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

Asking Rents

Suburban vacancy rates continue to fall, according to new SQM Research data revealed Tuesday.

The Australian investment research house recorded a 0.2 per cent drop in the national residential rental vacancy rate over the month of April, falling to 1.9 per cent from 2.1 per cent in March.

<figure><img alt="" class="image-article-full-width-580px" height="263" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/vacancy_rates.png?itok=K3RQjn1f" title="Vacancy Rates - April 2021" width="580" />

<figcaption>Vacancy Rates - April 2021</figcaption>
</figure>

Melbourne&rsquo;s vacancy rate fell to 4.0 per cent in April from 4.4 per cent, while in Sydney it dropped to 3.1 per cent from 3.4 per cent.

In Adelaide, Canberra and Hobart, the vacancy rate remained below 1.0 per cent, while Brisbane&rsquo;s fell to 1.4 per cent.

&ldquo;Along with the smaller capitals, Brisbane&rsquo;s vacancy rate has become extremely tight and so we are expecting a surge in rents for the city this year&rdquo;, Christopher said.

[smartcode_project:default project_id=26734 project_image_fid=153694]

Vacancy rates in Perth and Darwin saw the most significant drop over the year, with rates falling 1.3 per cent and 1.1 per cent, respectively.

Rents have also jumped in these smaller cities, a trend that SQM managing director Louis Christopher believes we could see continue given the recent commodities boom for iron ore and other base metals.

<figure><img alt="" class="image-article-full-width-580px" height="560" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/asking_prices.png?itok=xko1lk5t" title="Weekly Rents Index - 11 May 2021" width="580" />

<figcaption>Weekly Rents Index - 11 May 2021</figcaption>
</figure>

&ldquo;Demand for rental accommodations is still outstripping supply, which is having the effect of boosting rents in many locations and unaffordable to lower income tenants&rdquo;, Christopher said.

In some locations, including the Gold Coast and New South Wales&rsquo; North Coast, landlords are demanding huge rent hikes, with asking rents soaring 32 per cent for houses on the Gold Coast over the year.

[smartcode_project:default project_id=22057 project_image_fid=150842]

This surge has occurred as people migrate out of the big capital cities and move to regional and warmer locations, as well as the number of occupiers per dwelling fall, the research revealed.

&ldquo;People are also looking for larger properties as they work from home and not wishing to live together.&rdquo;

In contrast, rates for Melbourne and Sydney CBDs remain elevated with the loss of international student tenants combined with apartment oversupply.

These were among the only areas recording rises in vacancy rates, excluding Sydney&rsquo;s Liverpool.

As a result of demand outstripping supply, some locations, including the Gold Coast, are seeing asking rents soaring 32 per cent over the year

max.kwok_55688

National residential vacancy rates continue to fall: SQM Research

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Property investors in Victoria are facing a substantial increase in the cost and time invested in managing their assets, following new Victorian Government’s residential tenancies regulations. 

More than 120 new landlord obligations come into effect on March 29.  

The Real Estate Institute of Victoria CEO Gil King said the new standards will trigger an unbalanced regulatory burden on the rental market.

“Increasing ownership costs and making maintenance and management of property more complex is a deterrent for investment,” Mr. King said.

King says the new costs were “likely to result in higher rents.”

‘Or Victoria could see Mum and Dad investors exit this asset class, putting further pressure on rental availability and affordability for Victorians.”

The REIV noted investment property owners were now referred to as “rental providers” by the Andrews government.

King said the new standards will, in many cases, require substantial changes to processes, documents and systems, meaning a fresh round of education is needed for the sector. The Regulations will affect rental providers (landlords) and the 1.5 million Victorians living in rental housing. This includes private rental housing; public and social housing; rooming houses; caravan parks and residential parks.

The new regulations include what rental minimum standards will look like; modifications renters can make to rental properties along with updates to some forms for renters and rental providers given the terms used in the regulations that apply from 29 March 2021 will need to be changed to renters – currently called tenants; rental providers – currently called landlords; rental agreements – currently called tenancy agreements and rooming house operators – currently called rooming house owners.
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The Real Estate Institute of Victoria CEO Gil King said the new standards will trigger an unbalanced regulatory burden on the rental market

jchancellor

Victorian property investors face cost increases with 100+ new landlord obligations

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SQM Research has revealed the national residential rental vacancy rate increased by 0.1% over the month of December 2020. The total number of vacancies Australia-wide is now 76,658 vacant residential properties. This time last year, the national vacancy rate was higher at 2.5%.

The rise for the month was predominantly driven by Melbourne and to a lesser extent, Sydney. Brisbane, Perth and Hobart remained stable. While Adelaide recorded a minor decrease of 0.1% in December.

Melbourne’s vacancy rate increased to 4.7% in December and continues to be the highest vacancy rate in the nation. This time last year, Melbourne’s vacancy rate was low at 2.5%. Sydney’s vacancy rate increased by 0.1% to 3.6%.

The surplus of rental property in Melbourne and Sydney’s CBDs have declined, Melbourne CBD vacancy rate now stands at 8.7%, down from 9.1% in November. Sydney CBD vacancy rate has declined to 7.8% in December, down from 9.5% in November.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2020_vacancy_data_sqm.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="211" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2020_vacancy_data_sqm.jpg?itok=1BaufZu8" width="580"></a>

<figcaption>Source: SQM Research</figcaption></figure><h2>Asking Rents</h2>

Over the month, Capital City average asking rents decreased 0.2% for houses and 0.5% for units for the week ending 4 January 2021 to record asking rents of $539 per week for houses and $406 per week for units.

However the majority of capital cities recorded increases in both house and unit asking rents, with Darwin recording the highest increase of 4.1% over the month for houses and 4.0% in unit asking rents. Hobart recorded a 3.1% increase in house rents but a 3.6% decline in unit rents.

Sydney and Melbourne recorded declines in both house and unit asking rents over the month, 0.8% and 0.1% respectively for houses, and decreases of 0.6% and 1.9% respectively, for units rents, which weighed on the weighted results for the capital cities.

Canberra recorded increases in house rents of 1.4% but unit rents declined by 0.7%. Brisbane, Adelaide and Perth house and unit rents also increased over the month.

Year on year, capital city average asking rents declined for both houses and units – 2.7% and 7.1% respectively. Sydney in particular recording a high 10.3% decline in units and 7.6% decline in houses in December 2019. Melbourne’s asking rents also declined year on year, 4.8% for houses and 8.7% for units.

Darwin’s year on year house rents saw a significant 27.3% growth and Perth house rents also increased by 12.0% and units 9.3% growth over 12 months.

" It’s clear Sydney and Melbourne apartment investors were the losers of 2020 with rents and prices falling. However, if you owned an investment property in Darwin or Perth, or indeed regional Australia, you have had one of the best years ever," Louis Christopher, Managing Director of SQM Research summarised.
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Sydney and Melbourne recorded declines in both house and unit asking rents over December, 0.8% and 0.1% respectively for houses, and decreases of 0.6% and 1.9% respectively, for units rents

urban.com.au

Melbourne & Sydney unit asking rents down over 8.5% in 2020

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Unit rents in Sydney and Melbourne continue to fall reflecting continued high vacancy rates notably in inner city and CBD markets that are under pressure from sharply reduced demand and surging supply particularly from previous holiday accommodation now converting to the permanent market. Conversely house rents are on the rise Indicating perhaps Increased demand for larger, outer suburban homes.

Sydney average asking rents for units fell by 2.3% over November but rents for houses Increased sharply by 2.5%. Perth rents continue to rise for both houses and units. Capital city rental markets continue to report diverging results with significantly lower and falling vacancy rates for houses offset by higher rates for units. This reflects sharply falling demand and increased supply of units - particularly in inner-city Sydney and CBD Melbourne.

HOUSE AND UNIT RENTAL VACANCY RATES 

Reflecting rent declines In the unit market, vacancy rates continue to Increase In Melbourne and Sydney - remaining at record levels. Vacancy rates for houses are significantly lower in all capitals by comparison with units and likely to continue to place upward pressure on rents.

HOME LOANS 

ABS home lending data reported another Increase over October with owner-occupier loans continuing at unprecedented levels. Total residential lending increased by 1.1% over October and has risen by 16.8% over the first 10 months of this year compared to the same period In 2019. All buyer types reported increases over October however, remarkably, lending for first home buyers now exceeds that reported for Investors. All states, with the exception of Victoria reported Increases In the total value of housing loans approved over October. Similarly, only Victoria failed to record an Increases In first home buyer lending over October, falling by 5.9%.

Although lending for first home buyers has surged this year driven by numerous state and federal government Incentive policies, levels remain well below those recorded during the post GFC revival period In 2009-10. Lending for new home building continues to be a significant contributor to the recent surge In home lending reflecting In particular the Impact of the recently extended federal government HomeBuilder policy.  Victoria continues to clearly record the highest number of loans for home building followed by QLD and WA.

HOME BUILDING 

The surge In lending for home building Is also been reflected In rising house building activity over recent months. Latest ABS building approvals for October were however lower in Sydney and Melbourne over the month but significantly higher In Brisbane and sharply higher In Perth.  Despite recent rises In home building approvals, underling levels, particularly for units, remain well below previous peak levels.
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Unit rents in Sydney and Melbourne continue to fall reflecting continued high vacancy rates notably in inner city and CBD markets, according to Archistar's Chief Economist Andrew Wilson.

Unit rents continue to fall across Melbourne and Sydney

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Rents in the capital cities continue to decline with asking rents down by 0.5% over the past 12 months, according to CoreLogic's latest report.
The combined capital house asking rent deteriorated by 0.8% year on year to August 2016, while asking unit rents rose slightly by 0.7% year on year.
Hobart was the standout performer across the last the last 12 months, asking rents for houses rising by 6.0% and units 14.3%. 
The gains in the country's most southerly capital was offset by the falls in the most northerly. 
Darwin has seen the most significant change with annual house rents down by 10.8% while units are down by 27.9%.
<a href="/images/2016/10/07/Rent%20declining.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/07/Rent%20declining.jpg" alt="">
 
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j.ballantyne1990-6AQqhLzZaK

Asking rents in decline: CoreLogic

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Perth has recorded the largest monthly rise in rental vacancies with a 0.2 percentage point climb over July, according to SQM Research. 
Year to year Perth vacancies have climbed 1.4 percent, to 10,738.
The national residential vacancies level went up during July to record a vacancy rate of 2.5 percent or 79,300 vacancies. 
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Louis Christopher, managing director of SQM Research said asking rents in Canberra continue to rise; up 11.0 percent for houses and 9.8 percent for units.
"Notably, Hobart continues to record the most affordable rental accommodation with rents for houses at just $340 a week and units averaging $280 a week," he said. "Overall, vacancy rates remain steady for the major capital cities. Perth continues to be the ongoing exception with further increases in vacancies this month as the mining downturn continues to hit the economy hard. "I believe the national vacancy rate will continue to creep upwards.
"Melbourne may start to record higher vacancies next year under the weight of completed apartment developments; but for now Melbourne remains a landlord's market.
"Sydney is unlikely to record such a surge in vacancies as we believe the city's population expansion is going to absorb much of the new stock.”
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