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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EXPERT OBSERVER
CoreLogic recently undertook analysis of the largest gains and biggest falls in dwelling values across 50 areas of Australia over the 12 months to November 2018.
The CoreLogic Home Value Index gathers results across the SA3 geographic level regions (Note: SA3s have populations of 30,000 to 130,000), and looks at those regions to see which achieve the largest value gains and the largest falls over the year.
The Top 50 regions for value growth over the past year was dominated by Victorian and Tasmanian regions, indicating a strong slant towards regional areas rather than capital cities.
This reflects the fact that as value growth conditions weakened nationally, the slowdown has been much more rapid across the capital city markets.
Tasmania’s South East region recorded the strongest value growth over the past year with dwelling values increasing by 16.3%.
Over the 12 months to November 2018, only 15 regions nationally have recorded double-digit value growth and 10 of the 15 were in Tasmania.
Victoria had three of the 15 and New South Wales and Queensland had one each.
<img src="https://www.urban.com.au/images/2018/12/13/Top%2050%20growers.JPG" alt="">                                                                                                                  <img src="https://www.urban.com.au/images/2018/12/13/Top%2050%20declines.JPG" alt="">
Over the 12 months to November 2018, 23 SA3 regions nationally recorded double-digit value falls, 15 of which were in NSW.
More regions have recorded double-digit falls than those that have recorded double-digit value increases this year.
Over the past 12 months, 55.7% of all SA3 regions nationally recorded value declines.
By way of value declines, over the past year, New South Wales had the lions share with 28 individual regions within the top 50 located in NSW.
Regions of Victoria, Queensland, Western Australia and Northern Territory also appear on the list.
The Outback-South region of Queensland recorded the largest decline in values at - 15.6%; the only region where values have fell by more than 15% over the past year.
Geographically large, the Outback-South region includes the major towns of: Longreach, Charleville and Cunnamulla.
The outlook for the housing market is for further weaknesses.
Although the sharp falls of this year (especially in Sydney) are unlikely to continue at their pace over the next year, it would not be a surprise to see that in 12 months’ time additional SA3 regions across the nation have recorded annual value falls.
More affordable regional housing markets with healthy or improving economic and demographic conditions are expected to hold up better in terms of growth than the more expensive and weaker capital city housing markets.
CAMERON KUSHER is a property research analyst for CoreLogic.
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ckusher-ujnxiKuFQs

Bowen Basin property ranks as mainland's top 2018 price growth performer: CoreLogic 

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EXPERT OBSERVER
Almost half of Australia’s SA4 sub-regions have recorded a rise in dwelling values over the past twelve months.
With housing values falling across four of the eight capital cities over the past twelve months, it’s easy to forget there are some housing markets around the country that are actually seeing relatively healthy and sustainable growth conditions.  An analysis of Australia’s 88 SA4 sub-regions shows almost half (42) of them have recorded some level of growth in housing values over the past twelve months.  
Half of these regions have recorded a higher rate of annual capital gain relative to their five year average rate of growth, suggesting some acceleration in market conditions over the past twelve months.  In fact, 31 (35%) of the SA4 sub-regions across Australia have recorded an improvement in their rate of capital gain over the past 12 months relative to their five year average rate of growth.  
Regional areas of the country are much more likely to be showing positive growth conditions, with 57% of all regional areas recording a rise in dwelling values over the past twelve months, while only 39% of the capital city sub-regions recorded a rise in values. 
The ‘healthier’ conditions across the regional markets can probably be attributed to a range of factors including:
<ul>
<li>More sustainable growth conditions during the growth phase – most regional areas of Australia have seen relatively sedate housing market conditions compared with the heroic gains across Sydney and Melbourne.  The more sustainable history of price growth has kept a lid on housing affordability and made these markets attractive to migrants, particularly those areas where economic conditions are buoyant. </li>
<li>A ripple of demand has been emanating from the largest capitals towards the satellite cities where housing is generally more affordable and lifestyle factors can be appealing.</li>
<li>Many coastal and lifestyle markets have benefited from a rise in buyer demand, either from those looking for a new residence, second home or investment option.</li>
<li>Many of the hard hit mining regions have now levelled out and are now showing some growth.</li>
</ul>
Some of the capital cities are also showing a broad base to rising values as well. In Brisbane, seven of the nine SA4 sub-regions have seen a rise in values over the past year and in Adelaide three of the four SA4 sub-regions have recorded an annual gain. The opposite is true in markets where growth conditions were previously much stronger; only one of Sydney’s 15 SA4 sub-regions (Central Coast) has recorded an annual rise in dwelling values while in Melbourne only four out of nine SA4 regions have recorded an annual rise.
The sub-region data highlights the diversity across Australia’s housing markets.  While conditions are broadly slowing, especially around Sydney and Melbourne, many areas of the country are benefitting from a history of more sustainable growth rates, improving demand and reasonably strong economic conditions.
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Tim Lawless heads up the CoreLogic RP Data research and analytics team<a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank"> </a>
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tlawless-5VLUrbAk9s

The regions where dwelling values are still rising: Tim Lawless

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Hobart recorded quarterly gains of just 0.1% these past three months, extremely low considering the city has had an annual growth of 10.7%.
In fact, Adelaide just beat out Hobart this quarter as the best performing capital city.
Dwelling values in Hobart have posted two consecutive months of slight falls culminating in that shift of just 0.1%. 
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Values%20over%20time.JPG" alt="">
CoreLogic found that the median house price in Hobart was $459,997 and an example of this was the sale of 1/72 Warwick Street Hobart (pictured above). 
The one bedroom, one bathroom cottage, sold for $480,000 after less than three weeks on the market this July.
The holding is set on 146 square metres and the sale was just short of a 400,000 improvement on its most recent sale price of $93,000 in 2000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%202.jpg" alt="">
Another example of this median price being accurate is 110 Campbell Street Hobart (pictured above).
The four bedroom, one bathroom one storey house sold for $505,000 in mid June.
It was sold after only 23 days on the market.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%203.jpg" alt="">
The median unit price in Hobart is just under $100,000 less, sitting at $366,126.
Indicative of this 2/92 Barrack Street Hobart (pictured above) sold for $358,5000 last month after 134 days on the market.
This two bedroom one bathroom apartment has 71 square metre of floor space and was most recently rented at $360 per week in late 2017.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/HOBART%204.jpg" alt="">
The apartment at 8/77-79 Molle Street Hobart (pictured above) was recently sold.
The one bedroom one bathroom property sold for $385,000 in early March.
It was on the market for just nine days and had a rental listing of $350 per week in May.
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Value%20Index.JPG" alt="">
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j.ballantyne1990-6AQqhLzZaK

Hobart dwelling values lagging behind this quarter despite 10% annual growth

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Adelaide rose to the top of the quarterly performance stakes over the three months to the end of August, according to CoreLogic.
It took the mantle from Hobart where values have posted two consecutive months of subtle falls.
Adelaide dwelling values were half a percent higher over the past quarter.
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Values%20over%20time.JPG" alt="">
CoreLogic found that the median house price in Adelaide was $466,813 and an example of this was the sale of 9 George Court Adelaide (pictured above). 
The two bedroom one bathroom house, located in the Adelaide CBD, sold for $501,500 after less than 100 days on the market.
The holding is set on 91 sqm.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/CL%20ADL%202.jpg" alt="">
Another example of this median price being accurate is 58 Corryton Street Adelaide (pictured above).
The one bedroom one bathroom cottage was built in the 1880's and sold for $430,500 in late July.
It was on the market for 161 days and was passed in at auction in February this year.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/CL%20ADL%203.jpg" alt="">
The median unit price in Adelaide is over $100,000 less, sitting at $324,477.
The 612/185 Morphett Street Adelaide (pictured above) apartment sold for $290,000 last month after almost two years on the market.
Part of The Gallery this sixth floor 1 bedroom 1 bathroom apartment has 17 sqm of floorspace and was build by Century 21.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/3/CL%20ADL%204.jpg" alt="">
The apartment at 1/128 Gilles Street Adelaide (pictured above) has recently sold.
The one bedroom one bathroom property sold for 335,000 in early August.
It was on the market for over half a year and had $359,000 hopes in it's the most recent listing.
<img src="https://www.urban.com.au/images/2018/9/3/CL%20Dwelling%20Value%20Index.JPG" alt="">
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Adelaide becomes the nation's property hotspot

soliver-smf6LQXgW9

Australian capital city dwelling prices fell for the tenth month in a row: Shane Oliver

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EXPERT OBSERVER
The CoreLogic Home Value Index of capital city home prices fell by 0.6% in July to stand 2.4% lower over the year.
The national home price index also fell by 0.6% in the month to be down 1.6% over the year.
The monthly decline was the largest fall in six and a half years.
 <img src="https://www.urban.com.au/images/2018/8/2/CommSec%201.JPG" alt="">
Manufacturing activity
The Australian Industry Group (AiGroup) Performance of Manufacturing Index fell from 57.4 points to 52.0 in July.
And the CBA/Markit Manufacturing Purchasing Managers’ Index fell from 55.0 points to 52.4 in July.
Both surveys have readings above 50 points, indicating that the manufacturing sector is expanding.
Home price data is important for retailers, especially those focussed on consumer durables.
The manufacturing data provides guidance for companies in the Industrials sector.
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%204.JPG" alt="">
What does it all mean? 
The correction in Aussie home prices continues. National home prices have fallen for 10 straight months. The monthly decline in prices was the largest decline since September 2011. 
The rebalancing of supply and demand in Australia’s two largest cities – Sydney and Melbourne – will be ongoing. Despite strong population growth, demand is receding as falling prices and tighter lending conditions discourage property investors from taking out loans. And if building approvals are any guide, the supply of homes being built is still elevated. 
Home prices still increased in three cities – Darwin, Canberra and Brisbane – while Hobart prices were flat in July. And the annual growth rate of home prices in the ACT and Queensland appear to have stabilised. Queensland prices have consolidated at 0.7% for three successive months. In the ACT, the annual growth rate has lifted to 2.4% in July from 2.3% in May and June. 
Over the coming year, we expect variable capital city and regional home price direction. While some capital city home prices will fall, others will lift. The recovery in the mining sector should eventually support prices in Western Australia, Queensland and the Northern Territory as job opportunities are created. 
And retiring Baby Boomers will continue to seek a “Sea Change”, driving up prices in Newcastle, the Shoalhaven, the Mornington Peninsula and the Southern Highlands – all regions within a two hour commute of Sydney and Melbourne. And affordability has made Hobart Australia’s star property market performer. 
Business conditions are still positive, supported by a falling Aussie dollar. The AiGroup gauge has expanded for 22 successive months. The manufacturing surveys highlight that wages are beginning to lift, increasing costs for businesses. The drought and lifting energy costs are likely to increase input costs to production. And trade protectionism and weaker Chinese demand may impact new export orders.
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%203.JPG" alt="">
What do the figures show? 
The CoreLogic Home Value Index of capital city home prices fell by 0.6% in July to stand 2.4% lower over the year. The national home price index also fell by 0.6% in the month to be down 1.6% over the year. 
In capital cities, house prices fell by 0.6% in July and apartment prices fell by 0.5%. House prices were down 3.1% on a year ago and apartments are down by 0.5%.
In regional areas, home prices were down by 0.4% in July, but are still up 1.6% on the year. 
The average Australian capital city house price (median price) was $690,512 and the average unit price was $571,618. 
Dwelling prices fell in four of the eight capital cities in July. Home prices fell in Melbourne (down 0.9%); Perth (down 0.8%); Sydney (down 0.6%); and Adelaide (down 0.1%).
Prices rose in Darwin (up 0.4%); Canberra (up 0.2%) and Brisbane (up 0.1%). Hobart was flat. 
Home prices were higher than a year ago in four of the eight capital cities in July. Prices rose most in Hobart (up 11.5%); Canberra (up 2.4%); Brisbane (up 1.2%); and Adelaide (up 0.7%). Prices fell in Darwin (down 6.2%), Sydney (down by 5.4%); Perth (down by 2.3%); and Melbourne (down 0.5%). 
Total returns on capital city dwellings rose by 1.9% in the year to July with houses up 1.3% on a year earlier and units up 3.8%. 
The Australian Industry Group (AiGroup) Performance of Manufacturing Index fell from 57.4 points to 52.0 in July. And the CBA/Markit Manufacturing Purchasing Managers’ Index fell from 55.0 points to 52.4 in July. Both surveys have readings above 50 points, indicating that the manufacturing sector is expanding.
CBA noted: “Manufacturing activity has proved volatile of late. The July readings indicate a sluggish start to Q3. The downside looks limited, however, with firms remaining very positive on the outlook for the year ahead. They are also indicating that employment is lifting on the back of planned business expansion and inventories are lifting in anticipation of additional work. Demand appears strong enough to allow a relatively rapid lift in prices charged. The negative impact of a trade war would be magnified by any weakness in business confidence. That weakness is not evident at this early stage. New export orders fell in July. But they remain comfortably in expansion territory.” 
AiGroup highlights: "Infrastructure projects continue to support demand for manufacturing products, but rising energy costs and growing wage pressures are constraining activity." Of particular note, "many respondents noted an increase in wage rates from 1 July (including this year’s minimum wage increase of 3.5%) that are pushing up their labour input costs."
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%202.JPG" alt="">
What are the implications for interest rates and investors? 
The rebalancing of the Aussie housing market continues. There will be winners and losers. While home prices are retracing in Sydney and Melbourne, prices are still up by 45-50% over the past five years. 
Home price leadership has been handed over to Hobart where home owners are now enjoying significant price appreciation of 11.5% over the past year. Prices in the Apple Isle are quickly closing in on the gains seen in Sydney and Melbourne over the past five years, with prices up by almost 39%. 
Both the bank regulator APRA and the Reserve Bank will be quietly pleased with their “managed slowdown” of the Sydney and Melbourne property markets, with unsustainable price gains and rising mortgage debt both posing financial stability risks to the broader economy at the height of the housing boom. 
But clearly developments in the housing sector will be watched carefully by the Reserve Bank. Tightening credit conditions, in particular, will need to be monitored. Some smaller lenders are lifting mortgage rates, squeezing households struggling with elevated mortgage debt and anaemic wages growth. 
Total returns on shares have lifted 14.9% over the past year while returns on capital city homes are up 1.9%. And the Aussie sharemarket has posted gains for four consecutive months now and is up around 3.5% so far in 2018. Performance of these asset classes fluctuate over time, highlighting the value of diversification. 
CommSec expects official interest rates to be stable until 2019.
Ryan Felsman, Senior Economist, CommSec
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Home prices experience largest monthly fall in 6.5 years: CommSec

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EXPERT OBSERVER
Over the 12 months to June 2018, nominal dwelling values fell by - 0.8% while in real terms, considering inflation was up 2.1% over the year, dwelling values have declined by a much greater -2.9%.
Nominal values fell over the past year in Sydney, Perth and Darwin however, in real terms values fell across all capital cities over the past year outside of Hobart and Canberra.
Perth is the only capital city where nominal dwelling values have fallen over the past decade, down -4.6%.
<img src="https://www.urban.com.au/images/2018/8/2/PP%20CL%20AUG%202.JPG" alt="">
 
When the change in values across capital city markets over the past decade is adjusted for inflation, the results look very different to the nominal figures.
Real dwelling values have fallen over the past decade in Brisbane, Adelaide, Perth and Darwin, have barely changed in Canberra and have increased by less than 12% Hobart.
At the same time, there has been a significant increase in real dwelling values in Sydney and Melbourne.
<img src="https://www.urban.com.au/images/2018/8/2/PP%20CL%20AUG%202-2.JPG" alt="">
This highlights the deterioration in housing affordability in Sydney and Melbourne and the relatively weak housing conditions elsewhere across the country over the past decade.
With the recent declines in values across Sydney and Melbourne and the slowing of growth or continued declines in most other capital cities, Hobart is the only capital city in which real dwelling values remain at their peak.
Perth and Darwin have had the weakest 10 years for value changes and in these two cities real dwelling values were -29.2% and -29.0% lower than their peak respectively.
The declines in real dwelling values are relatively recent in Sydney and Melbourne, with values lower over the past four and two quarters respectively.
Perth has had the largest real value falls and has been falling for the longest period of all capital cities with the peak occurring in December 2006.
Values have been declining in Brisbane since March 2008 yet the real value falls from peak in the city at (-12.5%) is less than half that of the decline in Perth (- 29.2%).
Darwin has had the steepest decline in real dwelling values with a fall of -29.0% over the 21 quarters since March 2013.
In Sydney and Melbourne dwelling values have only started falling over the past 12 months.
<img src="https://www.urban.com.au/images/2018/8/2/PP%20CL%20AUG%202-3.JPG" alt="">
Although dwelling falls have only been moderate so far, the expectation is that values will continue to fall over at least the coming 12 months.
In real terms this will mean larger declines.
As household incomes gradually trend higher and housing prices trend lower, we can expect to see some improvement in housing affordability.
Improved housing affordability doesn’t guarantee a return in value growth, real values have fallen a long way in Perth and Darwin and values are yet to rebound.
<img src="https://www.urban.com.au/images/2018/8/2/PP%20CL%20AUG%202-4.JPG" alt="">
In previous downturns for Sydney and Melbourne, real value declines have been large and they have taken a long time to eclipse their previous peaks.
After real dwelling values peaked in Sydney in December 2003 they fell by -18.4% to December 2008 and didn’t eclipse their previous peak until June 2014.
In Melbourne, real dwelling values peaked in June 1989 and fell by - 24.3% to December 1995 and didn’t eclipse their June 1989 peak until September 1999.
Value declines in the two largest cities are a relatively new occurrence and given it is occurring from a back-drop of significant increases over recent years it could be many years before we see real dwelling values returning to their previous peak.
Especially when other external factors are considered such as tightened credit accessibility, potentially higher mortgage rates and historic low rental returns as well as the potential for changes to the tax treatment of investment housing.
Cameron Kusher is a property research analyst for CoreLogic
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Larger dwelling value falls are coming: Cameron Kusher 

Australian capital city dwelling prices fell for the ninth month in a row: Shane Oliver

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EXPERT OBSERVER
While overall regional housing markets have recorded greater value growth over the past year (+2.2%) than the combined capital cities (-1.6%), value growth in regional markets is slowing.
This is particularly apparent across some of the more populous coastal markets of NSW. In this week’s Pulse we look at the change in dwelling values over time across the major coastal housing markets outside of the capital cities and provide an update on how they are tracking.
Although dwelling values in across the Illawarra region of NSW increased by 1.4% over the past three months, values have risen by just 1.1% over the past year.  The 1.1% annual increase in values is substantially lower than the 17.6% increase a year ago.  In fact, the annual growth rate over the most recent 12 month period is the slowest since April 2013.  The Illawarra market is showing a similar slowing trend to that which has been experienced in Sydney and values are already -0.3% lower than their September 2017 peak.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg1.jpg" alt="Illawarra" width="727" height="301">
Dwelling values on the Mid North Coast of NSW, which stretches from the Great Lakes region north to Nambucca, have increased by 0.9% over the past three months and are 2.0% higher over the past year.  The 2.0% annual rise in values is much lower than the 9.6% increase a year ago and the slowest annual rate of growth since August 2013.  Although values are still increasing, the growth trend is clearly softening.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg2.jpg" alt="Mid North Coast" width="729" height="292">
The accompanying chart highlights that there is a rapid deceleration in growth occurring in the Newcastle and Lake Macquarie region of NSW.  Over the past quarter, values have increased by 0.1% and they are 4.1% higher over the past year.  Like other regions of NSW, the slowdown in value growth over the past year has been substantial; a year ago the annual growth rate was tracking 15.0%.  Dwelling values in the Newcastle Lake Macquarie region are currently -0.3% lower than their April 2018 peak.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg3.jpg" alt="Macquarie" width="727" height="307">
Although Richmond-Tweed is in NSW, it tends to be more closely linked with the performance of the adjoining Gold Coast housing market.  Values are still increasing, up 0.2% over the quarter and 1.6% higher over the year however, growth has slowed markedly from an 11.5% annual increase a year ago.  The annual rate of growth has bounced slightly higher lately due to a moderate pick-up in value growth over the past quarter.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg4.jpg" alt="Richmond - Tweed" width="734" height="295">
Geelong in Vic has seen the most rapid growth in values of all regional markets in the country over the past year.  Over the period, values have increased by 11.0% and the rate of growth is slightly higher than the 10.7% increase a year ago. It is interesting to note that the quarterly rate of growth in values has slowed over the past three months; while the pace of capital gains remains rapid, there are some early signs that growth conditions are starting to moderate.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg5.jpg" alt="Geelong" width="728" height="291">
The Cairns housing market has seen very little growth in dwelling values of late.  In fact, over the past decade, values have fallen by -5.4% and the market remains -9.2% lower than the January 2008 peak.  Over the past three months, values have fallen by -0.6% and over the past year they are -1.0% lower.  12 months ago, Cairns dwelling values had increased by 0.8% indicating that overall housing market conditions have recorded a subtle slowdown over the past year.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg6.jpg" alt="Cairns" width="722" height="295">
Gold Coast’s housing market has seen value growth slow significantly over the past 12 months.  A year ago, values were rising at the annual pace of 6.5% while over the past year, values have increased by only 1.4%, their slowest annual rate of growth since May 2013.  Values are -0.1% lower over the quarter and were -0.4% lower over the past month.   Although recent growth has not been at the heights seen in regional NSW housing markets and Sydney and Melbourne, the annual rate of value growth peaked at 7.1% in December 2015.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg7.jpg" alt="Gold Coast" width="725" height="295">
The Sunshine Coast is the strongest housing market in Qld for value growth with values rising by 1.1% over the past three months to be 5.5% higher over the past year.  Although values were 5.5% higher over the year, this was a slight slowdown on the 5.9% increase in values over the previous year.  Although values are continuing to climb, it is occurring against a back-drop of quite weak growth over the past decade with values only 12.9% higher over the period.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg8.jpg" alt="Sunshine Coast" width="731" height="298">
The Townsville housing market has been very weak over recent years.  Over the past decade, values have fallen by a total of -26.9% and they are currently -29.8% lower than they were at their most recent peak in December 2007.  The rate of decline in the market has steadied recently with values -0.6% lower over the past three months and -5.5% lower over the past year.  Although the declines are showing signs of steadying, the annual change in values has fallen from no change a year ago.  Once this market does eventually begin to see growth again, it will likely take a long time for values to return to their previous peak levels.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-16-pulseimg9.jpg" alt="Townsville" width="729" height="294">
The Wide Bay region of Qld which includes, Bundaberg, Maryborough, Gympie and Hervey Bay has seen values increase by just 0.3% over the past year.  Like many of the Qld regions listed, values have fallen over the past decade, down 14.2% and they are currently -14.6% lower than their May 2008 peak.  Over recent years, the market has been fairly flat however, the rate of annual growth has slowed from 1.6% a year ago.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-26-pulseimg10.jpg" alt="Wide Bay" width="727" height="294">
 The regions highlighted are many of the most populous regional housing markets and in most instances the rate of value growth, much like we’re seeing in major capital cities, is slowing.  The expectation is that regional markets as a whole will continue to outperform capital cities but we would expect that the rate of growth will continue to ease.  Some of the coastal markets such as Geelong and Sunshine Coast are expected to see values continue to rise while the expectation is that the major coastal markets in NSW will continue to see value growth slow.     This is anticipated slowdown is due to a number of factors.  While tighter credit conditions are having the most visible impact on Sydney and Melbourne, the effect is national, with prospective borrowers facing stricter lending policies.  
Satellite cities such adjacent to Sydney and Melbourne have benefitted from a ripple of demand – with migration away from NSW accelerating and housing prices in Newcastle and Lake Macquarie and Illawarra relatively expensive, the ripple of demand into Sydney’s surrounding areas may be dissipating.  
Conversely, Victoria continues to see rapid pop growth from both overseas and interstate which is likely fueling a continued spillover of demand into the cities peripheral to Melbourne.  
Sea change is likely being boosted by the wealth effect and strong equity from Sydney and Melbourne home owners, as values decline in these cities and credit conditions remain tight, it may be that demand for holiday homes and lifestyle properties starts to ease.
Cameron Kusher is a property research analyst for CoreLogic
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Is value growth slowing in regional coastal markets? Cameron Kusher

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Sydney's dwelling values dropped 4.5 percent over the last financial year, according to CoreLogic's June Home Value Index. 
The declines were topped by Darwin, which saw a 7.7 percent decrease.
The rest of New South Wales continued to show strength, with dwelling values increasing 3.2 percent. 
Click here <a href="https://www.propertyobserver.com.au/images/2018/7/2/annual-value-change.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/2/annual-value-change.jpg" alt="">
 
The hardest hit areas in Sydney have been Ryde, the Inner West and the Baulkham Hills areas, which have all seen their values decline over seven percent.
Nine of the ten worst performing capital city SA4 regions came from the surrounding areas of Sydney.
Click here <a href="https://www.propertyobserver.com.au/images/2018/7/2/regional-declines.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/2/regional-declines.jpg" alt="">
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