A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Apartment Market

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The former Silverchair front man Daniel Johns joined with the other owners in his 1960s Bondi Beach apartment block hoping to ride the wave to property riches.
The seven apartments were offered in one line at auction last night, but the bidding went no higher than their $12 million vendor bid.
The Bondi Beach apartments that have beach views attracted two developer bidders when <a href="https://www.realestate.com.au/property-unitblock-nsw-bondi+beach-122859458" target="_blank">offered through Seaton Jones of Ray White TaylorJones.</a>
Johns owns two of the higher level apartments in the four level Campbell Parade complex having bought in 2001 costing $1.6 million.
He lived in the building for a short time before leasing the properties. He stands to secure around 33 percent of any eventual sale proceeds.
Spanning four levels, the entire block comes with six two-bedroom apartments and a one one-bedroom unit.
It was marketed as a duplex project or for the buyer to create their own home.
A group of 12 Queenscliff apartment neighbours triumphantly pocketed $10.1 million for their virtually uninhabitable clifftop apartment complex last month.
A private northern beaches builder bought the Queenscliff site, beating interstate investors and a Chinese group.
Auctioneer Damien Cooley noted there's an emerging trend across Sydney where neighbours - more so houses than apartments - are banding together to sell their homes in single amalgamated deals to developers.
It has been happening especially in response to government infrastructure programs on established or proposed public transport routes.
Estate agent John McGrath recently suggested "the ‘mega lot’ trend was a fantastic example of people power and creatively leveraging market conditions to your benefit."
"Some home owners are motivated by the financial windfall that comes with selling to a developer."
In St Leonards, nine home owners sold to a Hong Kong developer for about $66 million, netting an average of $7.3 million per vendor, he said.
McGrath suggested that caution was needed.
"You’ll need an iron-clad agreement with your fellow sellers stipulating the terms of the sale (especially settlement periods and whether the sale relies on official re-zoning before exchange), the division of sale proceeds and a commitment from everyone to proceed."
This article was first published in the Daily Telegraph.
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Daniel Johns' Bondi Beach auction result

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Beenleigh, the fringe Brisbane to Gold Coast locality, was again the location of the nation's cheapest sale.
Some $231,000 was paid for a two bedroom <a href="https://www.realestate.com.au/property-unit-qld-beenleigh-122721650" target="_blank">90 sqm Hawthorne Street unit </a>last sold at $295,000 in 2009, at the height of the first home buyers' frenzy in the Logan district.
There were two registered bidders, both investors, who were excepting $285 a week tenants attracted by new carpets.
The Kalua complex's most recent sale was the adjoining 90 sqm apartment that sold earlier this month also through the Harcourt's selling agent Susan Foley at $213,000 having previously selling at $300,000 in 2009.
The earlier offering was advised as a $280 a week rental which sold to a local investor who was one of three registered bidders.
The cheapest price at any auction across the long weekend ending June 14 was $213,000 at Beenleigh.
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Beenleigh, again, the cheapest weekend property auction opportunity

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The Darlinghurst apartment of the late interior designer Garth Barnett sold at its recent onsite auction.
Listed through Anthony Birdsall of Laing Real Estate with $3.5 million hopes, it fetched $3.85 million in a battle between Vaucluse and Mosman buyers.
<a href="https://www.laing.com.au/2931620/" target="_blank">The Altair apartment's</a> 180-degree harbour aspect allowed for Vivid views of the Bridge from the 17th floor three bedroom apartment decorated in Barnett’s signature dark, moody colour palette.
The 190 sqm Kings Cross Road apartment auction attracted good mates including Eileen Bond. 
His interior business continues since his death last October under _the existing creative direction of Thomas Waterman and the design team.
This article was first published in the Saturday Daily Telegraph.
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Garth Barnett's Altair apartment sells at auction

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A $150 million hotel being developed by Frasers Property Australia and Sekisui House at Sydney’s $2 billion Central Park urban village is to be branded a Starwood hotel.
Starwood Hotels &amp; Resorts director of acquisitions and development, Andrew Taylor, said the 297-room hotel will be branded Four Points by Sheraton Central Park.
<img src="/images/2016/06/16/Screen%20Shot%202016-06-16%20at%2011.28.06%20AM.png" alt="" width="683" height="421">
It was designed by British architects Foster + Partners to appeal to both leisure and corporate travellers.
The Australian reported Starwood, which will merge with Marriott in a $US14bn ($19bn) deal next month, creating the world’s largest hotel company, won the tender against three other international operators including one of Frasers Property’s own brands.
The hotel will be open by early 2018.
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Frasers Property and Sekisui House appoint Starwood Hotels at Central Park

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Aussie John Symond has said not to panic with the talk of apartment oversupply across Australia.
Speaking to 2GB broadcaster Ross Greenwood, Symond suggested that a purchase in the current market needs to be well thought out.
"I'm saying not to panic.
"If you were a buyer you're going to win out, in terms of if you're after an apartment to buy, but you're really going to have to do your homework," he said.
"Some areas will be impacted and prices will be softer, or lower in certain areas and not other areas.
'"My suggestion is don't buy until you do all your homework, seek independent advice then go and talk to a broker to make sure you get the right home loan," he added.
In reply to the restricted lending criteria which may see a 30 percent deposit required to buy an apartment in a block higher than six levels, he said it's been a long time coming.
"It's been a long time coming with the potential of oversupply of apartments.
"But we've got to remember it's (the oversupply) in different areas so you've got to be careful."
He said that there might be an opportunity to buy an apartment for a significant discount.
"You might get up to 20 percent under where values were a year ago.
"It's unfortunate if you're locked in and you've already paid the deposit, you're taking that risk, but if you're coming in looking for an investment or home to live in, you're going to be able to buy much much better than you would have a year ago."
He did have a warning for investors however.
"You've got to remember, if you're buying to rent, those are oversupplied areas you'll find it much more difficult to find a tenant and you've got to be prepared to have it empty for some time or take a substantial discount on the first year or two with the rent you'll get.
On comments made about the market doing well, Symond suggested that he thinks investors are probably spurred on a bit.
"Not just with the lower interest rates but the fear if Labor was to get in and hit existing properties on the head in terms of negative gearing going forward.
"Labor said that they will grandfathers those so you do have some people saying I better get in because i need to get the negative gearing to make the investment work for me," he said.
"So i think there's a combination of reasons why the market is still bubbling along quite healthily."
Symond also suggested that Harry Triguboff, who topped the rich list for 2016, has done an amazing job.
"I think Harry's in the great position where if he can't sell them he keeps them and rents them out." 
To listen to the interview in full <a href="https://www.2gb.com/article/john-symond-31-may-2016" target="_blank">click here.</a>
 
 
 
 
 
 
 
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John Symond suggests there's no need to panic in the current apartment oversupply

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Data from the ABS show residential building approvals increased by 3 percent in April, exceeding a monthly total of 20,000 according to the housing Industry Association.
HIA economist Geordan Murray said approvals for multi-unit dwellings drove the headline growth in April, with approvals growing by 8.1 per cent during the month.
“The growth in multi-unit approvals was driven by the eastern sea-board states, where we saw multi-unit approvals jump by 20 percent in Queensland, 19 percent in New South Wales, and 7 percent in Victoria. South Australia also posted an increase of 3 percent," he said.
“Approvals for detached houses continue to flow through at a steady rate. While there was a decline of 2 percent in the month, there were a total of 9,695 detached dwellings approved which is still on par with the monthly average over the last couple of years. 
“In contrast to the situation with multi-unit approvals, the number of detached house approvals fell across the eastern sea-board states while all other states and territories posted improvements. It’s pleasing to see the likes of South Australia post the strongest month of detached house approvals in more than two years.
"We maintain our view that the level of new home building activity in to 2016 is likely to be lower than we saw during 2015, however this result suggests the 2016 level may be closer to the peak than initially expected.” 
According to the HIA, during April 2016, total seasonally adjusted new home building approvals saw the largest increase in South Australia (+13.7 percent) with growth in Tasmania (+13.6 percent), New South Wales (+10.4 percent), and Queensland (+6.7 percent). 
Approvals fell by 2.7 percent in Victoria and by 0.6 percent in Western Australia. 
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Resurgence in multi-unit dwelling approvals: HIA

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Macquarie Bank's list of risky postcodes for apartment buyers has been leaked after Macquarie advised mortgage brokers of new requirements, with buyers having to provide at least 30 per cent of the purchase price upfront. 
Nearly 120 postcodes across Australia will be subjected to special lending conditions by Macquarie Bank.
In Sydney, the bank has listed 20 postcodes which will be subjected to special lending conditions, 15 in Victoria and more than 40 in Queensland, the Australian Financial Review reported.   
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Macquarie Group's leaked high risk, high density, high deposit postcode list

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Robert Gottliebsen, the Business Spectator columnist says the Chinese have suddenly turned their back on the Sydney apartment market, with Melbourne and other markets set to follow.
"We are hitting our largest trading partner with an unprecedented series of blows at a time when they are undergoing fundamental change.
"We had better brace ourselves for the consequences because they will not be pleasant."
The new foreign capital restrictions in China, will effectively block them completing their Australian off the plan purchases.
"Vast numbers of Chinese purchases are in danger of lapsing.
"If that happens, it will send property developers to the wall," he wrote.
<a href="https://www.theaustralian.com.au/business/opinion/robert-gottliebsen/dramatic-shifts-herald-a-new-era-in-residential-property/news-story/da9146edc2ade0b8fbc3d5cf0af714a1" target="_blank">A halving in Chinese and other foreign buyers in the Sydney apartment market was suggested last week </a>by Sydney’s largest apartment developer Meriton’s Harry Triguboff.
As Harry Triguboff has repaid all his debts, he is still able to fun the Chinese “off the plan” purchases, but few other developers have such a balance sheet to fund the purchases.
Gottliebsen noted Chinese buying of apartments was one of the biggest forces that enabled Australia to avoid going into recession following the dramatic decline in mining investment.
"If the current dramatic decline in Chinese apartment buying continues, in the absence of some other offsetting factor, it could easily lead to a recession in Australia.
"Australian bank profits are not in the front line of vulnerability but they will be hit."
He also noted the Chinese are now making it much harder for their nationals to take money out of China.
"Nevertheless, Chinese nationals can normally get a 10 per cent deposit on an apartment out of the country — although sometimes it can take credit card gymnastics.
"That means they have the required deposit for an ‘off the plan’ purchase and they can normally get another 20 per cent out of China on settlement so that they have a 30 per cent deposit when the apartment is completed.
"Previously, they could get the remaining 70 per cent required on settlement out of China.
"Now that’s much harder.
"Just when the Chinese are under pressure, at the urging of APRA, the big Australian banks have lowered their loan to valuation ratio from 70 per cent to 60 per cent and have stated that they will no longer recognise self-employed income from overseas."
He suggested that the Chinese have been wonderful borrowers.
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The unpleasant fallout from hitting the wonderful Chinese apartment buyers who could fail to settle

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The price gap between houses and apartments in many Australian cities is closing as property investors exhibit a significant degree of herding behaviour, according to new research.
The research comes amid speculation that Australia is in a housing bubble. Herding behaviour is leading to excessive borrowing, further fuelling apartment prices, particularly in Sydney.
A major cause of the sub-prime crisis in the US was a herd mentality, in which home buyers were influenced by purchasing behaviour of others. More recently a widely publicised 2015 report by global fund manager PIMCO suggested that low interest rates and rising house prices in Australia were driving similar behaviour.
We examined whether there was formal evidence of a herd mentality in Australian metropolitan property markets. To do so, we looked at the dynamic interaction between house prices and apartment prices in Australian capital cities using monthly CoreLogic RP Data from December 1995 to June 2015.
<h4><a href="/images/2016/05/12/image-20160416-26305-8y7601.png" target="_blank">Click to enlarge</a></h4>
<img src="/images/2016/05/12/image-20160416-26305-8y7601.png" alt="">
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Figure 1. Monthly house and Apartment prices (December 1995- June 2015) Note: Green dotted lines show the narrowing of the pairs over time. CoreLogic RP Data
</h4>
Figure 1 shows house and apartment prices exhibit a strong degree of co-movement and both prices tend to deviate from each other quite often. Nevertheless, every now and then the price gap has narrowed.
Except for Canberra, in all cities the narrowing takes place after a long period of widening. There are at least two reasons why there is a long-run relationship between house and apartment prices. First, houses and apartments are considered as substitutable investments. Second, negative gearing and capital gains provisions encourage people to borrow against the equity in their home to purchase an investment property, which is typically an apartment. When the price of the family home increases, this boosts demand for apartments, pushing up their price as well.
We found that in some cities such as Sydney, investors can equally profit by purchasing apartments because rising house prices eventually push up apartment prices and vice versa.
We found house prices significantly affect apartment prices across all cities. But in only four cities (Adelaide, Melbourne, Perth and Sydney) apartment and house prices influenced each other equally. However, when apartment prices are on the rise (i.e. the market is bullish), the positive impact of house prices on apartment prices is substantially larger. This implies that investors exhibit a significant degree of herding behaviour. Such evidence of herd mentality is highest in Sydney and lowest in Darwin.
Our finding for Sydney is consistent with a widely accepted view by RBA officials who argue that prices have grown too fast and there is a housing bubble threatening to burst. Vernon Smith, who won the 2002 Nobel Prize in Economics and visited Australia in July 2015, also recently said Sydney house prices are in a bubble.
There are various ways in which this herd mentality might be reined in, including adjusting interest rates, tightening lending criteria, changing negative gearing and reforms to self-managed superannuation. Some of these initiatives have already been introduced.
In order to address a similar problem, in February 2014 Canada decided to ban rich foreign nationals from purchasing property and, as a result, some turned to Australia as their next favourite destination.
Although Australia has partially recognised this issue by prohibiting the purchase of established properties by foreign investors, there still remains several loopholes that go undetected, making housing extremely unaffordable for young Australians. This has increased intergenerational inequality between millennials and baby boomers that policy makers must be brave enough to make hard decisions about based on evidence rather than election outcomes.
Abbas Valadkhani is professor of economics, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/abbas-valadkhani-177513" target="_blank">here</a>.
Russell Smyth is professor, Department of Economics, Monash Business School, Monash University and can be contacted <a href="https://theconversation.com/profiles/russell-smyth-144621" target="_blank">here</a>.
Both are authors for The Conversation. 
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The herd driven housing bubble that could trigger an apartment bust

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St Kilda footballer Sam Fisher has listed his the one-bedroom St Kilda apartment.
The <a href="https://www.domain.com.au/14-89-fitzroy-street-st-kilda-vic-3182-7136380" target="_blank">14/89 Fitzroy St </a>apartment was bought in 2009.
Gary Peer agent Jeremy Rosens said he did live there, but has moved out now.
The top-floor property features a spacious outdoor terrace.
A price range of between $400,000 and $450,000 has been advertised for the apartment.
It will be auctioned on May 7.
Fisher was selling as he planned to diversify his investments, Mr Rosens said.
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