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 Gold Coast unit market is becoming more solid and steady, according to Knight Frank.
Chris Litfin, Knight Frank project marketing head, said there had been changes in the market in recent years, including a move towards smaller developments.
This was adding less supply and with buyers taking more time to make decisions had led to more stability.
She says: "previous property cycles were generally centred around major developments with many hundreds of apartments in single buildings – as an example, Soul had around 300, Oracle had around 500 and Circle on Cavill delivered over 600."
"But generally the buildings being built at the moment are a lot smaller than they used to be. Some have a few hundred apartments, but most are around 100 or less."
An example she gave was Broadbeach, in which only two of the seven apartment developments – Qube (pictured below) and Signature - have over 200 apartments, with the remaining Broadbeach projects – Vue, Koko, Ivy95, Elysian and Opus - delivering around 100 apartments or less.
<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/2018/8/16/QUBE.jpg" alt="">.
"Now there is less total supply across seven developments in Broadbeach, for instance, than there was across a few developments in the late 2000s, and it’s normal for buyers to take between six weeks and two months to make a decision due to the added choice, rather than the few weeks they took back then."
"They’re comparing these developments carefully, looking at the facilities on offer and the location, and doing thorough research before buying."
Litfin said overall, the Gold Coast residential apartment market was now much more stable, with two of the stabilising factors being the moderation in supply and region’s growth in population, which has resulted in steady long-term demand.
In 1960 the Gold Coast had a population of 50,000 and now it’s more than 600,000. 
"The older population on the Gold Coast is growing significantly, which is only going to add to the demand for apartments," Liftin concluded
The Australian Bureau of Statistics data from the 2016 Census shows the over-65 demographic made up around 16% of the total population, but by 2036 the population is expected to double, accounting for over 20% of the total.
<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/3_StockBreakouts/gold-coast-breakout-219677864.jpg" alt="">
The latest Knight Frank Australian Residential Development Review 2018 also found apartment stock on the Gold Coast is being built to cater more for owner-occupiers, with a move towards more bedrooms.
It found two-bedroom apartments have been favoured in developments built between 2014 and 2017, making up 43% of total stock, followed by one-bedroom apartments (39%), three-bedroom apartments (15%) and studios (3%).
But it further found that of the buildings under construction there is a trend towards less one-bed apartments being built – making up only 25% of stock - in favour of more two-beds (49%), three-beds (17%) and studios (4%). Four-bedroom apartments are expected to grow to a share of 4% of all new completions in 2018-21.
While the Gold Coast apartment market is seeing strong activity from downsizers, Litfin says, "it's only a matter of time before investors – particularly those from interstate - started becoming more active".
The apartment market had the highest gross rental yield for major cities along Australia’s East Coast of 5.8%, according to figures from Australian Property Monitors, and vacancy rates were the lowest in the country, sitting around 1%, according to REIQ figures.
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j.ballantyne1990-6AQqhLzZaK

Forget boom and bust as Gold Coast apartment market stabilises: Knight Frank

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Melbourne has the strongest housing market, when it comes to retaining boom time gains, according to CoreLogic.
Since its peak last November, the harshest hit property are standalone houses in inner, inner east and inner south Melbourne.
It is where prices have declined between 4 and 6.1%.
Elsewhere across Melbourne both houses and unit prices have fallen no more than 3%.
<div data-image-url="https://pbs.twimg.com/media/De4dqmhVQAAcSSr.jpg" data-element-context="platform_photo_card" data-dominant-color="[10,49,64]"><img src="https://pbs.twimg.com/media/De4dqmhVQAAcSSr.jpg" alt="" data-aria-label-part=""></div>
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Inner Melbourne apartment holding value after market peak: CoreLogic

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Apartments in Canberra and Sydney are starting to decline, while units in Perth and Brisbane are declining, says valuation firm Herron Todd White (htw).
Darwin and Adelaide are the the bottom of the market, according to the latest property clock.
Melbourne is the only capital city at the peak of its unit market. Hobart's unit market is rising.
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/10/htw-units.jpg" target="_blank">to enlarge.</a>
<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/2018/4/10/htw-units.jpg" alt="">
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jrobinson-rf4aSBido9

Apartment price declines extend across many capital cities: HTW property clock

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<div>
A record number of new apartments set to hit the market this year in capital cities was unlikely to trigger a property price collapse, Bank of America-Merill Lynch economists say.
The already moderating property market will instead lead to fewer housing starts which will mean there was a prospect of an undersupply by 2020.
"The stage is being set for the next property cycle," BAML economists Tony Morriss and Alexandra Veroude suggested in a recent research note.
"Forget oversupply," they write, urging their clients to look beyond this year's headlines.
There are "risks of undersupply brewing" with building approvals having peaked in 2015.
The current assumed abundance of new housing will flip to scarcity by 2020, the BAML economists advised according to a report in The Australian Financial Review.
</div>
<div>
"With population growth expected to keep underlying housing demand robust, we see underlying demand outpacing supply in Australia's largest housing markets, New South Wales, Victoria and Queensland, from 2020," they wrote.
</div>
<div>
"Laws of supply and demand suggest that house price pressures would be expected to build from this time."
"Our analysis supports our view that any oversupply now, with Brisbane of greatest concern, should not create large imbalances over an extended period and present as a risk to financial stability."
</div>
<div>
"To date, settlement defaults remain low and, given our analysis, we do not expect settlement defaults to rise significantly - particularly in an environment where the economic outlook is strengthening and the labour market is tightening," they wrote.
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jchancellor-FAypfDUnLy

Assumed apartment abundance could turn to undersupply, but Brisbane a worry: BAML

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Erskineville ranks first when it comes to the biggest stock for sale increase in NSW.
Investar suggests that the stock growth is up to 21%, from 18 units this time last year to its current 56 offerings.
A two-bedroom apartment<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-126108662"> </a>(pictured below) currently on the market is a Mitchell Road offering which is priced at $839,500.
<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-126108662" target="_blank">The 11303/177-219 Mitchell Road</a> apartment was recently renovated.
<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/2018/2/12/Erskineville.jpg" alt="">
City transport and Newtown's entertainment precinct are within short walking distance. 
Another two-bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-erskineville-126838926" target="_blank">177 Mitchell Road</a> sold at $829,000 last year.
A one-bedroom unit at<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-423036538"> 177-219 Mitchell Road </a>(below) for rent is priced at $620 per week. 
<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/2018/1/31/erskineville%203.jpg" alt="">
Investar put its median rental at $625 a week.
According to CoreLogic, the median unit price sits on $855,000.
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Erskineville sees big jump in apartment stock levels

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<h3>Commencements slowing</h3>
It had become quite apparent by late 2014 that there was something extraordinary underway with regards to new 'high-rise' apartment construction in Australia. 
Outside Sydney, we're now coming down the other side of that mountain. Over the past 18 months, the trend in the number of new apartment starts in Queensland has continued to fall, and fall, and fall.
<a href="https://www.propertyobserver.com.au/images/2017/10/19/PeteAttachedDwellings.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/19/PeteAttachedDwellings.png" alt="">
In inner city Brisbane, new project commencements have slowed to a crawl. This is one of several ways in which that the apartment market in inner Brisbane is adjusting, as it needs to.
<h3>Adjustment time</h3>
It's not like the supply of apartments is anything new - we've been talking about it for three years now.
In its latest Financial Stability Review (FSR) the Reserve Bank of Australia (RBA) projects a flood of new completions in Brisbane in FY2018, especially in the city precinct.
Despite this, the RBA reported "few signs of significant settlement difficulties", which is generally a positive market indicator. Meanwhile the RBA noted that the "moderate" rate of price decline for apartments is now "slowing".
It's become much harder to source finance to buy off the plan in Brisbane, which is naturally cooling the market. Approvals have dropped dramatically, numerous Queensland developers have gone to the wall, and more are expected to follow in the coming months.
<h3>Quality street</h3>
Interestingly, the RBA noted that lower-quality apartments marketed to investors have struggled to value up, while higher-quality apartments targeted mainly at owner-occupiers have realised at or above their purchase price.
A salutary lesson in property investment right there...from your own Central Bank, no less! Many of those caught out in the new high-rise developments will likely be interstate and foreign investors, largely hailing from mainland China. 
While there is a lot of stock still due to hit the market - particularly in the CBD - construction activity on the ground has clearly slowed, and the actual number of completions in FY2018 will surely end up being materially lower than the RBA's forecasts.
You can see this for yourself, by the way, simply by taking a walk around the inner city: there are any number of stalled, delayed, or mothballed projects in suburbs such as Woolloongabba, West End, South Brisbane, Newstead, and so on. I note here that some of my fellow inner-city-dwelling latte-sippers have observed the very same thing:
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RBA liaison with industry participants and banks expressed confidence that new supply will be well absorbed by the market (as you'd expect), but there will be continued downward pressure on rents. That may be tough if you're the landlord, but not necessarily a bad thing overall, and the renters are moving in.
By the second quarter of calendar year 2017 the number of attached dwellings under construction in the Sunshine State had already dived by 15 per cent from the 2015 peak, though there was still plenty in the pipeline.
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This suggests that by the end of 2017, the number of apartments under construction will have fallen quite a large part of the way back towards their likely 'new normal', given that proportionately many more attached dwellings will be built in the future, as compared to the past.
<h3>Migration north (garbage in...)</h3>
The other thing that's helping to drag the market back into balance, is net interstate migration, mainly from New South Wales. The official ABS estimates had interstate migration heading into Queensland back up to around +15,700 by the end of March, from about +5,600 at the cyclical nadir.
Analysts will torture and torture these numbers until they confess, no doubt, but it can't be stressed enough that the numbers aren't actually real, however much emphasis is put on citing individual figures.
The data lags massively for one thing. Moreover it's derived from change of usual residence statistics via Medicare records (and let's face it, who updates these on a timely basis, hmm?).
The ABS thus discloses that the interstate migration figures are among the poorest or least reliable of the available population measures. Anyway, the net interstate migration estimates are impacted by seasonality, and so are presented here on a rolling annual basis. 
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These figures are only a guide, then, but just from hanging out in the inner city it's become clear that there has been a surge in interest in relocating to Brisbane since 2015. 
It wouldn't be a great surprise if in 2018 the interstate migration figures are much higher than this - previous cycles have shown that when this cyclical migration trend gets underway, it can ramp up very quickly.
Driven as much by net overseas migration, annual statewide population growth had already picked up to an estimated +75,400 in the first quarter of 2017, about +28 per cent higher than in September 2015.
The March quarter figure of +23,869 for the preliminary estimated resident population of Queensland was up by more than +26 per cent from a year earlier. If this proves to be anywhere near correct it is something akin to a population boom. 
Even those most recent figures relate to the period from January to March 2017, which was the best part of a year ago now, but any way you look at it, the supply story is now likely to be one of rebalancing.
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Annual employment growth in the state has been seriously, woefully patchy since the peak of resources construction, but in August 2017 it bolted to around a decade-high of +95,400, albeit largely driven by part-time employment.
Unusually, Queensland finds itself joint-top of the employment growth tree alongside Victoria, at least for now, so that's another important trend to watch. 
<h3>The wrap</h3>
Overall, it's easy to construct a doomsday or calamity scenario by adding up every apartment project and dwelling unit ever approved in Greater Brisbane and comparing this to historic demand for attached dwellings. 
But if you instead look at what's actually going to complete over the next few financial years, and compare this to the future demand for inner city living in Brisbane, you'll come up with a far less dramatic picture.
So far, we've seen declining asking rents, and some fairly marginal declines in asking prices for apartments. Interestingly the rental pain appears likely to be shared by dated rental stock across Brisbane.
The soft rental markets are not only restricted to inner Brisbane apartments, as young bargain-hunting renters take up the new inner city living option, spurred by new projects such as Howard Smith Wharves and the massive $3 billion Queen's Wharf Project. 
In the meantime, I'll definitely be on the lookout for apartment and townhouse bargains in New Farm in 2018, where lowball offers should certainly be the order of the day.
 
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pwargent-M4siyDbqQY

It's easy to construct a doomsday Brisbane apartment scenario, but expect it to be far less dramatic: Pete Wargent

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<div>The latest population growth figures put an altogether different slant on Australia's assumed apartment gluts. </div>
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<div>In Melbourne, the risks have receded dramatically, at least for now.</div>
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<div>In fact, with the state's estimated populated growth apparently tracking at the highest level in six decades, it would be all but impossible for the market to become 'oversupplied' until this rate of growth in the headcount slows down. </div>
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<div>Now Queensland really went on an apartment construction mission from 2014 forth, to the extent that there is a now a clear oversupply of units in some locations, particularly inner city Brisbane, with more supply still to come online. </div>
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<div>The latest figures show that although the glut will have an impact for some time to come, the market will right itself eventually.</div>
<div> </div>
<div>Indeed, the reacceleration of population growth to +75,400 per annum is exactly what Queensland's housing markets needed to help absorb the stock, while new apartment starts are now understandably and visibly slowing to a crawl. </div>
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<div>In Hobart, commencements have yet to pick up dramatically, despite electric growth in house prices and rents.</div>
<div> </div>
<div>Because the Hobart market demands houses and not apartments, in theory the supply response should come much more quickly (apartment projects can take ages to build, comparatively speaking). And we know from previous cycles that the market has the potential to deliver much greater supply - but to date it hasn't happened. Developers from the mainland are not that keen to get involved, perhaps, given the logistical challenges. I haven't been down to Tassie for a while - and I got seasick when I last went - so I have no feel whatsoever for activity on the ground. </div>
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<div>First homebuyer demand</div>
<div> </div>
<div>I noted here previously that the 2016 Census confirmed an enormous surge in 25-34 year olds.</div>
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<div>Due in part to housing affordability challenges, many are not yet forming households, though they might begin to do so if capital city apartment prices do ever slide in any meaningful way. 
</div>
<div>ANZ research this week suggested that there is significant latent first homebuyer demand, and ANZ believes that this could potentially keep an effective floor under prices, which is what I concluded from the Census figures back in June too.</div>
 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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Australia's assumed apartment gluts

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The apartment market slowdown is growing and is likely to hit the economy hard if not checked, says the country’s biggest apartment builder and BRW rich lister Harry Triguboff.
The Meriton Group founder said the number of new apartments sold had dropped and prices were down by 10 per cent over the past six months.
China’s restrictions on capital flows out of the country, tightening of lending by Australian banks to foreign investors and increased regulatory oversight is affecting the apartment market.
“The falling prices will have a big impact on the economy,” Triguboff told The Australian.
He called on the federal and state governments to review their policies on taxing foreign investors and to expand ­policies on accessing superannuation for housing.
While there was a increase in the number of first-home buyers during July on the back of state government grants to reach their highest level in four years, Triguboff said this would not replace the loss of offshore and local investors and would result in less long-term rental stock being built.
Triguboff owns 8,000 long- term rental and serviced apartments in Sydney, Brisbane and the Gold Coast.
Both the volume of apartment sales and prices were dropping as Sydney’s five-year housing boom cooled, but rents were still slowly rising, Triguboff said.
“The big question is whether the government will allow prices and volumes to go down before they start helping,” Triguboff said.
“Australians could lose an enormous amount of wealth.”
Slow wages growth, along with changing demographic trends where young ­people challenged by housing ­affordability were staying longer with their parents or were sharing, was also weighing on new construction, he said.
Encouraging people to move to capital cities other than Sydney and Melbourne would help ­affordability and national economic growth, he added.
“People want to live in big cities where there is more opportunity, more variety, more fun,” Triguboff said. But cities like Brisbane needed to attract more people to spur economic growth.
Despite the slowing market, Triguboff recently sold 1000 units and another 1000 will settle in the next few months.
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Slowing apartment market to hit economy, cautions Triguboff

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<img src="https://counter.theconversation.edu.au/content/82069/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
There’s been a lot of talk about apartment living of late.
Whether it’s millennials who can’t afford to buy a house, downsizers making a lifestyle change, owner-occupiers struggling to get defective buildings fixed, or foreign investors buying into new development, there’s no shortage of opinions and interest. 
Except for one group: lower-income and vulnerable residents.
In Greater Sydney, the latest census data show that almost one in five households (17%) living in apartments and townhouses have weekly household incomes of less than A$649. 
Among this group the largest sub-group (36%) live in private rental housing. That’s more than 72,000 households living on $649 or less per week in a housing market where average weekly rents for apartments are $550. 
Our research for Shelter NSW identifies multiple challenges such households face. 
<h2>Why does this matter?</h2>
It matters because some things about apartment and townhouse living are fundamentally different to living in a house. These differences have particular impacts on lower-income and vulnerable people living in higher-density housing.
The significant differences include:
<ul>
<li>
You live closer to your neighbours, so it’s more likely you’ll see, hear or meet them.
</li>
<li>
You share services and spaces with neighbours, from gardens to laundries to lifts.
</li>
<li>
You have to co-operate with other residents and owners to manage and pay for building operation and upkeep. 
</li>
</ul>
If you live in a private apartment building then the fact that a large proportion of apartments are sold to investors and rented out will likely have three key impacts on you:
<ul>
<li>Developers often cater for investors when designing new apartment buildings, so you will likely find a limited variation in apartment designs and sizes available.</li>
<li>Resident turnover in your building may be high, as private renters move more frequently.</li>
<li>Tensions between owner-occupiers and investor-owners may result in disagreements and disputes over budgeting and maintenance.</li>
</ul>
While these unique aspects of higher-density living can be tricky for anyone, they present particular challenges for lower-income and vulnerable residents. They tend to have less choice about their living arrangements, so they can’t up and move to better-designed, constructed and managed properties if things aren’t working out.
<h2>Building flaws affects some residents in particular</h2>
Poor building quality is one of the major issues in high-density development in Australia. The problems relate to design, defects and maintenance. 
The design issues include noise disturbances as a result of poor design, inadequate solar access and cross ventilation, the availability and flexibility of shared spaces, and safety and security considerations. 
Another issue is design that fails to help meet the needs of particular groups (such as people with a disability, and families with children). 
Beyond design, the construction quality of higher-density developments is a major issue in Australia. Key concerns include the quantity and severity of building defects, as well as the difficulties owners face having defects fixed.
Among the problems are quality of workmanship, management of construction, private certification, limited warranties and the often-prohibitive cost of legal action. 
As with poor design, lower-income households are particularly susceptible to construction issues. This is because there are more incentives to cut corners when constructing more affordable housing. Examples include rushing jobs, hiring cheaper but less experienced tradespeople, or using substandard materials. 
Once residents move in, negotiating to fix defects is particularly difficult for private renters, as they typically must go through the real estate agent or landlord. This means renters may be stuck with unsatisfactory living conditions. 
Lower-income renters are also likely to be over-represented in poorly maintained buildings, as these are usually cheaper to rent. Compared to a detached house, maintenance in higher-density properties is complicated by the complexity of the buildings themselves and the governance structures. 
As a result, required maintenance work is often not carried out, or is reactive rather than proactive. This is especially true in buildings occupied by lower-income renters with no direct recourse to the strata committee. They often cannot afford to move and may fear retaliatory rent increases if they report maintenance issues.
 
<h2>Social relations can be challenging</h2>
Neighbour disputes happen everywhere, but evidence suggests disputes are more common in areas with more lower-income and vulnerable residents and with more apartments. 
Common causes of neighbour conflict in higher-density housing reflect different expectations about noise levels, parking practices, or spending on maintenance and improvements. 
Neighbour disputes can have significant impacts on health. This potentially counteracts the health benefits associated with the walkable nature of many higher-density neighbourhoods.
When disputes arise, the number of stakeholders involved complicates efforts to find a resolution. They might include renters, resident owners, investor owners, building managers, strata managers and strata committee members. 
Research with strata residents in New South Wales shows residents find formal dispute resolution mechanisms complex and slow. Most disputes are resolved informally. 
Lower-income residents, and renters in particular, are likely to have less influence over the outcomes of such processes.
Fostering positive neighbour relations can be more difficult where resident turnover is high, such as in buildings dominated by private renters. It is also more difficult in poorly designed buildings without quality shared spaces.
<h2>New norm promotes inequity</h2>
Apartment living is the new norm in Australia. As the nursery rhyme says, when it’s good it’s very, very good, but when it’s bad it’s horrid. If these homes are poorly designed, poorly built, poorly maintained or poorly managed, they are poor places to live.
The market-led housing model that underpins Australia’s compact city policies has meant that people with less money get a poorer product. Few planners or politicians have adequately acknowledged these inequities. 
The reasons why we got here will be considered in tomorrow’s piece in this series.
<a href="https://theconversation.com/profiles/hazel-easthope-175163" target="_blank">Hazel Easthope</a> is Senior Research Fellow, City Futures Research Centre, UNSW.
<a href="https://theconversation.com/profiles/laura-crommelin-15376" target="_blank">Laura Crommelin</a> is Research Associate, City Futures Research Centre, UNSW.
<a href="https://theconversation.com/profiles/laurence-troy-2403" target="_blank">Laurence Troy</a> is Research Fellow, City Futures Research Centre, UNSW.
All are authors for The Conversation.
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This is why apartment living is different for the poor

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GUEST OBSERVER
To downsize or to not downsize?
That is the question many older Australians are asking themselves as they weigh up the benefits and disadvantages of each option. 
While downsizing offers more convenience, one major compromise is potentially moving away from friends in your neighbourhood whom you’ve known for years.
As of July next year, older Australians who are thinking of downsizing their family home into a smaller property may have a financial incentive to do so. They will now be able to invest up to $300,000 of the money made from the sale into their superannuation without being taxed. *Please seek independent professional advice when contemplating using this method.
A few years ago, Secret Agent published a ‘How To Downsize’ guide. In this report we will revisit the topic, this time focusing on the inner city suburbs and considerations that need to be made if you are looking to downsize into any of these areas.
CHANGES YOU’LL NEED TO ADAPT TO
As the term implies, downsizing means that getting used to a smaller space is an inevitable part of the equation. By moving into the inner city, you will also have to get used to new neighbours, new traffic patterns, new noises, more lights and new distances from old friends. Two of the greatest challenges downsizers will face is negotiating life in a smaller home, and detaching themselves emotionally from the place they are leaving.
Size
It’s not easy to find a home with enough space so you don’t feel cramped, yet small enough to qualify the move as a ‘downsize’. Going from an expansive four bedroom home to a two bedroom apartment that is barely the size of your old living room is not a good idea, and neither is moving into a double-storey terrace with a backyard. 
This includes an increase in three bedroom apartments on offer as well as whole-level apartments occupying the entire floor, giving residents greater privacy, space and a better outlook. Nowadays more developers are shifting towards targeting downsizers instead of investors, allowing older Australians to continually benefit from this trend over the next few years.
Emotional attachments
Many will find that the hardest part about downsizing is leaving behind the emotional connections made to the family home. Full of memories of special milestones, it can be very difficult to let go of not just the house itself but the neighbourhood too.
On the bright side, you can downsize into another area you feel somewhat at home in, such as a place you have fond memories of as a child or young adult. You may have stayed in university housing in Parkville, or worked during your early days in Richmond. It helps to have some history in the area in terms of replacing one emotional connection with another, however it doesn’t mean that there won’t be huge changes to get used to. As the inner city has transformed dramatically over the past decade and continues to do so, these areas may not be as you remembered them.
INNER CITY SUBURB GUIDE
There are many benefits of moving into the inner city that will help offset some of the more difficult transitions you need to make when downsizing. Secret Agent has put together a guide of the inner city suburbs to assist you in choosing a place that will suit your lifestyle needs.
Fitzroy North
Good access to parks and gardens, Scotchmer St / St Georges Rd amenities, plenty of smaller terraces, family-oriented neighbourhood, quiet and leafy.
Fitzroy
Brunswick St, Johnston St and Gertrude St amenities, close to Carlton Gardens, public transport easily accessible, variety of terraces, low-rise apartments and warehouses to choose from.
Carlton
Close proximity to the CBD and good access to parks, plenty of amenities on Lygon St and Swanston St, walk to Queen Victoria Market, multitude of public transport options. Only 
downside is that it gets quite noisy and busy, particularly around Melbourne University.
Carlton North &amp; Princes Hill
Rathdowne Village amenities, quiet, leafy and wide streets, family-oriented neighbourhood, mostly period terraces. Demographic includes academics and medical professionals. One drawback is the lack of train access, only accessible via tram.
East Melbourne
Exclusive blue chip neighbourhood, quiet, leafy, walking distance to Fitzroy Gardens and CBD. Variety of older style apartments, Art Deco units, Victorian terraces.
North Melbourne
Queensberry St, Errol St and Victoria St amenities, including Queen Victoria Market, walking distance to the CBD. Mostly quiet except near main roads.
Parkville
Adjacent to Princes Park and Royal Park, with period terraces, brick apartments and Art Deco units on offer. Demographic includes academics and medical professionals. Mostly quiet and leafy.
Brunswick &amp; Brunswick East
Gentrifying suburbs with large cultural and amenity hub along Sydney Road and Lygon St. Mix of older and younger population. Most apartments of varying quality located closer to main roads ie. Sydney Road and Lygon Street. Good access via train and tram. Busier and noisier near main roads.
Collingwood &amp; Abbotsford
Smith St and Johnston St amenities, convenient access to Yarra River parks on the east. Accessible via both train and tram. Mix of warehouses, terraces and apartments. Mix of younger and older population.
Albert Park &amp; Middle Park
Established, blue chip suburbs with quiet, wide and leafy streets, family and downsizer population. Mostly well-kept period terraces with a few brick and Art Deco apartments, little to no development in these areas. Walk to the beach or Albert Park. No train access.
Port Melbourne &amp; South Melbourne
Bay St and Clarendon St amenities, walking distance to the beach or several parks. No train access. Mix of newer apartments and townhouses, and older terraces. Generally established, more hustle and bustle than Albert Park and Middle Park and a transient population. 
Richmond
Multiple public transport options across the suburb. Variety of amenities along Victoria St, Bridge Rd and Swan St. Mix of younger and older population, diverse demographic overall. Plenty of apartments, townhouses, terraces and warehouses to choose from.
South Yarra &amp; Prahran
Established, leafy suburbs with a mix of younger and older population. Plenty of amenities along Chapel St, Toorak Rd, Commercial Rd and High St however also quite busy and noisy particularly at night.
OTHER THINGS TO CONSIDER
Besides location, there are other major considerations you will need to make when deciding to downsize into the inner city:
<ul>
<li>Floor plan / layout of the home: With the right design, a small home can feel big; likewise, a big home can feel small if not designed well. Choose one that suits your daily habits at home. If you love to host dinners and have guests over often, you’d want a good kitchen with a spacious dining area. If you have a creative hobby, perhaps you’ll want to convert an extra bedroom into your own studio.</li>
<li>Less cars, less parking space: It may take some getting used to the tight street parking in suburbs such as Carlton and Fitzroy. You may also choose to give up one car (or altogether), as car sharing is popular in the inner city as is collaborative consumption of other items.</li>
<li>Noise: The inner city will always be noisier than a suburban neighbourhood. Consider proximity to trams, restaurants, main roads, and how loud they are when you are indoors with all windows shut. If you have chosen an apartment, how well the walls (and ceiling) have been insulated will also make a difference as to the extent you’ll hear your neighbours.</li>
<li>Light and darkness: A northern aspect provides desirable sunshine during the day! If your bedroom window faces a main road, the blinds or curtains may not be good enough to completely block out the light from a street lamp, which may disturb your sleep. Be careful of potential development sites which may block some of your natural light in the future.</li>
<li>Access: Think about the route from the closest grocer back to your apartment. Ideally, you don’t want to have to walk too far, and a lift may be necessary if you live higher than the first floor.</li>
<li>Storage: No matter how hard you try, a 100sqm apartment will never fit as much in as your double storey suburban mansion. Consider having less things but of a higher quality so they last longer.</li>
<li>Pets in apartments: Your pets may not be happy in an apartment if they are used to having lots of room to run around. Some apartments also have strict rules against having pets in the building.</li>
</ul>
 TRY BEFORE YOU BUY!
If you’ve set your mind on downsizing and you’re not sure how to prepare for the move, start by writing a list of ‘must-have’s that are non-negotiable when searching for a place. These will be the things that are most important to your future comfort. Don’t give in to these non-negotiables! Then write a list of things you will be willing to compromise on.
When you have found an inner city area you think you would like to move to, spend time in that suburb to get a proper feel for it before deciding to buy.
Stay in a hotel or Airbnb for 1-2 weeks to feel what it’s like to live through the weekdays, weekends, mornings and nights.
If you’re not in a rush, you may rent for a few months in that area to ensure that it meets your non-negotiables in the long term. It also gives you an opportunity to try out other property types, for example if you’ve never lived in an apartment, or warehouse conversion.
CONCLUSION
When entering a situation involving both gains and losses,
as humans we tend to focus on the latter. So when making a move into a new environment, like downsizing into the inner city, we need to minimise the impact of the negatives on our lifestyle. If noise is something that is very disruptive to you, then you’d be wise to avoid buying along a busy road, or near a shopping strip. If you don’t like being too close to your neighbours, then perhaps apartment living might not be for you.
With that said, inner city living has never been more popular. As the market continues to make it easier for older residents to settle comfortably near the city, it’s only a matter of time before downsizing becomes less of a difficult choice, and more of a natural transition. 
For more information, <a href="https://secretagent.com.au/">click here</a>.
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