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

Victoria

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Located in the City of Whitehorse, Box Hill is a traditional business and retail centre located in Melbourne's eastern suburbs that is undergoing rapid change.

With over <a href="/developments/box-hill-vic-3128">50 residential projects in the development pipeline</a>, Box Hill's shopping area will be the focal point for many changes over the coming years. The retail precinct itself will see a major upgrade and Box Hill station will see expansion with the mooted plans to terminate phase 1 of the Suburban Rail Loop at Box Hill.

The suburb is already one of the best in Melbourne connected by public transport with a very large bus network and interchange located at Box Hill central that feeds multiple bus routes into the retail and transport hub.

Station Street is the suburb's primary north-south arterial with Whitehorse Road - also known as the Maroondah highway - is the primary east-west arterial road.

The suburb is home to many educational and health organisations including the Box Hill Institute, Box Hill hospital and Epworth Eastern private hospital.

<h2>How far is Box Hill from the CBD?</h2>

As the crow flies: 14km.

By rail: 25 min stopping all stations (Flinders Street Station to Box Hill direct) or 16 min Box Hill express to Parliament, calling at Richmond only.

By road: 21km via the Eastern Freeway.

<h2>What train line is Box Hill on?</h2>

Box Hill station is served by the Belgrave and Lilydale lines.  Trains to/from Blackburn also stop at Box Hill station.

Trains run every 3-4 minutes in peak, and every 7-8 minutes off-peak.

Box Hill is the 109 tram terminus which connects the suburb along Whitehorse Road to Mont Albert, Balwyn and Kew.

<h2>What is there to do in Box Hill?</h2>

Box Hill Central shopping centre sits atop the suburb's train station and is one of the key retail centres in Eastern Melbourne.  The shopping precinct spills out on to Carrington Road, a street famous for having some of the best Asian cuisine outside central Melbourne.

The suburb is home to <a href="https://www.aqualink.com.au/">Aqualink</a> located in Surrey Park, a large scale aquatic and fitness centre located south of the retail and transport core and the suburb hosts multiple sporting clubs across AFL, Rugby, Athletics and Tennis among others.

Box Hill Gardens has a large grassy area for chilling, a duck pond and also includes facilities to keep you even more active: it has a skateboard park, a basketball court and a 1000m running/walking track.

The <a href="https://www.boxhilltownhall.com.au/">Box Hill Town Hall</a> is the former meeting place for the City of Box Hill (now known as the City of Whitehorse) and is now used for exhibitions and events. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_452788339.jpg" rel="gallery-all" title="Box Hill Hospital."><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_452788339.jpg?itok=8OK0qx5t" title="Box Hill Hospital." width="580"></a>

<figcaption>Box Hill Hospital.</figcaption></figure><h2>What other institutions are located in Box Hill?</h2>

Box Hill Institute - locally known as Box Hill TAFE - is one of Victoria's main VET/TAFE education providers and the TAFE has two campuses in the suburb - Nelson and Elgar.

Box Hill High School is the main secondary college within Box Hill's school zone. Laburnum Primary School, Kerrimuir Primary School and Box Hill North Primary School as well as St Francis Xavier's Catholic Primary School service Box Hill.

Box Hill hospital underwent a major upgrade that was completed in 2014 that saw the addition of a 10 story building that houses new emergency facilities as well as a maternity, cardiac and intensive care unit.

Private hospital operator Epworth has a presence in the suburb that is also seeing a major expansion with a new 14 storey wing that will house a new emergency department, three new clinical floors, additional operating theatres and additional consulting suites as well as more car parks.

<h2>Who lives in Box Hill?</h2>

Box Hill is one of the most diverse areas of Melbourne. 27% of trhe suburb's population at the <a href="https://www.propertyobserver.com.au/https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/207031163?opendocument" target="_blank">2016 census</a> nominated Chinese as their ancestry and Malaysia, India and Vietnamese feature prominently in the suburb's place of birth statistics.

Mandarin, Cantonese, Greek, Vietnamese and Korean are the top 5 languages other than English spoken at home according to the census and 52% of residents in Box Hill work full time while a further 35% work part-time.

24% of all residents in Box hill commuted by public transport versus 55% who commuted by car and the average weekly income at the 2016 census was $522 for individuals and $1,200 for households.

The median age of people in Box hill was 33 years and children aged 0 - 14 years made up 14% of the population. People aged 65 years or older made up 13% of the population.

<h2>What new Box Hill developments are in the pipeline?</h2>

There are over <a href="/developments/box-hill-vic-3128">50 new developments in the pipeline for Box Hill</a>.  

<iframe frameborder="0" height="500" scrolling="no" src="https://www.urban.com.au/developments/box-hill-vic?embeddable=list-map" width="100%"></iframe>

 
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urban.com.au

Box Hill, Victoria 3128: The complete suburb guide for buyers

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Rental prices continue to grow in Victoria as the cycle of low vacancy rates continues.
The <a href="https://reiv.com.au/policy-resources/latest-news/no-ease-for-victorian-renters-as-vacancy-rates-stay-low" target="_blank">monthly rental data</a> from the REIV shows median rental house prices have shot up across Melbourne by $10, with units climbing also by $10 since October 2019.
This follows a vacancy rate of 2.2% for Melbourne last month.
<img src="https://www.urban.com.au/images/2019/12/16/REIV%20vacancy%20rates%201.JPG" alt=""> <img src="https://www.urban.com.au/images/2019/12/16/REIV%20vacancy%20rates%202.JPG" alt="">
REIV President Leah Calnan said a lack of housing has led to renters paying a premium.
Ms Calnan said, “healthy vacancy rates should be around 4%; most of the state is sitting at 1 or 2%, increasing demand has led to rental price climbing.”
With changes to the Residential Tenancy Act coming in next year; landlords remain confused and cautious about losing control over their investment, she warned. 
“Our members have reported to us that many homes have been sold or are being kept off the market, leading to a surge in housing demand.”
“The State Government needs to do more to work with landlords and encourage them to rent out their investment homes.”
“New rental homes are being leased out in record time, therefore more owners should be encouraged to put their property on the rental market," Ms Calnan said.
The REIV has had a working committee analyse the proposed Residential Tenancies Regulation in great detail and has made an official submission to the State Government. “The legislation takes control away from property owners; many landlords are nervous about changes to the investment property they worked so hard to purchase. If rental housing stocks are impacted further, this legislation will make it harder for a tenant to get a rental home.” “If rental shortages continue to worsen, we have great concerns that the most vulnerable in our society will suffer, many families who are unable to obtain a rental home will be forced onto the streets, placing more pressure on welfare groups and charities.”
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j.ballantyne1990-6AQqhLzZaK

REIV says Victoria's vacancy rates are far from "healthy"

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There has long been a vigorous debate about the many and varied reasons why electricity prices in Australia are so high. 
An <a href="https://www.accc.gov.au/regulated-infrastructure/energy/electricity-supply-prices-inquiry/final-report" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">ACCC review</a> found retail electricity markets mostly do not work in the interests of the customer – but this is only part of the story.
Another commonly accepted theory assumes that long-term customers of an electricity retailer pay a “loyalty tax” while those who switch every year save money.
But <a href="https://docs.wixstatic.com/ugd/cb01c4_8babedb580d44ca080fefea8b2ae8b0b.pdf" target="_blank">our research</a> has found that Victorians who switch their energy providers typically save less than A$50 a year. This challenges the common understanding of how these markets work.
<h2>Questioning common wisdom</h2>
Working from the assumption that seeking better deals can save households significant amounts, governments throughout Australia have encouraged customers to switch retailers often. Switching rates in Australia are actually very high, especially so in Victoria.
To test how well the theory matches reality, the Victorian government provided my colleagues and I with 50,000 real electricity bills uploaded by Victorian households to the government’s price comparison website in late 2018. (These households agreed their bills could be used for research purposes and bill uploads were voluntary.)
Our sample is reasonably representative of the population, although we think these customers may be a little more engaged with the energy market than typical Victorians.
What we found challenges the commonly accepted theory of how the retail market works. As it turns out, for most customers, switching retailers does not greatly reduce the amount of money they leave on the table (the difference between their annual bills and the market’s best offers).
The typical customer that has not switched energy retailers in the last year could have saved A$281 per year (about 20% of their bill) if they had signed up to the best possible deal.
 
But in reality, customers that did switch retailers in the last year saved only A$45 a year, or about 3% of their annual bill. This suggests that customers are not switching to the best possible deals. A A$45 saving is not a great reward for the time and effort they would have spent searching and then switching.
The first reaction of many economists to our finding would be that the retail market is working: the competitive pressures from switchers shows profits have been competed away and there is now little to be gained from switching.
From this perspective, those who did not switch could rest easy that the market was working for them. This is, after all, how many markets work. I am often amazed at the quality of many things I buy, and their prices that fall without me having to do anything to bring it about.
However, this does not seem to be the full picture in the electricity market. All customers, switchers and remainers, are typically paying some 20% more than the cheapest available option.
And it’s not that there are just one or two fantastic deals that customers are missing – there is a good number of much cheaper deals that they are not finding.
We also cannot assume customers are looking for other qualities, like customer service, instead of lower prices: saving money is by far the main reason customers switch.
<h2>Why is this happening?</h2>
Our finding begs an explanation. We suggest it starts with the observation that while electricity is extremely valuable, it’s just a utility. While people get pleasure from buying many things, electricity is certainly not one of them. Quite understandably, most customers want to spend as little time as possible engaging in electricity markets.
Many offers are also eye-wateringly complex. Large businesses fare far better than households in the energy market, through the simple but costly method of hiring professional consultants to find the best deals.
So, we have a complex product that requires skill to buy well but customers are, quite rationally in most cases, reluctant to spend the time acquiring those skills. It is understandable why most people do not do well when they navigate the market on their own.
But when customers seek advice from price comparison websites and similar advisors - as around half seem to do – they are often not getting good advice.
Perhaps this is to be expected in a market in which advisors are almost always paid by the sellers, and customers have little ability to assess the quality of the advice they get.
There are no easy solutions. Governments face the often mutually inconsistent objectives of stimulating choice and making choice simpler. The task is difficult at the best of times, and governments are seldom good at engaging with dynamic, fast-moving markets.
Some might argue that cheaper retailers simply have to convince customers of their merits, relative to the more expensive offers from the other retailers that most customers select. But electricity must already be one of the most advertised products in Victoria.
About 110 years ago, economist Alfred Marshall <a href="http://la.utexas.edu/users/hcleaver/368/368MarshallChivalrytable.pdf" target="_blank">suggested</a> that a government could print a good edition of Shakespeare’s works, but it could not have got them written. While the carcass of municipal electric works belongs to the officials, he said, the genius belongs to free enterprise.
The creation of a retail electricity market in Victoria 17 years ago sought to bring the “genius” of free enterprise to the sale of electricity to small customers. Taken in the round, the results so far are not entirely encouraging.<img src="https://counter.theconversation.com/content/122786/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/bruce-mountain-141253" target="_blank">Bruce Mountain</a>, Director, Victoria Energy Policy Centre, <a href="http://theconversation.com/institutions/victoria-university-1175" target="_blank">Victoria University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/victorians-who-switched-energy-retailers-only-save-45-a-year-leaving-hundreds-on-the-table-122786" target="_blank">original article</a>.
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Victorians who switched energy retailers only save $45 a year – leaving hundreds on the table

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The Federal Government’s decision to widen the first home buyers scheme will have amazing benefits to Victorian real estate.
The Real Estate Institute of Victoria has welcomed the plan unveiled on Sunday by Treasurer Josh Frydenberg, which will encourage first-home buyers on lower incomes to enter the property market with a deposit of just 5 per cent.
In Melbourne and Geelong, a 5 per cent deposit will mean that a potential homeowner would only need to save $30,000 to purchase a property worth $600,000.
While across regional Victoria, first home buyers grants are capped to homes worth $375,000.
Sunday’s announcement had created a lot of excitement across Victoria’s real estate sector.
Our market will be boosted by new buyers, meaning further transactions in our community.
This week’s news brought a lot of smiles to the faces of those involved in Victorian Real Estate.
The Victorian real estate sector is already in healthy shape, the recent REIV Median figures for the September Quarter proving that our market is bouncing back, with Melbourne’s growth of 4.5% being the highest quarterly result since March 2017.
The expanded First Home Buyers scheme comes into effect in January 2020, will make it a lot easier for buyers looking to get into the rapidly growing markets in Melbourne and Geelong.
Right now, is an amazing time for local sellers, with an increase in buyers we will need a lot more homes on the market.
If you were tossing up selling your home, now is the perfect time to do so.
GIL KING is CEO of REIV
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First home buyers expansion is great news for Victorian real estate: REIV's Gil King

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A Woolworths supermarket in Leongatha topped the results board at CBRE’s 10th Premium Property Portfolio Auction (PPPA).
A total of four properties sold for a total of $32.7 million on an average 5.4 per cent yield.
The freestanding, 3143 square metre (GLA) Leongatha store was sold for $14.3 million on a 5.32 per cent yield to a Melbourne based investor with nine years of a 20 year lease to Woolworths remaining at a current income of $761,000 per annum net.
The tightest yield of the night went to the Woolworths Metro Abbotsford property which sold off-the-plan to a South Australian investor for $4.68 million on a yield of 4.93 per cent.
A third property, an ALDI store and two shops at Seville, sold to an international investor for $8.02 million on a 5.98 per cent yield, and a fourth property – a 7-Eleven at Armstrong Creek- sold to a second Melbourne based investor for $5.72 million on a 5.4 per cent yield.
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wdavis-8cCN98p7xp

Leongatha Woolies tops $33 million CBRE supermarket auction

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Distilleries are giving a spirited boost to the property markets in Regional Victorian towns according to an analysis by the Real Estate Institute of Victoria (REIV).
REIV President Robyn Waters said the study showed that median house prices have soared over recent years in regional towns where distilleries have been established.
“Victorians’ love affair with all things artisanal has seen gin joints, whiskey dens and vodka purveyors popping up all over the state,” Waters said
“We love our culinary culture and appreciate fine craftmanship in all its forms, including spirits
“Tourists and locals are flocking to these distilleries to sample their wares which has created jobs, vibrancy and new economies for these regional towns.
Waters said that, in some cases, distilleries have become the social and leisure hub of the town and have become the anchor for other complimentary business such as restaurants and clothing shops
“Of course all of this combines to have a positive impact on real estate in these areas,” Waters said
“Take Healesville for example, the home of Four Pillars Gin, where the median house price has increased 37.54% in the past four years, going from $435,500 in the 12 months to 31 March 2015 to $599,000 in the 12 months to 31 March 2019.
“There has also been strong median growth in Bright, where the Reed and Co Distillery opened in 2016, and Kyneton where Animus Distillery was founded in 2015.”
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>
Distillery
</td>
<td>
Town
</td>
<td>
2019
</td>
<td>
2018
</td>
<td>
2017
</td>
<td>
2016
</td>
<td>
2015
</td>
<td>
Increase
</td>
</tr>
<tr>
<td>
<a href="https://www.fourpillarsgin.com.au/">Four pillars Gin</a>
</td>
<td>
Healesville
</td>
<td>
$599,000
</td>
<td>
$600,000
</td>
<td>
$482,000
</td>
<td>
$475,000
</td>
<td>
$435,500
</td>
<td>
37.5%
</td>
</tr>
<tr>
<td>
Bass and Flinders Distillery
</td>
<td>
Dromana
</td>
<td>
$791,500
</td>
<td>
$740,000
</td>
<td>
$615,000
</td>
<td>
$623,500
</td>
<td>
$488,500
</td>
<td>
62%
</td>
</tr>
<tr>
<td>
<a href="https://kilderkindistillery.com.au/">Kilderkin Distillery</a>
</td>
<td>
Alfredton
</td>
<td>
$440,000
</td>
<td>
$420,000
</td>
<td>
$402,500
</td>
<td>
$380,000
</td>
<td>
$370,000
</td>
<td>
18.9%
</td>
</tr>
<tr>
<td>
<a href="https://www.bellarinedistillery.com.au/">The Whiskery</a>
</td>
<td>
Drysdale
</td>
<td>
$562,750
</td>
<td>
$435,000
</td>
<td>
$432,000
</td>
<td>
$455,000
</td>
<td>
$432,000
</td>
<td>
30.3%
</td>
</tr>
<tr>
<td>
<a href="https://www.reedandcodistillery.com/">Reed &amp; Co Distillery</a>
</td>
<td>
Bright
</td>
<td>
$571,000
</td>
<td>
$530,000
</td>
<td>
$445,000
</td>
<td>
$385,000
</td>
<td>
$397,500
</td>
<td>
43.6%
</td>
</tr>
<tr>
<td>
<a href="https://animusdistillery.com/">Animus Distillery</a>
</td>
<td>
Kyneton
</td>
<td>
$585,000
</td>
<td>
$539,000
</td>
<td>
$485,000
</td>
<td>
$472,250
</td>
<td>
$465,000
</td>
<td>
25.8%
</td>
</tr>
<tr>
<td>
<a href="https://www.queenscliffbrewhouse.com.au/">Queenscliff Distillery</a>
</td>
<td>
Queenscliff
</td>
<td>
$875,000
</td>
<td>
$962,500
</td>
<td>
$752,500
</td>
<td>
$750,000
</td>
<td>
$740,000
</td>
<td>
18.2%
</td>
</tr>
<tr>
<td>
<a href="https://www.fosseysgin.com.au/">Fossey’s Gin</a>
</td>
<td>
Mildura
</td>
<td>
$307,700
</td>
<td>
$270,500
</td>
<td>
$257,000
</td>
<td>
$255,050
</td>
<td>
$253,000
</td>
<td>
21.6%
</td>
</tr>
<tr>
<td>
<a href="http://suterandsons.com/thespirit/">Suter &amp; Sons</a>
</td>
<td>
Curlewis
</td>
<td>
$500,000
</td>
<td>
$430,000
</td>
<td>
$407,500
</td>
<td>
$390,000
</td>
<td>
*
</td>
<td>
28.2%
</td>
</tr>
</tbody></table>
*Figure not available due to insufficient sales.
Image courtesy of Visit Melbourne.
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House prices soar in Victorian regional towns where distilleries have been established

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Revisions have been made to Victoria’s Statement of Information forms, in a bid by Consumer Affairs Victoria (CAV) to reduce cases of underquoting.
Underquoting is a sales tactic whereby a property is listed for less than the real-world value to attract greater interest from potential buyers.
Statement of Information forms, in their current form, were introduced in 2017.
The most recent revisions have been introduced to ensure more transparency for potential buyers.
The document requires agents to provide the details of three comparable properties, the median price of the suburb where the sale is taking place, and an estimated selling price calculated through a regulated set of criteria.
It must be displayed at all open for inspections, included with any online advertising, given to prospective buyers within two business days of a request, and updated if there is any change in the indicative selling price.
When selecting the most comparable properties, the agent must take into account the standard and condition of the properties, the location of the properties, the date of sale of the properties.
The estimated price may be represented as a single figure, or a range of up to 10%.
It must reflect the comparable properties, be 'reasonable', and must not be lower than the seller's asking price.
The revisions came into effect on the 16th September, 2019.
They only apply to sales authorities signed on, or after, 1 May 2017. 
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Consumer Affairs Victoria rolls out measures to combat underquoting 

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EXPERT OBSERVATION
The Victorian Liberals plan to oppose the introduction of a registration scheme for engineers is reckless and irresponsible. 
The Bill, currently before the Victorian Parliament would for the first time introduce a registration scheme for engineers in Victoria, ensuring only those properly qualified and accredited could undertake work.
The registration of engineers was an important first step in tackling the national crisis in the building and construction industry.
The Liberals plans to oppose the registration of engineers in Victoria, a measure that would begin to address the national crisis in construction, is reckless and irresponsible.
Just last week, independent research revealed the cost of repairing defects in residential apartments across Australia would cost a staggering $6.2 billion.
Liberal opposition could cost the State and consumers billions. They’ll fight for deregulation at any cost.
In Mordialloc, Victoria residents have just been advised that their apartments are no longer fit to occupy due to combustible cladding and significant fire risk.  
We now have legislation that begins to address the issues of shoddy workmanship and defective construction work and the Victorian Liberals oppose it.
Where is their commitment to helping the thousands of families who cannot live in apartments they’ve paid for, or face huge bills due to dodgy construction work and design?
Victoria is in the extraordinary position of having no registration scheme for engineers.
In Victoria, anyone can call themselves an engineer. Builders, electricians and plumbers all need to be registered but the people who design the buildings they construct do not. 
Construction workers who drive cranes, erect steel and build scaffold are required to have high risk licences to ensure site safety. Yet the Liberal Party doesn’t think engineers, who are crucial to site safety should be registered and accountable? They are again putting profits ahead of safety.
The failure to register engineers and the failure of government regulation in the building and construction industry more generally goes a long way to explaining why we now have a crisis that is bringing the sector to its knees.
It’s time for the Victorian Liberals to quit being part of the problem and start being part of the solution. Support the registration of engineers in Victoria now.
DAVE NOONAN is the CFMEU Construction and General Division National Secretary.
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Registration scheme for engineers an important step to solve construction crisis: CMFEU's Dave Noonan

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Victoria’s newest boat dry-stack facility has been completed, located within Marina Village Martha Cove development at Safety Beach.
It offers fully enclosed storage for vessels up to 35-feet long (roughly 10 metres) all year round.
It features swipe access to marina arms, a 24/7 security system, on-site security staff, fuel dock, public boat ramp and car parking.
Its on-site marine services includes full-service maintenance management, refit repair sheds, 70-tonne travel lift, hard stand, work berths and trailer storage.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/Subscriber%20strip%20ad.jpg" alt=""></a>
Paul Vernon, national operations manager for d’Albora Marinas, said that the completion of the development would position the boatyard as the premium vessel and maintenance facility in Victoria.
"We’re proud to now be home to the most state-of-the-art boat dry-stack facility in Victoria," Vernon said.
"This completes stage one of the fully integrated boatyard and marine services we are now able to offer."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/19/boat%202.jpg" alt="">
The first stage of the project’s combined residential development, a 43-apartment building known as The Moorings, is also complete.
A ground floor restaurant, bar and grocer, Martha’s Table, is due to open in early spring this year.
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Victoria’s newest dry-stack boatyard at Safety Beach completed 

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Sales of Victorian neighbourhood shopping centres are on track to record the strongest result in four years despite negative sentiment around the retail sector generally, according to a CBRE review of the sector. 
The Victorian Neighbourhood Shopping Centre Review (2016-2019) found that while buyers were naturally more cautious around vacancy, pending expiries and the overall performance of the shopping centre itself, they remained attracted to the sub $100 million sector with 2019 sales tracking towards the highest sales by value in at least four years.  
According to CBRE Retail Investments Analyst, Annalee Neil, the attraction is based particularly around the heavy weighting towards supermarket share of GLA and the relative insulation from the threat of e-commerce. 
The review found that of four sales transacted in 2019, the anchor tenants, including Coles, Aldi and Woolworths, contributed an average of more than 60 per cent of the total income or GLA of the centre. 
By contrast, the review found supermarkets accounted for only six per cent and 18 per cent of total cash flow in regional and sub-regional centres respectively. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/neighbourhood%20centre.jpg" alt="">
Director Investments Mark Wizel, said the results proved retail centres with a weighting towards non-discretionary spend tenants remained one of the favourite investments across all commercial property sectors.  
“Like many things, we can’t broad brush the sector. There are green shoots but there are also areas of concern. In the neighbourhood shopping centre sector, it is almost business as usual."
“This has been exemplified by the very strong result with the sale of Coburg North Village (pictured top) along with the unconditional sale of Woolworths Curlewis Shopping Centre (pictured below) and the current strong enquiry for Newcomb Central,’’ Mr Wizel said.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/Curlewis%20SC.jpg" alt="">
Mr Wizel said the impending sale of the Woolworths/BWS and Aldi anchored Newcomb Central property would bring the total sales value of neighbourhood centres sold this year to more than 2016 and 2017. 
“Total sale results this year will surpass 2016 and 2017 and may well surpass 2018 in less than seven months."
“The fact that there is a current investment stock shortage underscores just how popular these centres are. Owners are holding tight to arguably the commercial market’s best defensive asset in what are relatively tough times in terms of investment returns generally,’’ Mr Wizel said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/neighbourhood%20centre%202.jpg" alt="">
According to the review sub $100 million sales in 2019 have also included the free standing Woolworths Lara store which sold to a Melbourne investor for $21.55 million on a 5.92 per cent yield while a local buyer purchased the Mernda Town Centre for $51.5 million. The land only purchase included a permit for a full-line Woolworths supermarket. CBRE managed both campaigns.  
Ms Neil said the $160 million worth of free standing supermarkets which sold on an average 5.18 per cent yield over 2018/2019, was further evidence of the demand for defensive retail assets.
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