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

<html><body>
GUEST OBSERVER
The lumpy result in monthly building approvals data continues, with total dwelling approvals up by 10.9 per cent in the month of June 2017.
However the longer term trend shows sustained weakness with total approvals down by 2.3 percent over the year to June, particularly for apartments.
Given the boom in apartment construction in the past couple of years it is to be expected that the fall in approvals is predominantly coming from this segment of the market.
Approvals for apartments and town houses fell by 6.6 per cent over the year-to June 2017, while approvals for detached housing actually increased by 1.4 per cent.
A result in line with Master Builders forecast outlook for a fall in apartment commencements over the next four years.
But there remains a housing shortage in Australia of around 100,000 dwellings and it would be concerning if the current weakness in approvals turns into low housing commencements leading to supply constraints that can push up house prices.
We can’t lose sight of the fact that increased population growth and other factors of underlying demand mean we need to build at least 180,000 new homes each year for the next five years.
Matthew Pollock is Master Builders Australia’s National Manager for Economics and Housing and can be contacted <a href="https://www.masterbuilders.com.au/Home" target="_blank">here</a>.
 
</body></html>

jchancellor-FAypfDUnLy

Approvals show apartments are taking the brunt of the fall

<html><body>
Apartment buyers in more than 87 suburbs across Australia will find it harder to get a Citi mortgage given tightened lending criteria.
In a note sent to mortgage brokers at the end of July, Citi pinpointed 34 Sydney postcodes, 27 in Melbourne and 12 in Queensland where borrowers would have higher deposit requirements.
<div class="in-content-ad">
<div>
Citi has imposed new lending conditions fearing high density "blackspots" face a surge in approvals.
Buyers in nearly 90 postcodes will require deposits of up to 35 per cent.
Investors also face tougher terms for cash-out loans, which enable a borrower to draw-down a property's equity, according to an update sent to the bank's network of mortgage brokers, obtained by The Australian Financial Review.
The black list is similar to previous lists of high density apartment inner city suburbs, but expands particularly in the western suburbs of Sydney and south-east suburbs of Melbourne.
</div>
<div>
The global bank only has a small mortgage book in Australia but does have a high profile with offshore Asian investors.
Citi's analysts are warning the 20 per cent rise in private apartment approvals during June will increase the threat of over-supply as construction is completed.
</div>
<div>
"The surge in approvals was heavily concentrated in Sydney, which is surprising given the tightening of lending standards and rise in lending to investors and interest-only occupiers," according to the bank's analysis.
</div>
<div class="cq-article-content-media section">
NSW
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="126">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="126">
Sydney
</td>
<td valign="top" width="64">
2000
</td>
</tr>
<tr>
<td valign="top" width="126">
Ultimo
</td>
<td valign="top" width="64">
2007
</td>
</tr>
<tr>
<td valign="top" width="126">
Alexandria
</td>
<td valign="top" width="64">
2015
</td>
</tr>
<tr>
<td valign="top" width="126">
Waterloo
</td>
<td valign="top" width="64">
2017
</td>
</tr>
<tr>
<td valign="top" width="126">
Rosebery
</td>
<td valign="top" width="64">
2018
</td>
</tr>
<tr>
<td valign="top" width="126">
Botany
</td>
<td valign="top" width="64">
2019
</td>
</tr>
<tr>
<td valign="top" width="126">
Mascot
</td>
<td valign="top" width="64">
2020
</td>
</tr>
<tr>
<td valign="top" width="126">
Bondi Junction
</td>
<td valign="top" width="64">
2022
</td>
</tr>
<tr>
<td valign="top" width="126">
Stanmore
</td>
<td valign="top" width="64">
2048
</td>
</tr>
<tr>
<td valign="top" width="126">
Greenwich
</td>
<td valign="top" width="64">
2065
</td>
</tr>
<tr>
<td valign="top" width="126">
Longueville
</td>
<td valign="top" width="64">
2066
</td>
</tr>
<tr>
<td valign="top" width="126">
Chatswood
</td>
<td valign="top" width="64">
2067
</td>
</tr>
<tr>
<td valign="top" width="126">
Ryde
</td>
<td valign="top" width="64">
2112
</td>
</tr>
<tr>
<td valign="top" width="126">
North Ryde
</td>
<td valign="top" width="64">
2113
</td>
</tr>
<tr>
<td valign="top" width="126">
West Ryde
</td>
<td valign="top" width="64">
2114
</td>
</tr>
<tr>
<td valign="top" width="126">
Epping
</td>
<td valign="top" width="64">
2121
</td>
</tr>
<tr>
<td valign="top" width="126">
Sydney Olympic Park
</td>
<td valign="top" width="64">
2127
</td>
</tr>
<tr>
<td valign="top" width="126">
Strathfield
</td>
<td valign="top" width="64">
2135
</td>
</tr>
<tr>
<td valign="top" width="126">
Enfield
</td>
<td valign="top" width="64">
2136
</td>
</tr>
<tr>
<td valign="top" width="126">
Concord
</td>
<td valign="top" width="64">
2137
</td>
</tr>
<tr>
<td valign="top" width="126">
Liberty Grove
</td>
<td valign="top" width="64">
2138
</td>
</tr>
<tr>
<td valign="top" width="126">
Homebush
</td>
<td valign="top" width="64">
2140
</td>
</tr>
<tr>
<td valign="top" width="126">
Granville
</td>
<td valign="top" width="64">
2142
</td>
</tr>
<tr>
<td valign="top" width="126">
Parramatta
</td>
<td valign="top" width="64">
2150
</td>
</tr>
<tr>
<td valign="top" width="126">
North Rocks
</td>
<td valign="top" width="64">
2151
</td>
</tr>
<tr>
<td valign="top" width="126">
Castle Hill
</td>
<td valign="top" width="64">
2154
</td>
</tr>
<tr>
<td valign="top" width="126">
Kellyville
</td>
<td valign="top" width="64">
2155
</td>
</tr>
<tr>
<td valign="top" width="126">
Canterbury
</td>
<td valign="top" width="64">
2193
</td>
</tr>
<tr>
<td valign="top" width="126">
Campsie
</td>
<td valign="top" width="64">
2194
</td>
</tr>
<tr>
<td valign="top" width="126">
Lakemba
</td>
<td valign="top" width="64">
2195
</td>
</tr>
<tr>
<td valign="top" width="126">
Marrickville
</td>
<td valign="top" width="64">
2204
</td>
</tr>
<tr>
<td valign="top" width="126">
Arncliffe
</td>
<td valign="top" width="64">
2205
</td>
</tr>
<tr>
<td valign="top" width="126">
Rockdale
</td>
<td valign="top" width="64">
2216
</td>
</tr>
<tr>
<td valign="top" width="126">
Hurstville
</td>
<td valign="top" width="64">
2220
</td>
</tr>
</tbody></table>
ACT
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="131">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="131">
Canberra
</td>
<td valign="top" width="64">
2600
</td>
</tr>
<tr>
<td valign="top" width="131">
City, ACT
</td>
<td valign="top" width="64">
2601
</td>
</tr>
<tr>
<td valign="top" width="131">
Narrabundah
</td>
<td valign="top" width="64">
2604
</td>
</tr>
<tr>
<td valign="top" width="131">
Braddon
</td>
<td valign="top" width="64">
2612
</td>
</tr>
<tr>
<td valign="top" width="131">
University of Canberra
</td>
<td valign="top" width="64">
2617
</td>
</tr>
</tbody></table>
WA
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="84">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="84">
Perth
</td>
<td valign="top" width="64">
6000
</td>
</tr>
<tr>
<td valign="top" width="84">
East Perth
</td>
<td valign="top" width="64">
6004
</td>
</tr>
<tr>
<td valign="top" width="84">
West Perth
</td>
<td valign="top" width="64">
6005
</td>
</tr>
<tr>
<td valign="top" width="84">
Subiaco
</td>
<td valign="top" width="64">
6008
</td>
</tr>
<tr>
<td valign="top" width="84">
Claremont
</td>
<td valign="top" width="64">
6010
</td>
</tr>
<tr>
<td valign="top" width="84">
Maylands
</td>
<td valign="top" width="64">
6051
</td>
</tr>
<tr>
<td valign="top" width="84">
Victoria Park
</td>
<td valign="top" width="64">
6100
</td>
</tr>
<tr>
<td valign="top" width="84">
Perth Airport
</td>
<td valign="top" width="64">
6105
</td>
</tr>
</tbody></table>
VIC
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="126">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="126">
Melbourne
</td>
<td valign="top" width="64">
3000
</td>
</tr>
<tr>
<td valign="top" width="126">
East Melbourne
</td>
<td valign="top" width="64">
3002
</td>
</tr>
<tr>
<td valign="top" width="126">
West Melbourne
</td>
<td valign="top" width="64">
3003
</td>
</tr>
<tr>
<td valign="top" width="126">
St Kilda Road
</td>
<td valign="top" width="64">
3004
</td>
</tr>
<tr>
<td valign="top" width="126">
Southbank
</td>
<td valign="top" width="64">
3006
</td>
</tr>
<tr>
<td valign="top" width="126">
Docklands
</td>
<td valign="top" width="64">
3008
</td>
</tr>
<tr>
<td valign="top" width="126">
North Melbourne
</td>
<td valign="top" width="64">
3051
</td>
</tr>
<tr>
<td valign="top" width="126">
Melbourne University
</td>
<td valign="top" width="64">
3052
</td>
</tr>
<tr>
<td valign="top" width="126">
Carlton
</td>
<td valign="top" width="64">
3053
</td>
</tr>
<tr>
<td valign="top" width="126">
Princes Hill
</td>
<td valign="top" width="64">
3054
</td>
</tr>
<tr>
<td valign="top" width="126">
Sumner
</td>
<td valign="top" width="64">
3057
</td>
</tr>
<tr>
<td valign="top" width="126">
Collingwood
</td>
<td valign="top" width="64">
3066
</td>
</tr>
<tr>
<td valign="top" width="126">
Abbotsford
</td>
<td valign="top" width="64">
3067
</td>
</tr>
<tr>
<td valign="top" width="126">
Doncaster
</td>
<td valign="top" width="64">
3108
</td>
</tr>
<tr>
<td valign="top" width="126">
Doncaster East
</td>
<td valign="top" width="64">
3109
</td>
</tr>
<tr>
<td valign="top" width="126">
Richmond
</td>
<td valign="top" width="64">
3121
</td>
</tr>
<tr>
<td valign="top" width="126">
Hawthorn
</td>
<td valign="top" width="64">
3122
</td>
</tr>
<tr>
<td valign="top" width="126">
Auburn
</td>
<td valign="top" width="64">
3123
</td>
</tr>
<tr>
<td valign="top" width="126">
Box Hill
</td>
<td valign="top" width="64">
3128
</td>
</tr>
<tr>
<td valign="top" width="126">
South Yarra
</td>
<td valign="top" width="64">
3141
</td>
</tr>
<tr>
<td valign="top" width="126">
Darling
</td>
<td valign="top" width="64">
3145
</td>
</tr>
<tr>
<td valign="top" width="126">
Dandenong
</td>
<td valign="top" width="64">
3175
</td>
</tr>
<tr>
<td valign="top" width="126">
St Kilda
</td>
<td valign="top" width="64">
3182
</td>
</tr>
<tr>
<td valign="top" width="126">
Balaclava
</td>
<td valign="top" width="64">
3183
</td>
</tr>
<tr>
<td valign="top" width="126">
South Melbourne
</td>
<td valign="top" width="64">
3205
</td>
</tr>
<tr>
<td valign="top" width="126">
Albert Park
</td>
<td valign="top" width="64">
3206
</td>
</tr>
<tr>
<td valign="top" width="126">
Port Melbourne
</td>
<td valign="top" width="64">
3207
</td>
</tr>
</tbody></table>
QLD
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="99">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="99">
Brisbane City
</td>
<td valign="top" width="64">
4000
</td>
</tr>
<tr>
<td valign="top" width="99">
New Farm
</td>
<td valign="top" width="64">
4005
</td>
</tr>
<tr>
<td valign="top" width="99">
Fortitude Valley
</td>
<td valign="top" width="64">
4006
</td>
</tr>
<tr>
<td valign="top" width="99">
Hamilton
</td>
<td valign="top" width="64">
4007
</td>
</tr>
<tr>
<td valign="top" width="99">
Albion
</td>
<td valign="top" width="64">
4010
</td>
</tr>
<tr>
<td valign="top" width="99">
Chermside
</td>
<td valign="top" width="64">
4032
</td>
</tr>
<tr>
<td valign="top" width="99">
South Brisbane
</td>
<td valign="top" width="64">
4101
</td>
</tr>
<tr>
<td valign="top" width="99">
Buranda
</td>
<td valign="top" width="64">
4102
</td>
</tr>
<tr>
<td valign="top" width="99">
Greenslopes
</td>
<td valign="top" width="64">
4120
</td>
</tr>
<tr>
<td valign="top" width="99">
Coorparoo
</td>
<td valign="top" width="64">
4151
</td>
</tr>
<tr>
<td valign="top" width="99">
East Brisbane
</td>
<td valign="top" width="64">
4169
</td>
</tr>
<tr>
<td valign="top" width="99">
Seven Hills
</td>
<td valign="top" width="64">
4170
</td>
</tr>
</tbody></table>
SA
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="63">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
</tr>
<tr>
<td valign="top" width="63">
Adelaide
</td>
<td valign="top" width="64">
5000
</td>
</tr>
</tbody></table>
Citi is among the lenders that has increased funding costs for interest-only property borrowers.
Last year the NAB expanded its list of blacklisted suburbs
Earlier this year about 57% of Brisbane cranes were deemed located in areas that had been blacklisted.
</div>
</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

The 87 blacklist suburbs when it comes to Citi apartment lending 

<html><body>
Units in Melbourne, the NSW Central Coast, the Gold Coast and Newcastle are still at the peak of the market according to the August property clock from Herron Todd White.
Apartments in Ballarat are now at the peak of the market, with the Sydney apartment market starting to decline.
<a href="https://www.propertyobserver.com.au/images/2017/08/04/Screen%20Shot%202017-08-04%20at%2010.32.32%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/04/Screen%20Shot%202017-08-04%20at%2010.32.32%20AM.png" alt="" width="669" height="445">
 
Units in Melbourne, the NSW Central Coast, the Gold Coast and Newcastle were at the peak of the market in July, apartments in Cairns, Townsville and the Whitsundays were ranked at the bottom of the market and apartments in Sydney, Ballarat and Dubbo were approaching the peak of market.
In the August report, HTW said Sydney is fast becoming a vertical city, with a change in buyer expectations and a surge in demand for apartment living.
As a result, modern, medium to high density zones are becoming increasingly common with many notable precincts springing up across the city including Green Square at Zetland, Harold Park at Forest Lodge, Discovery Point at Wolli Creek, Central Park in Chippendale as well as developing precincts in Erskineville and Camperdown (to name a few).
"Another example of an investor hot spot is the area known as Kings Cross," HTW said.
"Kings Cross is one of Sydney’s highest density precincts and covers the suburbs of Potts Point, Elizabeth Bay and Rushcutters Bay.
"It is well established, being within two kilometres of the CBD, and has a train station, light commercial buildings and retail spaces.
"Recent changes to laws governing the opening hours of entertainment establishments in the area has allowed the precinct to begin to shed its reputation as a somewhat unsafe nightlife district allowing it to become increasingly popular with investors.
"Investors targeting this area in the past have been seeking the strong rental returns offered by the many small studio and 1-bedroom units.
"It seems to be the trend however that many small studio units have lower levels of capital growth than standard 2-bedroom units for example which we assume is also due to the broader market appeal.
"In western Sydney the new apartment market continues in various degrees throughout all major regional zones with the Liverpool/Fairfield areas as well as Parramatta and The Hills district in particular seeing substantial development.
"The Norwest Railway line currently under construction from Rouse Hill to Epping has resulted in a signi cant increase in unit developments approved or under construction in what is typically considered the burbs, with unprecedented construction occurring particularly in Kellyville.
"This list in western Sydney is continually growing with a record number of unit approvals passed over recent years.
"What these areas have in common is that they all appear to have a high investor contingent although the future of some will depend heavily on an unknown tenant pool with oversupply perhaps becoming a future issue."
</body></html>

jonathanchancellor-7SQnKwU6yx

Sydney apartment market in decline, Ballarat units at peak: HTW property clock

<html><body>
Over the year to March 2017 Victoria delivered an impressive 66,085 new dwellings, 31,337 of which were attached dwellings of one sort or another.
Yet annual population growth has exploded to +146,600.
In short, you can basically forget any chance of an oversupply in Melbourne until population growth comes down from the stratosphere. 
It's not happening, and indeed Melbourne's vacancy rates appear to be approaching decade lows.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/A1.jpg" target="_blank">Click to enlarge</a>
<div id="post-body-2953428177568349591" class="post-body entry-content">
<div class="separator"><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/2017/07/13/A1.jpg" alt=""></div>
 <div>Different dynamics Annual population growth has ramped up in New South Wales too at +116,400.</div>
<div> </div>
<div>But with 64,824 new dwellings delivered over the year this crude ratio has shifted favourably towards the supply side after ten years of relative under-building in Sydney.</div>
</div>
<div class="post-body entry-content"> </div>
<div class="post-body entry-content"><a href="https://www.propertyobserver.com.au/images/2017/07/13/A2.jpg" target="_blank">Click to enlarge</a></div>
<div class="post-body entry-content">
 <div class="separator"><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/2017/07/13/A2.jpg" alt=""></div>
 <div>With some 82,836 dwellings under construction across New South Wales there's plenty more to come too, in spite of dwelling starts now finally having passed their peak. </div>
<div> </div>
<div>Despite being a more diverse state - as well as being home to traditional boom/bust markets such as the Gold Coast - Queensland has followed a similar pattern. </div>
<div> </div>
<div>The Sunshine State delivered 46,469 dwellings over the year through a period where population growth had slowed dramatically following the peak of resources construction boom in 2012. </div>
<div> </div>
<div>Although population growth has now picked up in Queensland and dwelling starts are apparently slowing to a crawl, it's clear that an oversupply of new dwellings is writ large.</div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/07/13/A3.jpg" target="_blank">Click to enlarge</a></div>
 <div class="separator"><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/2017/07/13/A3.jpg" alt=""></div>
<div> </div>
<div>The number of dwellings under construction has been in decline since September 2016, with 37,624 dwelling units 'live' as at the end of the first quarter of 2017, and new starts have slowed dramatically, so the market is in the process correcting itself.  </div>
<div> </div>
<div>Notably, 28,391 of the dwellings under construction were of the attached variety, reflecting the super-boom in apartment construction up north. </div>
<div> </div>
<div>Of course these models aren't intended to be anything other than a crude dashboard, but are a simple display of the apartment oversupply that faces parts of inner city Brisbane. Finally, Western Australia saw the completion of 28,535 dwellings in 2016, yet population growth slowed sharply to 16,835, illustrating what can happen to population growth in an economic slowdown.</div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/07/13/A4.jpg" target="_blank">Click to enlarge</a></div>
<div>
 <div class="separator"><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/2017/07/13/A4.jpg" alt=""></div>
 Population growth appears to have bottomed out in WA in line with a number of other indicators, but there is now a clear oversupply of dwelling stock to be absorbed. </div>
<div> </div>
<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>.
</div>
 
</div>
</body></html>

pwargent-M4siyDbqQY

Forget any chance of an oversupply in Melbourne dwellings: Pete Wargent

<html><body>
Sydney's apartment market has slowed, developer Harry Triguboff says.
The NSW decision to increase the stamp duty surcharge for foreign buyers to 8 per cent had put the housing market at risk, the Meriton founder said after a flurry of sales last month to foreign investors wanting to buy before a doubling in stamp duty charges.
"The market [has been] a bit slow since the beginning of July."
It was too early to say if the slowdown was a permanent change or not, he said.
"But we must understand there is a limit to how many tricks we can do," Mr Triguboff told The Australian Financial Review.
"We don't want investors, we want to punish Chinese.
"In the end, it takes its toll. We must remember that," he said.
"In June, we probably exchanged twice as much as we normally would because all the Chinese were in a hurry to buy and to be able to save on stamp duty," he said.
"Now this agitation has stopped and they have to face the reality that everything has changed."
He said Chinese buyers are more comfortable now than they were at the start of the year, when the refusal by local banks to fund their apartment purchases and slowing apartment values caused many to panic, Mr Triguboff said.
"In the beginning [of the year] it was terrible," he said noting the purchasers were not prepared for the problems which were created.
"So many of them wanted to get out.
"But then we told them they would have to lose the 10 per cent deposit, so they changed their mind.
"And we gave them the money.
"So many of them were saved."
In May, Mr Triguboff said he was financing about $200 million-worth of the $1.4 billion in sales he expected to make this year.
Like many other developers, Mr Triguboff said demand was now shifting to local buyers.
"The Australians are coming in, slowly," he said.
"The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody.
"The Chinese don't ask anybody, they come off the plane, buy their unit and go."
</body></html>

Harry Triguboff says NSW property stamp duty rules are punishing the Chinese

<html><body>
Units in Melbourne, the NSW Central Coast, the Gold Coast and Newcastle are at the peak of the market according to the July property clock from Herron Todd White.
Apartments in Cairns, Townsville and the Whitsundays are ranked at the bottom of the market.
Apartments in Sydney, Ballarat and Dubbo are approaching the peak of market.
Melbourne, Coffs Harbour, the Gold Coast and Newcastle were at market peak last month too.
<a href="https://www.propertyobserver.com.au/images/2017/07/11/Screen%20Shot%202017-07-11%20at%208.47.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/07/11/Screen%20Shot%202017-07-11%20at%208.47.56%20AM.png" alt="">
<div class="page" title="Page 13">
<div class="section">
<div class="layoutArea">
<div class="column">
According to HTW, inner city Melbourne continues to be the fastest growing capital city in Australia, driven by migration from both interstate, regional and overseas areas which in turn creates higher demand.
HTW said the Melbourne CBD and inner city suburbs residential market has remained steady throughout the year, with rental returns generally ranging between 3 percent and 6 percent. 
"At an entry point of $500,000 you will not be able to purchase a detached dwelling, terrace or townhouse, however, 1-bedroom or compact 2-bedroom apartments with a car space may be available," HTW said.
"In response to the growing demand, Melbourne city planners have been green-lighting new medium rise and high-rise residential developments. 
"Many new apartment buildings are nearing completion and many more are currently being built or are approved for construction, adding growing concerns of apartment oversupply which has been covered extensively in previous reports."
</div>
</div>
</div>
</div>
</body></html>

Melbourne apartments at peak of market: HTW July property clock

<html><body>
<div id="post-body-1248243627302399679" class="post-body entry-content">
Greater Brisbane's apartment construction boom totters on its last legs, with annual unit approvals crashing by 42 percent (so far), and developers struggling to sell out live projects. 
There are still quite a number of significant projects under construction. 
When finished, the project will comprise 360 apartments across the three residential towers. 
On Old Cleveland Street, the old retail eyesore has gone, to be replaced with 7,000 square metres of new retail space, including cafés, restaurants, and a 10-theatre cinema precinct.
The final stage of the apartments has reportedly yet to sell out, despite being approved in 2014 and being located in a relatively prime location. 
Over the medium term this will doubtless be a very popular location, but the appetite for new apartments has been sated for this cycle.
</div>
<div class="post-footer"> </div>
<div class="post-footer">
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>.
</div>
</body></html>

Greater Brisbane's apartment construction boom totters on its last legs: Pete Wargent 

<html><body>
Building approvals for May showed a decline in the number of new home approvals this year, with the multi-unit sector falling sharply, latest data from the Australian Bureau of Statistics showed.
Approvals for construction of new homes fell by 5.6 per cent in May, despite recording positive growth in April 2017. 
Total dwelling approvals fell to 16,448 in May, well below the peak of more than 21,000 recorded for two consecutive months in July and August 2016.
“The downward trend for new home approvals has now been locked in for about six months,” said Tim Reardon, principal economist for the Housing Industry Association. 
“This downward trend confirms our forecasts for a slowing in new residential building projects through 2017,” stated Tim Reardon. 
“This latest result firms a downward trend in dwelling approvals which began to emerge around mid-2016, with dwelling approvals over the year down by 31.3 per cent,” Matthew Pollock, national manager-Economics and Housing, of Master Builders Australia said.
However, new house starts increased by 1 per cent in May but were still 6.9 per cent lower than the same month last year.
“It is the multi-unit sector of the industry that has slowed more quickly than detached homes. During the three months to May 2017, multi-unit approvals fell by 27.8 per cent when compared with the same period in 2016,” said Reardon.
He noted that the slowdown in multi-units was off the back of the super-cycle of apartments that started in 2015. 
“The amount of work that is still under construction means that the residential building industry will continue to operate at high levels well into 2018,” he said.
“This slowdown is in stark contrast to the growing demands of first home buyers and the need to promote an increase in housing supply.” 
Across the states: Tasmania is the only state with a growth in approvals compared to the same quarter in 2016, up 6.9 per cent. New South Wales (down 22.4 per cent); Victoria (down 11.6 per cent); Queensland (down 21.6 per cent); Western Australia (down 18.4 per cent); the Northern Territory (down 51.3 per cent) and the ACT (down 36.2). 
“South Australian approvals are just 6.1 per cent below the same levels in 2016 due to the large number of multi-unit apartments getting the green light,” Reardon said.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/BuildingApprovals.jpg" target="_blank">Click 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/2017/07/03/BuildingApprovals.jpg" alt="">
However, auction clearance rates remain high in Sydney and Melbourne while rents are still growing, “suggesting there are still pockets of high demand and low supply,” Pollock of MBA added.
He said government estimates indicate a housing shortage in Australia of around 100,000 homes. 
“There is a concern that if the current weakness in approvals turns into very low new housing commencements, then we could see supply constraints once again push up house prices,” Matthew Pollock said. 
“Recent work by Master Builders shows the government’s housing affordability measures, as announced in the May Budget, could support the construction of up to an additional 100,000 new homes over the next four years. As such we urge the Parliament to pass these measures in full to support housing affordability and keep homeownership within reach of ordinary Australians,” Pollock said. 
ANZ Research confirmed the view, saying in spite of house prices posting a solid rise in June, “the fundamentals point toward softer price growth through the second half of the year”. 
ANZ reiterated its previous view that building approvals could fall a further 5-10% in the current cycle.
<a href="https://www.propertyobserver.com.au/images/2017/07/03/ANZ.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/07/03/ANZ.png" alt="">
“In fact, with monthly trend approvals now at the lowest level in three years, it is possible that we are getting close to the end of the most significant declines, although further falls are still likely over the near term.”
 
</body></html>

Multi-unit apartment approvals show sharp decline in May: HIA

<html><body>
A sophisticated one-bedroom apartment in Melbourne’s South Yarra development Fifty Five Claremont is being offered to investors with promises of $24,000 savings on stamp duty if bought before June 30.
The Victoria government has previously announced it will remove off-the-plan stamp duty concessions on investment properties from July 1 in a bid to encourage first-home buyers and ease the affordability crisis.
Apartment 1103 — <a href="https://55claremont.com/" target="_blank">The Alexandra</a> — is priced at $539,000 and also a promises ‘guaranteed’ 6 percent p.a. rental for the first two years.
The ad says it is a “signature Michael Yates development” with views of the Yarra River and five-star hotel-style amenities.
The 56 sqm is part of a development of 37 apartments on 17 levels, with only three apartments on each floor.
The design is by Bird de la Coeur Architects.
<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/2017/06/26/Alexandra.jpg" alt="">
The apartment comes with crafted modular kitchens with Gaggenau appliances and oak flooring.
It is close to Melbourne’s Chapel St and Toorak Road cafés and shopping.
The display suite is at Shop 4, Yarra Lane South Yarra and completion is expected by the end of 2017.
</body></html>

June 30 Victoria investor stamp duty savings deadline approaching for investors

<html><body>
Metro Property Development has sold a prime apartment development site in Brisbane for a huge 35 per cent discount after buying it for $20 million just two years back.  
Metro bought the 1,890 sqm block on <a href="https://www.domain.com.au/property-profile/13-17-manning-street-south-brisbane-qld-4101" target="_blank">Manning Street </a>in South Brisbane with plans to build a 30-storey tower with 380 apartments, according to The Australian Financial Review.
The what it purchased it for two years ago, in what is a clear sign of the apartment market turning.
The site was bought by local developer ARIA for $13 million.
Property Observer had reported earlier that the Brisbane apartment market is in decline.
This is the first major transaction to show such a dramatic fall in price.
Ironically Metro, co-founded by property identity David Devine, gamed the market in Brisbane three years ago when it booked a $24 million profit in just over six months by selling a separate site in South Brisbane to Chinese real estate giant R&amp;F Properties.
That Hong Kong-listed, Guangzhou-based R&amp;F paid $46 million for that site, the AFR said.
Metro managing director Luke Hartman didn’t give details on the latest Manning Street site sale, just saying the sale was part of a "reweighting of our national development site property portfolio".
"We are recycling capital into the Sydney and Melbourne acquisitions we have made," Hartman said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/06/01/ManningSt1.jpg" alt="">
He defended the discounted sale and added that the Brisbane market was slowing. 
"We have traded seven sites in past three years for a minimum of double what we have paid for them. Both in Brisbane and Melbourne," he said.
The Manning site was being marketed through Colliers International and JLL.
On Metro’s other projects, he said they “have been settling well”. 
“It takes longer to settle than usual but it's not all doom and gloom.”
Metro, which deferred the float of of its company two years ago, has developed thousands of apartments Australia wide and received financial backing from a range of groups such as Alceon and Credit Suisse.
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