligations.”
It is recommended property managers closely monitor whether animals are present at the property by conducting regular property inspections.
Landlord insurance is an absolute must for property investors, providing financial security against damage, rent defaults or theft.
"Landlords need to be wary of getting a cheap landlord insurance policy with lots of exclusions," Canstar noted. 
The Canstar tables below show the median rental income, average insurance costs, and percentage of rental income across capital cities in Australia. The costs are based on a landlord insurance policy with $300,000 of building insurance cover (for houses) and $25,000 of contents insurance (for both houses and units). 
<table class="table table-responsive table-hover"><tbody>
<tr>
<th width="153">Location</th>
<th width="153">Median Annual Rental Income</th>
<th width="153">Average Annual Insurance Premium</th>
<th width="153">Percentage of Income spent on Insurance</th>
</tr>
<tr>
<td width="153">Sydney</td>
<td width="153">$27,560
 
($530/week)
</td>
<td width="153">$1,160.53</td>
<td width="153">4.2%</td>
</tr>
<tr>
<td width="153">Melbourne</td>
<td width="153">$20,800
 
($400/week)
</td>
<td width="153">$928.07</td>
<td width="153">4.5%</td>
</tr>
<tr>
<td width="153">Brisbane</td>
<td width="153">$20,800
 
($400/week)
</td>
<td width="153">$1,112.37</td>
<td width="153">5.3%</td>
</tr>
<tr>
<td width="153">Adelaide</td>
<td width="153">$18,460
 
($355/week)
</td>
<td width="153">$891.82</td>
<td width="153">4.8%</td>
</tr>
<tr>
<td width="153">Perth</td>
<td width="153">$20,280
 
($390/week)
</td>
<td width="153">$939.41</td>
<td width="153">4.6%</td>
</tr>
<tr>
<td width="153">Hobart</td>
<td width="153">$18,200
 
($350/week)
</td>
<td width="153">$836.91</td>
<td width="153">4.6%</td>
</tr>
<tr>
<td colspan="4" width="612">
Source: Average premiums from CANSTAR – Landlord Insurance star ratings report.
</td>
</tr>
</tbody></table>
 In Sydney insurance costs 4.3% of rental income.
The price of insurance in Melbourne equates to 4.2% of income.
Hobart is the cheapest place for insuring an investment property, for houses (above) and apartments (below).
<table class="table table-responsive table-hover"><tbody>
<tr>
<th>Location</th>
<th>Median Annual Rental Income</th>
<th>Average Annual Insurance Premium</th>
<th>Percentage of Income spent on Insurance</th>
</tr>
<tr>
<td>Sydney</td>
<td>$27,300
 
($525/week)
</td>
<td>$419.25</td>
<td>1.5%</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$19,760
 
($380/week)
</td>
<td>$335.49</td>
<td>1.7%</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$19,760
 
($380/week)
</td>
<td>$396.99</td>
<td>2.0%</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$14,820
 
($285/week)
</td>
<td>$316.61</td>
<td>2.1%</td>
</tr>
<tr>
<td>Perth</td>
<td>$17,420
 
($335/week)
</td>
<td>$347.55</td>
<td>2.0%</td>
</tr>
<tr>
<td>Hobart</td>
<td>$14,820
 
($285/week)
</td>
<td>$307.57</td>
<td>2.1%</td>
</tr>
<tr>
<td colspan="4">
Source: Average premiums from CANSTAR – Landlord Insurance star ratings report.
 
</td>
</tr>
</tbody></table>
The NSW Left faction of the Labor Opposition has also been considering a policy that would stop all landlords in the state from banning pets from their properties.
A proposed policy doing the rounds within the Labor Left seeks to propose an amendment to the ALP’s policy platform that “disallows ‘no pets’ clauses”, the Daily Telegraph reported earlier this year.
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Victorian government pet policy for tenants will trigger higher landlord insurance

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The Victorian government has announced reforms to the rental market.
The reforms include limiting rent increases for the same tenant to once a year. 
The government will also abolish "no specified reason" notices to vacate, and new restrictions will be placed on ending leases without a reason at the end of a lease when that lease has lasted more than one fixed term.
The State Labor Government says "a rent increase every 6 months can put strain on the hip pockets of renters."
Less frequent rent increases will help tenants manage cost of living pressures.
"Rent increases are changing from being able to be increased every 12 months instead of every 6 months," the government signalled.
"Rent increases must be reasonable.
"Tenants have the right to appeal to VCAT if they believe an increase is excessive compared with the market rent," the government announced.
Landlords will be expected to put their best foot forward from the outset of the rental process by settling on a realistic fixed price, enabling applicants to broadly rely on the advertised price when looking for their next rental property.
All landlords and agents must:
<ul>
<li>be advertised at a fixed price (no ranges or ’price plus’ advertising)</li>
<li>not invite prospective tenants to make an offer at a price higher than the fixed price (including via technology platforms)</li>
</ul>
The reforms require amendments to Residential Tenancies Act 1997. The process to amend the RTA is underway.
Victorian landlords and real estate agents risk being put on a blacklist under these state government reforms aimed at giving tenants more rights.
<div class="story-content">
Premier Daniel Andrews says the changes will also prevent blanket bans on pets in rentals, establish a commissioner for residential tenancies, and force landlords to disclose to potential tenants plans to sell.
"For too long we've had an imbalance and things have not been as fair as they should be," he told reporters in Melbourne on Sunday.
"The landlord and the agent have all the power and given how tight the market is, the tenant can't speak out and has no voice."
"The one in four Victorians that rent their home have for a long time have been owed a much fairer deal, and we are going to give it to them,'' Mr Andrews said.
The legislation will be introduced to parliament in 2018.
Consumer Affairs Minister Marlene Kairouz says potential renters will still be able to offer additional money to secure a place.
"Real estate agents will be prohibited from advertising a range for the rental price ... they have to advertise the exact amount," she said.
"If a renter really wants a property and is prepared to pay an extra $10 a week, they (agents) will be able to accept that but they're not able to solicit extra money."
The Real Estate Institute of Victoria was quickly critical of the government's plan, which it said would "significantly imbalance the market in favour of tenants".
"All landlords should reconsider whether they want to remain in the private rental market given their rights are being eroded," REIV chief executive Gil King said in a statement.
Current laws restrict any rental agreements to a maximum of five years but Premier Daniel Andrews said, when introducing reforms earlier this year, signalled under the new rules there would be no "artificial cap."
One-year leases are the norm for most renters in Victoria.
</div>
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