The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Dwelling Values

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Adelaide home values have increased by 0.2 percent over the past three months and are 4.8 percent higher over the past year according to CoreLogic.
CoreLogic's Economic and Housing Market Summary for August found values have increased by just 9.9 percent over the past five years. 
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Adelaide dwelling values increase 9.9 percent over five years: CoreLogic

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The annual rate of capital gain is at its slowest since September 2013 according to CoreLogic.
CoreLogic's Housing Market and Economic Update for August notes combined capital city capital gains for house for the past 12 months is at 6.1 percent, with units at 6 percent.
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Annual rate of capital gain has slowed to lowest level since September 2013: CoreLogic

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Sydney home values have increased by 5.6 percent over the past three months and are 9.1 percent higher over the past year according to CoreLogic.
CoreLogic's Housing and Economic Chart Pack for August said the annual rate of value growth has slowed from a peak of 18.4 percent in July 2015 
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Sydney home values increase 5.6 percent over the past three months: CoreLogic

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Melbourne home values have increased by 3.5 percent over the past three months and are 7.5 percent higher over the past year according to CoreLogic. 
CoreLogic's Housing and Economic Chart Pack for August noted the annual rate of value growth has slowed from a peak of 14.2 percent in September 2015.
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Melbourne home values 7.5 percent higher over the past year: CoreLogic

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Brisbane home values have fallen by 0.9 percent over the past three months and are 3.9 percent higher over the past year according to CoreLogic.
CoreLogic's Housing and Economic Chart Pack for August noted over the past five years, Brisbane home values have increased by a total of 12.9 percent.
According to the August residential market report from analyst firm Herron Todd white, this issue with the Brisbane property market is that while there is a sizeable gap in property values between Brisbane and Sydney/ Melbourne, job numbers are down and our property prices have remained relatively uneventful. 
"Interstate migration has been in negative territory over the past 12 months to two years and while inner city blue-chip property has seen attractive gains, mid- priced, mid-distance suburbs have seen their homes remain fairly steady in value," HTW noted.
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"If you travel further a eld to the high-rent fringes of our capital, then these markets are even softer.
"When we do start to see numbers of residents increase, the rising tide floats all boats. Given the relatively small size of the Brisbane property market, everyone gets a boost, although we traditionally see prices rise fastest in those suburbs close to town rst with our pebble-in-the-pond approach becoming rmly established over the past few cycles now.
"As far as we can tell, there’s no great interstate rush to Queensland as yet, and while we continue to be a steady, solid performer compared to other property markets in the nation, not many are predicting runaway price growth in the near future."
 
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Brisbane home values fall 0.9 percent over the past three months: CoreLogic

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Darwin home values fell 7.0 percent over the past three months and are 7.6 percent lower over the past year according to CoreLogic.
CoreLogic's Housing and Economic Chart Pack for August noted values are currently 12.7 percent lower than their recent peak in May 2014. 
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Darwin dwelling values 12.7 percent lower than May 2014 peak: CoreLogic

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Some 613 suburbs in Australia have a median value of at least $1 million according to the latest CoreLogic Property Pulse, up 29 percent over the year.
Houses, with 570 suburbs listed (93 percent), dominated the million dollar median group while the remaining 43 (7 percent) were for units said CoreLogic research analyst Cameron Kusher who added the number of suburbs has increased by 125 percent over the past 3 years.
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“The data highlights the bracket creep that has occurred over the housing growth cycle, and how housing affordability in NSW (Sydney) and to a lesser degree Vic (Melbourne) has deteriorated. An increasing number of suburbs in these two states now have a median value of at least $1 million,” he said. 
"The top 25 suburbs achieving the highest median values are those located in prime locations such as Sydney’s waterfront and the inner-city suburbs. Toorak with a number 9 ranking and Peppermint Grove ranked number 17, are the only two suburbs shown that are not located in Sydney. For units, Sydney’s Dawes Point is the only suburb to make into the list of top 25.
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"Outside of NSW, Vic and WA, the most expensive Qld suburb is Tenerife with a median house value of $1,644,643, SA most expensive suburb is Springfield with a median house value of $1,737,499, NT most expensive suburb is Larrakeyah with a median house value of $1,196,987 and ACT most expensive suburb is Forrest with a median value of $2,067,813 for houses. 
“While overall housing demand may be slowing a little, we expect that with historic low interest rates, demand for premium housing is set to remain buoyant over the coming year. Subsequently we would expect in 12 months’ time even more suburbs to have a median value of at least $1 million.
"Tasmania was the only state in Australia where no suburbs reached a median value of at least $1 million. In New South Wales, the proportion of suburbs with a median value of at least $1 million has increased over time from 59.7 percent of national suburbs in 2008 to 68.2 percent in both 2015 and 2016. Victoria also increased its proportion of million dollar suburbs from 13.6% in 2008 to 16.6% in 2016. Queensland and Western Australia experienced a large decline in the proportions of suburbs with a median value of at least $1 million between 2008 and 2016."
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613 suburbs reach million dollar median value: CoreLoigic

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GUEST OBSERVER
The latest quarterly housing market sentiment survey by CoreLogic and TEG rewards revealed that almost two thirds of Australians think now is a good time to be purchasing residential property while roughly the same proportion believed the housing market is vulnerable to a significant correction.
The latest CoreLogic and TEG Rewards Housing Market Sentiment Survey highlights the paradox in housing market attitudes, with the large majority of survey respondents indicating that it’s a good time to buy a home at a time when the market may be vulnerable to a significant downturn.
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Of the 2,432 Australian residents who participated in the June quarter CoreLogic TEG Rewards Housing Market Sentiment Survey, 64 percent of respondents thought it was a good time to buy a dwelling, up from 60 percent of respondents a year ago.
Sydney-based respondents, where affordability constraints are the most pressing of any capital city, were the most pessimistic about whether now is a good time to buy a property, however slightly more than half the respondents still felt it was a good time to buy.
Conversely, the regions where dwelling values have peaked and shown a downturn are where respondents are most confident about buying conditions. 80% or more of respondents in the Northern Territory, Regional Western Australia and Perth indicated they thought it was a good time to buy.
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With such as a large proportion of survey respondents thinking that now is a good time to buy a dwelling, it was surprising to see almost two thirds (65 percent) also indicated they thought dwelling values could suffer a significant correction. While the results suggest that survey respondents are concerned there could be a substantial fall in Australian home values, the proportion is lower from a year ago when 75% of respondents thought the market was vulnerable to a significant correction in values.
When asked whether dwelling values would rise, fall or remain steady over the next twelve months, the majority of respondents expected values to remain steady, with Tasmanians the most optimistic about the direction of value growth over the next twelve months.
Nationally, 38 percent of respondents are expecting dwelling values to rise over the next twelve months. In contrast, a year ago 45% of respondents thought values would rise, indicating that respondents have become less optimistic with regards to their views on capital gains over the next financial year.
For rental market conditions, only 11 percent of survey respondents are expecting weekly rents to fall over the next twelve months, despite the CoreLogic rental series showing the weakest rental conditions in at least two decades.
<a href="/images/2016/07/27/Screen%20Shot%202016-07-27%20at%2010.48.50%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/27/Screen%20Shot%202016-07-27%20at%2010.48.50%20AM.png" alt="">
Nationally, almost equal numbers of survey respondents indicated that weekly rents would either rise or remain stable over the coming twelve months, however there were some considerable variations across the regions.
<a href="/images/2016/07/27/Screen%20Shot%202016-07-27%20at%2010.49.44%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/27/Screen%20Shot%202016-07-27%20at%2010.49.44%20AM.png" alt="">
Less than one fifth of respondents in Perth and Regional Western Australia think weekly rents will rise. The low expectation of rental rises in these areas is in line with current rental statistics which show ongoing falls in weekly rents across most parts of Western Australia.
Tim Lawless is head of the CoreLogic research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Two thirds of Australians think now is a good time to be purchasing residential property: Tim Lawless

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With the national housing market having experienced more than four years of ongoing value rises, affordability in certain areas is deteriorating and sales that were once considered to be at the top end of the market are now becoming more common. 
With housing becoming more expensive, there has been a substantial rise in the number of homes selling for, or in excess of, $2 million.
When the current growth phase commenced in June 2012, there had been 4,103 dwelling sales of at least $2 million with these sales spread across 884 suburbs (if they have achieved this for houses and units they have been counted twice).  Over the 12 months to March 2016, there had been 11,648 house and unit sales at a price of at least $2 million with these sales recorded across 1,437 suburbs.
<a href="/images/2016/07/26/Chart-1-1-580x198.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/26/Chart-1-1-580x198.jpg" alt="">
Looking at the number of sales of at least $2 million, the 11,668 sales were comprised of 10,184 houses and 1,464 units.  Note that the recent dip in sales is likely to be due to the preliminary nature of recent sales data.  Before the financial crisis, the number of sales at or above $2 million peaked at 6,146 sales over the 12 months to February 2008.  They then fell to a low of 3,321 sales in June 2009.  It took until November 2013 for the number of sales of at least $2 million to eclipse their pre-financial crisis level indicating that the premium housing segment was hit particularly hard during the downturn.
<a href="/images/2016/07/26/Chart-2-2-580x196.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/26/Chart-2-2-580x196.jpg" alt="">
While the previous analysis looked at the number of sales of at least $2 million, the second chart looks at the number of suburbs that had at least one sale over the year at or above this price point.
Over the past year, 1,139 suburbs had a house sale at or above $2 million and 298 suburbs had a unit sale at that price point.  If we compare this to the pre-financial crisis peak there were 1,193 suburbs that had a sale within this price point before the financial crisis with this figure falling as low as 815 suburbs over the year to June 2009. 
It took until August 2014 for the number of suburbs with a sale at or above $2 million to eclipse the pre-financial crisis level.  With 1,437 suburbs nationally having at least one sale of at least $2 million over the past year it further highlights that housing is becoming less affordable in more suburbs.
<a href="/images/2016/07/26/Chart-3-2-580x197.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/26/Chart-3-2-580x197.jpg" alt="">
It is particularly evident of the deteriorating affordability of housing when you look at the number of suburbs with a sale price at or in excess of $2 million over time in NSW and Vic.  As the above chart shows, particularly in NSW and to a lesser extent in Vic, there has been a significant increase in the number of suburbs with sales of at least $2 million over recent years.  This is reflective of housing prices being pushed higher, particularly in Sydney and Melbourne, as home values rise and competition for well-located housing increases.
As home values continue to rise, there will continue to be some bracket creep, with the number of homes selling at $2 million or higher likely to rise further.  We would anticipate an increasing number of sales at or above $2 million over the coming years, particularly in Sydney and Melbourne.  Of course the rising prevalence of sales at this price point is systemic of the deteriorating housing affordability and increasing cost of purchasing a home.
 Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

The $2 million dollar dwelling sales surge: Cameron Kusher

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Almost two thirds of Australians think now is a good time to be buying residential property and believe the housing market is vulnerable to a significant correction according to the quarterly housing market sentiment survey by CoreLogic and TEG rewards.
The survey found Melbourne stands out as the region where respondents are most optimistic about selling conditions.
Some 60 percent of respondents think now is a good time to sell in Melbourne, 73 percent think the market is ripe for selling in Victoria and 53 percent think the time is right to sell in Sydney. 
<a href="/images/2016/07/22/Screen%20Shot%202016-07-22%20at%2011.21.51%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/22/Screen%20Shot%202016-07-22%20at%2011.21.51%20AM.png" alt="">
CoreLogic research head Tim Lawless said with such a large proportion of survey respondents thinking that now is a good time to buy a dwelling, it was surprising to see almost two thirds (65 percent) also indicated they thought dwelling values could suffer a significant correction.
"While the results suggest that survey respondents are concerned there could be a substantial fall in Australian home values, the proportion is lower from a year ago when 75 percent of respondents thought the market was vulnerable to a significant correction in values," he said.
"Sydney-based respondents, where affordability constraints are the most pressing of any capital city, were the most pessimistic about whether now is a good time to buy a property, however slightly more than half the respondents still felt it was a good time to buy. 
"Conversely, the regions where dwelling values have peaked and shown a downturn are where respondents are most confident about buying conditions. 80 percent or more of respondents in the Northern Territory, Regional Western Australia and Perth indicated they thought it was a good time to buy.
"Melbourne stands out as the region where respondents are most optimistic about selling conditions, with almost three quarters of respondents indicating they thought it was a good time to sell. Based on CoreLogic data, Melbourne is continuing to show the fastest average selling time, at 34 days and one of the lowest average rates of vendor discounting."
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