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.

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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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Apartments in Dubbo, the NSW Central Coast, Melbourne and the Gold Coast are at the peak of the market cycle according to analyst firm Herron Todd White's property clock for units in September.
Apartments in Melbourne, the Gold Coast, Newcastle and the NSW Central Coast were at the peak of the market cycle in August.
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According to HTW, recently completed medium density 18 unit town house developments (Saratoga) are proving successful.
"The second release of 55 units is now under construction," HTW said.
"These new 3- and 4-bedroom townhouses are priced from $435,000 creating an affordable and attractive proposition for prospective purchasers."
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The central Gold Coast, according to HTW, is where long term investors are attracted to walk up units along the beachside with low body corporate fees.
"These unit rents have increased recently by circa 7 percent making the unit investment appealing," HTW said.
"Some of these units have also had the potential to be bought out by developers.
"We have seen this in Broadbeach and Surfers Paradise for large parent parcels with a small number of units.
"The walk up units should maintain their steady rental returns with a rental shortage in the Gold Coast central market."
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Apartments in Dubbo, the NSW Central Coast, Melbourne and Gold Coast at peak of the market: HTW

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Brisbane’s new apartment market continues to self-regulate with both demand and supply dropping away in the June quarter, according to new research released today by property consultants, Urbis.
The latest Urbis Brisbane Apartment Essentials found, on the back of Brisbane’s first apartment boom, developers had hit the pause button on some developments slowing the supply of new apartments to the market.
The report also recorded 810 new apartment sales in the June quarter - the third consecutive quarter of decline and the lowest volume since early 2014.
Urbis Associate Director Paul Riga said the decline in the total sales was expected but the launch of fewer projects had resulted in a market where supply and demand were still within reach of each other.
“We are seeing the market continue to self-regulate, returning to a more sustainable level of activity and giving the market time to absorb the current stock available,” Mr Riga said.
“Essentially the sales are still there but they are much harder to achieve for developers.”
The report advised the contraction in the market was felt right across the Inner Brisbane precinct
It forecast sales volumes around the 800 mark were likely in the next two to three quarters.
“Many of the monitored projects have moved into the construction phase, winding down the level of sales and marketing,” he said.
“In addition, we now have a savvier, more discerning level of investor operating in the market”.
Some 25 new projects are expected to launch between July and December 2016, bringing a potential 2,850 new apartments to the market.
“This is around half the level of supply brought to market at the same time last year,” he said.
The Brisbane Apartment Essentials report also found sales prices had also been steadily decreasing since the end of last year – particularly with two-bedroom product.
“The decline in the median sales price has been largely driven by product availability, with a larger proportion of transactions occurring in more affordable Inner Brisbane precincts,” he said.
Mr Riga said there had been an increase in the proportion of sales in Brisbane’s inner-city for one-bedroom apartments with one-carpark, making up 34 percent of total sales.
However he said the staple configuration remained the two-bedroom, two-bathroom apartment, which represented 50 percent of total sales.
Data from the report showed 162 projects were selling off the plan, with approximately 70 percent of these currently under construction or completed.
“We are now moving firmly into the delivery phase of Inner Brisbane’s first major apartment boom, so the focus is increasingly turning towards the rental potential of these apartments,” Mr Riga said.
“It will be a competitive market and we are progressively going to see a ‘flight to quality’ – with tenants looking for projects that offer value, connectivity, lifestyle amenity and a point of difference.”
The Brisbane Apartment Essentials Report found:
 810 sales were recorded in the June quarter - the lowest volume since early 2014.
 The weighted average sales price for the June quarter was $578,580. This was a decrease of $17,084 since the March quarter. The weighted average sales price has been steadily decreasing since the December 2015 quarter.
 Higher proportion of two-bedroom apartments selling at a lower price point and higher levels of one-bedroom stock selling.
 One-bedroom, one-car product made up 34 percent of sales compared to 27 percent in March 2016 quarter.
 Reduced apartment launches (and subsequent sales) in the quarter.
 There were 32 percent fewer apartments launched to the market compared to the previous quarter.
 Low and mid-rise projects registered 45 percent of total sales in the June 2016 quarter, compared to only 17 percent of sales in the March quarter 2016.
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Buyers become savvy as Brisbane apartment developers press pause button

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GUEST OBSERVER
Secret Agent believes that knowledge about supply is crucial to making an informed and successful investment. This report will forecast what the supply of apartments and townhouses in Melbourne will be over the next 12-36 months.
Why is supply important?
Basic economics tells us that when supply is high, unless the market is in equilibrium, prices will drop because demand will not be able to keep up.
There is a less obvious reason that makes supply important. One of the biggest differences between supply and demand is that it is possible to forecast supply, and almost impossible to accurately predict demand.
It can seem like demand is certain. An investor might think he has struck gold when he discovers a suburb with rapidly rising rents and a growing demographic of people moving into the "hot new area" to live. Yet, in the background, a surge in planning proposals may cause supply to expand considerably. Supply created by developers does not trickle into the market but arrives in large batches, as each developer tries to use the same metrics to make guesses about demand into the future. All of a sudden, a glut starts to weaken rents and can drive away owner occupiers who had previously wanted to live within the area.
Demand is so difficult to accurately forecast that even the world’s biggest companies are often wrong when it comes to this. A great example is the large oil producers who have seen their profits diminished. They had continually invested in new wells with the expectation that the price of oil would continue to increase as demand intensified, only to see it collapse due to fracking and other factors.
World iron ore producers who made substantial long term investment decisions based on high iron ore prices made a similar error. There was too much focus on present demand rather than on future supply conditions, which could have helped them make sensible decisions over the business cycle.
Another example is this season’s avocado prices. Strong demand and a tough growing season caused prices to soar at the beginning of the season. As the season went on, prices started to moderate as supply caught up. No doubt avocado trees are being planted in record numbers with some producers seeking to benefit further from high prices. However, the likely outcome is diminished prices as supply starts to surpass demand. To maintain margins, differentiation is required, such as higher quality or varying varieties. The lesson here is that it is also the structure of supply that is crucial to evaluate.
The Australian property market has seen a sharp rise in supply. Developers have become much more comfortable with higher supply levels of their own product. Demand has been strong but it is only a matter of time before they too will have to differentiate.
How do we predict future supply?
Forecasting supply is especially useful in the property market. It is possible to know how many and where the upcoming apartments and townhouse developments will be, due to publicly accessible approved planning applications. This has huge implications for investors and home buyers.
Using data published by the Australian Bureau of Statistics (ABS), Secret Agent modelled Building Approvals by Statistical Area 2 (SA2) over the past financial year (July 2015 – June 2016) for two categories: apartments and townhouses. This report summarises our findings. Note that the figures may be slightly underestimated because it does not take into account approvals made prior to July 2015, which may still be in construction stages. 
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Part 1: Flats, units or apartments (including those attached to a house)
This is a measure of the upcoming supply of apartments. For larger buildings (4 stories and above), construction usually takes between 12 and 18 months, while for smaller buildings it can take up to 12 months. Therefore, the number of building approvals over the past 12 months in this category reflect the amount of supply for the next 12-18 months. Table 1 shows the ten suburbs with the highest amount of new developments of this type.
As expected, development in inner Melbourne (CBD, Southbank and Docklands) is much higher than anywhere else. Combined, these three suburbs account for almost 30% of growth of new apartments in metropolitan Melbourne. Southbank has by far the highest density of development, as its total area is much smaller than the CBD, yet there are nearly 2,000 more apartments being built here. West of the city, Footscray is the only major site for development. 
Notable suburbs in the inner north are North Melbourne (648), Brunswick (748), Brunswick East (468) and Collingwood (428). Further north, Preston (934) and Heidelberg West (612) have issued the highest number of building permits.
In the inner east, South Yarra (848), Richmond (566) and East Melbourne (550) are expected to see the biggest increases in new apartments, as well as Box Hill (1940), Doncaster (1056) and Malvern East (924) further to the east. To the south of the CBD, South Melbourne (1234), Albert Park (932), St Kilda (820), Caulfield (510), Bentleigh (612) and Cheltenham (942) have the highest number of new apartments being built. 
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Part 2: Semi-detached, row or terrace houses, townhouses
This shows the number of new townhouses being developed, as it includes any residential development of a subdivided block of land not included in the other category. As there will usually be less properties to be developed per site, some of these constructions have already been finished, while the vast majority will be completed within the next 12 months. 
While development of new apartments is mainly concentrated around the CBD and inner Melbourne, Port Melbourne is the only inner city suburb featured in the top ten list for semi- detached, terraces and townhouses. Note that most of the new developments in Port Melbourne are concentrated in the old industrial area of the suburb, which has recently undergone zoning changes to become residential. 
The inner and outer north have the highest density of development, with suburbs like Glenroy (640), Reservoir (488), Pascoe Vale (456), Craigieburn (364), Preston (336) and Heidelberg West (296) all making the list.
More suburbs in the inner west are experiencing development of townhouses compared to apartments. These include Altona North (316), St Albans (230), Braybrook (218) and Sunshine (212).
To the east, Doncaster (380) and Doncaster East (222) are again feature suburbs, while to the southeast, most of the development seems to follow the major rail network through Malvern East (166), Oakleigh (164), Clayton (212), Springvale (124), Noble Park (174) and Dandenong (272). 
Observations on future apartment supply
Secret Agent studied hundreds of floor plans of upcoming apartment buildings whilst compiling this report. The "Better Apartments" design standards draft for Victoria is currently in its consultation stages, so it was interesting to see that a number of these advertised apartments are not compliant with the proposed standards. It's likely that a big portion of the supply over the next year will not meet the quality of apartment living we are hoping to achieve. Here is a summary of our observations.
Balconies are too small.
Many balconies do not meet the minimum 2m dimension nor the minimum size requirements (8m2 for a 1 bed dwelling and 10m2 for a 2 bed dwelling).
Some apartments have used juliet balconies, a.k.a. false balconies, to allow for ventilation without actually providing open space.
"Snorkel" or "saddlebag" bedrooms are widespread.
This L-shaped layout is an ineffective yet popular solution to provide light access to the second bedroom of 2 bed dwellings. The "snorkel" is often too narrow to be considered habitable, and in many cases direct light does not penetrate into the actual room due to its depth.
Light wells are too small.
These non-compliant light wells are much smaller than the suggested minimum area of 9m2 with a minimum dimension of 3m, for buildings up to 13.5m (approx. 4 storeys). The example on the right was taken from an 8 storey building. These bedrooms would either have compromised access to sunlight, views, or both.
When appropriately designed, light wells increase the surface area of the external envelope and introduce more openings (i.e. windows) to allow light into dwellings.
Some bedrooms adjoin the lift core.
This isn't good news for light sleepers. Placing noise sources directly adjacent to habitable areas (especially bedrooms) increases noise transmission. Unless adequate acoustic insulation is in place, you can expect to hear each lift ride throughout the night. This has long term implications on health and happiness. 
Storage cages are too small.
New design standards suggest a minimum of 6 cubic metres of additional storage space for 1 bedroom dwellings. Common sizes for today's apartments (that is, if they have any) are 3 and 4 cubic metres, and 2.5 cubic metres for storage above car spaces.
Quality can vary within the same building.
An apartment building can have both A and B grade units, even within the same level. A proposed residential tower in Abbotsford had a combination of 70sqm 1 bedroom dwellings and 70sqm 2 bedroom dwellings. These 1 bedroom units are far bigger than the inner Melbourne average of 47sqm, whilst the latter sits just below the average of 73sqm.
2 bedroom dwellings are most often compromised.
1 bedroom dwellings usually have satisfactory access to sunlight and size. It’s the 2 bedroom dwellings that have the most compromised layouts, usually involving a "snorkel" bedroom in the floor plan (see point 2 on the previous page).
3 bedroom units are less common and are usually located around the corners or on the upper levels of the building. These apartment types tend to be of higher quality and command a premium. 
Conclusion
Future supply is fairly simple to predict. The implications of the forecast are far more complex. This report will conclude with a summary of points you should draw from our forecast of Melbourne's upcoming supply.
1.  High supply in certain suburbs does not mean you should avoid buying in these areas. You just need to be more careful with what you choose to buy. Differentiated products will perform better in the long term.
2.  While the new supply figures may seem high, it is important to consider context. For example:
<ul>
<li>How many existing apartments are in that suburb?</li>
<li>What is the proportion of apartments, townhouses  and houses in that suburb?</li>
<li>How big is the suburb?</li>
</ul>
3.  The availability of surrounding amenity and infrastructure should also be considered. Suburbs with high supply and good amenity and infrastructure will outperform suburbs with high supply but lacking in these features. An example is the Glenroy area, which has a large volume of supply coming up amidst a grim future for job growth, as many automotive industries based in this region will be shutting down by 2017.
4.  Generally, investors may want to consider the areas identified as having a high supply with caution. Rental yields are likely to be driven down unless the properties are suitable to family occupants.
5.  Home buyers may want to consider areas where there is a greater supply of townhouses, since these may be more suitable to a growing family. Townhouses are also an affordable alternative to a house, especially in areas of high supply.
6.  The quality of supply in the apartment market is lacking in many areas, especially for 2 bedroom units. This reinforces the importance of implementing better design standards for developers to adhere to.
Overall, for those interested in maintaining the value of their property investment, present areas of demand with excellent amenity to jobs, transport and lifestyle options that also offer scarcity and very little opportunity for future supply to be created will be long term winners. 
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 For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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jchancellor-FAypfDUnLy

Melbourne's future supply of apartments and townhouses: Secret Agent 

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Apartment prices in capital cities could fall between 15 to 20 percent over the next two years, AMP Capital's chief economist Shane Oliver has forecast.
Dr Oliver says "there was a massive multi-dwelling building boom going on in Brisbane, Sydney, Melbourne and Perth". 
"There's a real risk of oversupply," he told Money News.
"I wouldn't be surprised to see outright price falls in apartments in Sydney, Melbourne, Brisbane and Perth," he said in his earlier note to clients. 
"So people are better off waiting until the dust settles to see if there are any opportunities to buy apartments with a lower price tag." 
"Obviously if you are buying in an area where there are lots of cranes around, the price falls are going to be greater," he said. 
A "heat map" of cranes would show the concentration of cranes were highest in the Melbourne CBD whereas Sydney's apartment construction was more spread out, he added. 
Dr Oliver said a slump in the Australian housing market would be driven by a glut of supply rather than investors defaulting, unlike the subprime crisis in the US in 2007.
"I don't think one should get too alarmed here because you've first got to put this in context," he said. 
"We've just had a massive run up in home prices across Sydney and Melbourne across the last four years, and that includes apartment prices."
"Just bear in mind that comes on the back of 30 to 40 percent gains over the last four years, so we really need to put this in context."
He said that investors or home buyers looking to buy a home should be cautious.
"Just allow that there is a lot of supply coming on, that's already putting downwards pressure on rents."
Shane suggested that he thinks supply in Australia over the next couple of years will put a major downwards pressure on prices in certain areas.
"At some point I think is that supply continues to mount and don't forget we saw another spike up in approvals to build new apartments just a month or so ago that's still continuing.
"If you are in the market for a home, try and go for those areas where there is stronger demand relative to the supply that's coming on."
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Apartment prices to tumble by up to 20 percent: AMP Capital's Shane Oliver

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SQM Research reported that listing numbers declined across every capital city in August, and August listings nationally down by 4.3 percent from the prior year.  
<div>This is not unusual for August according to SQM, so we may see a rebound in September. </div>
<a href="/images/2016/09/08/SQM1.jpg" target="_blank">Click to enlarge </a>
<div class="separator"><img src="/images/2016/09/08/SQM1.jpg" alt=""></div>
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<div>Over the past year Hobart has been the one significantly tightening market with listings down by 7 per cent in August to be 10.7 per cent lower than one year ago. </div>
<a href="/images/2016/09/08/SQM2.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><img src="/images/2016/09/08/SQM2.jpg" alt=""></div>
 Darwin listings seem to have stabilised, while this was a better result for Perth, though median asking prices are lower than one year ago in both of these resources capital cities.  
<div>In Sydney total listings are 12.3 percent higher than one year ago.</div>
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<div>According to SQM's managing director, Sydney's inner ring has seen record year-on-year declines in listings, but outer suburban and older stock is not shifting leading to the annual increase in total listings. </div>
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<div>There has been much talk of an apartment corrections in the largest capital, but to date median asking prices are higher over the year in both Sydney (+5.2 percent) and Melbourne (+5.2 percent). </div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">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" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Listings decline across the board: Pete Wargent

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The Victorian government’s decision to restrict the booming apartment construction in Melbourne might push Australia into recession in the next year and a half.   
The Victorian government’s decision which could increase the cost of building apartments by about $100,000 will deliver a big blow to employment in the state, says Robert Gottliebsen, a columnist at The Australian. 
Especially, because Victoria has been erecting many more apartments than NSW and all the other states. 
Given Melbourne has a similar population to Sydney, the Victorian government’s decision to slash apartment building will not only create a Victorian recession but also increase the risk of the nation going into recession within 18 months, as the current pipeline of Victorian apartment projects are completed.
NSW cannot carry the whole nation in spite of the boom in apartment construction, argues Gottliebsen.
Going by the new rules, an apartment that currently costs $400,000 will now cost $500,000 and so on up the scale, he says.
“Whether it was planned or not, the boost to the cost of apartments will make it tougher for first home buyers to get onto the property ladder and force dwelling developments into the outer suburbs, with the greater levels of infrastructure investment that such projects require.” 
Only when the price of apartments rises to cover the higher costs will building restart.
The report relied on research by Craig Yelland, a director of Plus Architecture.
The new rules that will inflate the cost of apartment building come in two parts:
• Any apartment complex over two storeys must allow more open space and be further set back from the road. This means less apartments on any block. 
“Under the old rules, a block where, say, 367 apartments could be built, now only 213 can be built — a 40 per cent reduction in the yield. The actual boost to the cost of apartments caused by this regulatory change depends on the project, but for most it will boost the cost of each apartment by $20,000 to $40,000.”
• 15 specific building requirements have been introduced such as greater window areas. Each such addition will add between $2,000 and $10,500 to the cost of a unit — a combined increase of $62,500. 
Combining the two sets of measures adds an average of around $100,000 to the cost of apartments.
“Had these measures been introduced at the start of the apartment building boom their blows would have been less devastating.
“But in 2016, the measures come in the middle of a bank credit squeeze on apartment developments, which is forcing many developers around the nation to use high-cost second mortgage financiers to fund more of their apartment developments. This is also curbing development in NSW.”
The apartment boom in Victoria countered the impact on jobs due to the decline in manufacturing, but coinciding with the new restrictions on apartment developments, the state government’s decision to stop coal seam gas development and deprive farmers of the $100,000-a-year income will push up gas prices at the same time. 
“The almost inevitable Victorian recession will change the national outlook and make a nonsense of the Federal Budget growth sums.
“The development of lower cost apartments in Melbourne will restart when prices rise by around $100,000 per apartment and the banking regulator allows the banks to once again lend to apartment developers. Meanwhile the value of development land will fall.”
{mijopolls 146}
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prateek24-ezbwHMbNAk

Victoria's new apartment rules a recipe for recession 

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After CoreLogic RP Data recently reported a median unit price of $475,500 in Melbourne, Property Observer went searching for what that got.
Vivid at <a href="https://www.realestate.com.au/project-vivid+181-vic-south+melbourne-600013278?propertyTypes=apartments%2Funits" target="_blank">181 Ferris Street</a> in South Melbourne has one and two-bedroom apartments for sale within the median price range (above). Construction is due to be completed in July 2018. 
New apartments have also been listed for sale at <a href="https://www.realestate.com.au/project-no.1+collins+wharf-vic-docklands-600012046?propertyTypes=apartments%2Funits" target="_blank">No1, Dockland’s</a> newest waterfront building (below). A one-bedroom, one-bathroom apartment there will set buyers back close to $500,000. 
<img src="/images/2016/08/31/m2.jpg" alt=""> 
Apartments in the Platinum building at <a href="https://www.realestate.com.au/project-platinum+tower-vic-southbank-600002503?propertyTypes=apartments%2Funits" target="_blank">45 Clarke Street</a>, Southbank (below) cost $485,000 for a two-bedroom, one-bathroom apartment. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.58.41%20PM.png" alt="">
A new two-bedroom, one-bathroom apartment has also been listed for sale between $460,000 and $490,000 at <a href="https://www.realestate.com.au/property-apartment-vic-southbank-123387214" target="_blank">1712/39 Coventry Street, Southbank</a> (below). 
<img src="/images/2016/08/31/m3.jpg" alt="">
A one-bedroom and study apartment has been listed for sale at <a href="https://www.realestate.com.au/property-apartment-vic-docklands-123384426" target="_blank">501/15 Doepel Way</a> in Docklands (below). The large waterfront apartment is located in the Aqui Promenade.
<img src="/images/2016/08/31/m4.jpg" alt="">
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What the $475,500 median apartment price gets in Melbourne

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After CoreLogic recently reported a median unit price of $377,500 in Brisbane, Property Observer went searching for what that got.
Within the median price buyers can purchase a two-bedroom, one-bathroom unit at <a href="https://www.realestate.com.au/property-unit-qld-taringa-123165430" target="_blank">1/93 Oxford Terrace</a> in Taringa (above), located in a complex of six units or a two-bedroom, two-bathroom unit at <a href="https://www.realestate.com.au/property-unit-qld-greenslopes-123165014" target="_blank">5/18 Vine Street</a> in Greenslopes (below), located across the road from corner stores and cafes. 
 <img src="/images/2016/08/31/700_b1.jpg" alt="">
The two-bedroom, two-bathroom unit at <a href="https://www.realestate.com.au/property-unit-qld-stafford-123157878" target="_blank">6/47 Wayland Street</a> in Stafford (below) has been listed for offers above $379,000 with a north-facing deck, air conditioning and a modern kitchen. 
<img src="/images/2016/08/31/700_b2.jpg" alt="">
Also slightly above the median price, the one-bedroom, one-bathroom unit at <a href="https://www.realestate.com.au/property-unit-qld-south+brisbane-123166186" target="_blank">7/228 Vulture Street</a> (below) in South Brisbane which offers river views and a pool.
<img src="/images/2016/08/31/700_b3.jpg" alt="">
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What the $377,500 median apartment price gets in Brisbane

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After CoreLogic recently reported a median unit price of $292,500 in Hobart, Property Observer went searching for what that got. 
In <a href="https://www.realestate.com.au/property-unit-tas-montagu+bay-122604090" target="_blank">Montagu Bay</a> $295,00 will purchase a two-bedroom, one-bathroom unit on Montagu Bay Road (above). The villa-style unit sits on 283 square metres and has a private, low maintenance private backyard.  
The same price will also purchase a two-bedroom, one-bathroom unit in <a href="https://www.realestate.com.au/property-unit-tas-lenah+valley-122429054" target="_blank">Lenah Valley</a> on Iluka Court (below). The 74 square metre brick unit is currently rented at $280 per week.  
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.13.43%20PM.png" alt="">
Also in Lenah Valley and listed for offers above $290,000, the <a href="https://www.realestate.com.au/property-unit-tas-lenah+valley-123346634" target="_blank">Alwyn Road</a> unit (below) offers two bedrooms and one bathroom. The ground floor unit is 88 square metres in size. 
 <img src="/images/2016/08/31/h2.jpg" alt="">
For offers above $295,000, home-buyers can secure a modern two-bedroom, one-bathroom town house in <a href="https://www.realestate.com.au/property-apartment-tas-lindisfarne-123111294" target="_blank">Lindisfarne</a> on Malunna Road (below). The town house measures 98 square metres and sits on 124 square metres of land. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.19.04%20PM.png" alt="">
In <a href="https://www.realestate.com.au/property-unit-tas-kingston-123056170" target="_blank">Kingston</a> $285,000 will secure a two-bedroom, one-bathroom unit on Breeza Court (below). The 75 square metre unit sits on 236 square metres of land.
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.20.47%20PM.png" alt="">
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What the $292,500 median apartment price gets in Hobart

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After CoreLogic recently reported a median unit price of $415,000 in Canberra, Property Observer went searching for what that got.
At <a href="https://www.realestate.com.au/property-apartment-act-braddon-122918490" target="_blank">718/74 Northbourne Avenue</a>, (above) Braddon the median house price will purchase the two-bedroom, two-bathroom apartment. Located on the seventh floor of the Medina building the apartment is fully furnished and equipped.  
At <a href="https://www.realestate.com.au/property-unit-act-city-123214594" target="_blank">33/45 Mayfair West Row</a>, (below) located in the heart of Canberra’s city, the median price will purchase just a one-bedroom, one-bathroom unit. The seventh floor apartment measures 67 square metres and features a balcony. 
<img src="/images/2016/08/30/500_mayfair.jpg" alt=""> 
The one-bedroom, one-bathroom apartment in Barton at <a href="https://www.realestate.com.au/property-apartment-act-barton-123233566" target="_blank">28/43 Blackall Street</a> (below) will set buyers back $419,000. The third-level apartment is located within the Landmark complex and measures 37 square metres. 
 <img src="/images/2016/08/30/500_balcony.jpg" alt="">
 
For offers above $405,000 buyers can secure a one-bedroom, one-bathroom apartment at <a href="https://www.realestate.com.au/property-apartment-act-kingston-123048386">56/1 Honeysett View</a>, Kingston. The apartment is located on the first floor of The Prince development and features a single-basement car park and an energy efficiency rating of 9.2. 
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