<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p data-end="345" data-start="110">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.</p>

<p data-end="689" data-start="347">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.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Joel Robinson

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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>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.</p>

<p>“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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>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.</p>

<p><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" /></p>

<p>“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.</p>

<p>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.</p>

<p>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.</p>

<p>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>.</p>

<p><em>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></em></p>


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

<p><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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.”</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


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

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>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;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“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."</p>

<p>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;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><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.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><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.</p>

<p data-end="950" data-start="653">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.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">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.</p>

<p data-end="1522" data-start="1309">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.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">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.</p>

<p data-end="1945" data-start="1716">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.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">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.</p>
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<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

Dwelling Values

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<p>Melbourne's property market is predicted to fall between 2018 and 2020 due to the recent prices rises and a high level of incoming supply, according to the CoreLogic-Moody’s Analytics Australian Home Value Index Forecast.</p>
<p>The forecast said dwelling values nationwide are forecast to rise 7.9 percent this year and 6.6 percent in 2017, mostly driven by continued gains in Sydney. </p>
<p>Perth and Darwin remain troublesome during 2017, but then Melbourne's property market is set for mild falls across houses rather than its apartment market. </p>
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<p>"In Melbourne, property market observers are bracing for a coming wave of apartments. Yet the segment to watch in the city’s real estate market is arguably detached housing, not apartments. House values in Melbourne have increased 47 percent over the past four years, while apartment values have risen a relatively muted 23 percent," the report said.</p>
<p><a href="/images/2016/11/30/Screen%20Shot%202016-11-30%20at%2011.37.45%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/11/30/Screen%20Shot%202016-11-30%20at%2011.37.45%20AM.png" alt=""></p>
<p>"That difference in value growth was not driven by yields: Over the same period, rents from housing rose 14.3 percent, while rents for apartments rose a not-too-dissimilar 10 percent. And rents for apartments across Melbourne are still rising modestly—up 1.3 percent since January—while rents for detached housing have fallen 2.5 percent.</p>
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<p><span>"With Melbourne, it is possible that wide- spread expectations of the coming supply of apartments have dampened value growth, and so the increased supply may, in a sense, be already ‘priced in’. For this reason, the oncoming supply of new apartments is likely to result in a period of at prices, forecast </span>to be little changed through to 2019.</p>
<p>"However, detached housing values are expected to grow a steady 11 percent for all of 2016 before slowing and eventually declining 1.8 percent in 2018."</p>
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jonathanchancellor-7SQnKwU6yx

Melbourne house prices set for nation's most severe fall: CoreLogic-Moody's Home Value Index Forecast

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<p>Although values have been increasing for almost 4.5 years, homes continue to sell quite rapidly with a relatively low level of discounting occurring from vendors.</p>
<p>The vendor discount and time on market metrics are important measures of current market conditions. The vendor discounting metric looks at properties selling for less than their original list price and looks at the percentage difference from initial list price to ultimate sale price. </p>
<p>The time on market metric shows the average number of days between when a property is first listed and when it ultimately sells. It’s important to note that each of these measures is based on private treaty sales and therefore excludes auctions.</p>
<p>In September 2016, the average days on market across the combined capital cities was recorded at 39 days. At the same time a year earlier the average days on market was a slightly lower 36 days. </p>
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<h3>Average days on market, combined capital cities</h3>
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<p><img src="/images/2016/11/23/2016-11-17--pp-image1.png" alt=""></p>
<p>The second chart highlights the average days on market figure across each of the capital cities for each of the past 8 years in September. Over recent years homes have been selling much quicker in Sydney and Melbourne than they have across the other capital cities. Homes in Hobart and Canberra have seen fairly large falls in days on market over the past year which aligns with accelerating value growth. In Perth and Darwin homes have seen a large rise in the average days on market as selling conditions have become tougher and values have declined.</p>
<h3>Average days on market, individual capital cities as at September </h3>
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<p><img src="/images/2016/11/23/2016-11-17--image2.png" alt=""></p>
<p>In September 2016, the typical home which sold at a discount from its original listing price was discounted by -5.7 percent across the combined capital cities. In comparison, at the same time a year earlier the typical level of discounting was recorded at -6.0 percent. The lower level of discounting is reflective of more demand and fewer homes for sale but is also likely to reflect more realistic initial listing prices from vendors.</p>
<h3>Average vendor discount, combined capital cities</h3>
<p><a href="/images/2016/11/23/2016-11-17--pp-image3.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/11/23/2016-11-17--pp-image3.png" alt=""></p>
<p>The final chart shows the discounting levels for each capital city in September over each of the past 8 years. Once again Sydney and Melbourne, along with Canberra, have been seeing low levels of discounting by vendors over recent years. In Sydney and Melbourne in particular this is indicative of strong housing demand which has led to many homes selling in excess of their initial list price. Despite only moderate growth in values over recent years Canberra has consistently recorded low levels of discounting. In Perth and Darwin as the housing market has wakened over recent years discounting levels have increased significantly.</p>
<h3>Average vendor discount, individual capital cities as at September</h3>
<p><a href="/images/2016/11/23/2016-11-17--image4.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/11/23/2016-11-17--image4.png" alt=""></p>
<p>After combined capital city home values have been increasing for almost four and a half years (mainly in Sydney and Melbourne) the level of discounting and time on market remains extremely low. This is being driven by ongoing strong housing demand coupled with relatively low stock levels.  While these conditions persist it is difficult to see how home values in Sydney and Melbourne in particular, won’t continue to increase.</p>
<p><em>Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.</em></p>
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ckusher-ujnxiKuFQs

Homes are selling much quicker in Sydney and Melbourne: Cameron Kusher

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<p><span style="font-size: 12.16px; line-height: 1.3em;">Since the end of 2008, Sydney dwelling values have increased by almost 95 percent and Melbourne dwelling values are up 80 percent, </span><span style="font-size: 12.16px; line-height: 1.3em;">CoreLogic head of research Asia Pacific, Tim Lawless said.</span></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">Canberra is the only other housing market where the cumulative capital gain has been greater than 20 percent post GFC.</span></p>
<p>“While we’ve seen values remain relatively strong, in contrast, rental yields have been in the doldrums due to the fact that residential property values are rising at a faster rate than weekly rents.</p>
<p>"The average gross rental yield across the combined capital city dwelling market has held firm at 3.3 percent over the month, which is at an historic low,” he said.</p>
<p>By a large margin, the lowest yields are now in Sydney and Melbourne where value growth has been the most extreme and caused yields to compress. The typical gross yield on a Sydney and Melbourne house is now 2.8 percent, while the gross yield profile for a Sydney unit is the lowest of any capital city, averaging 3.9 percent.</p>
<p><a href="/images/2016/10/03/Gross%20rental%20yields%20houses%20and%20units.jpg" target="_blank">Click to enlarge</a></p>
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j.ballantyne1990-6AQqhLzZaK

Sydney, Melbourne and Canberra take podium places post-GFC for price growth: CoreLogic

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<p>Capital city dwelling values continued to show a strong headline rate of growth over the September quarter, with the CoreLogic Hedonic Home Value Index rising 2.9 percent over the past three months, according to CoreLogic’s latest market report.</p>
<p>The combined capital city index, which is heavily weighted towards the Sydney and Melbourne markets, recorded a 1.0 percent month-on-month gain, taking capital city dwelling values 41.3 percent higher since the growth cycle commenced in June 2012.</p>
<p>Growth conditions were substantially different from region-to-region. The top performing market was Melbourne where dwelling values pushed 5.0 percent higher over the third calendar quarter, due largely to a strong rise in house values (+5.2 percent) which balanced a softer result for the unit market (+2.9 percent). Canberra showed the second highest rate of growth over the quarter with values up 4.5 percent, followed by Sydney at 3.5 percent.</p>
<p><a href="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.13.17%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.13.17%20AM.png" alt=""></p>
<p> Highlights over the three months to September 2016</p>
<p>• Best performing capital city: Melbourne +5.0%</p>
<p>• Weakest performing capital city: Darwin -4.5%</p>
<p>• Highest rental yields: Hobart houses with gross rental yield of 5.2% and Hobart Units at 5.5%</p>
<p>• Lowest rental yields: Melbourne and Sydney houses with gross rental yield of 2.8% and Sydney units at 3.9%</p>
<p>• Most expensive city: Sydney with a median dwelling price of $785,000</p>
<p>• Most affordable city: Hobart with a median dwelling price of $325,000</p>
<p>In contrast, the weakest housing market over the quarter was Darwin where dwelling values declined by 4.5 percent, to be 11.1 percent lower than the most recent 2014 peak in property values and 13.9% lower than the previous 2010 peak in dwelling values.</p>
<p>Perth dwelling values also slipped 3.2 percent lower over the quarter to take the cumulative decline in values to 10.4 percent since their December 2014 peak, and 5.2 percent below the previous peak in 2010. Brisbane dwelling values also slipped lower over the quarter falling by a marginal 0.3 percent, attributable mostly to larger declines across the unit sector.</p>
<p>Darwin dwelling values are now roughly equivalent to what they were seven years ago, while in Perth, dwelling values have retraced back to 2007 levels.</p>
<p>The combined regional markets of Australia, where the measure of value growth lags by one month, saw house values slip 1.1 percent lower over the three months to the end of August.</p>
<p>While modest declines were recorded across most of the ‘rest of state’ housing markets, the weakest conditions continue to be experienced in regional Western Australia, where house values have fallen 12.4 percent over the past twelve months.</p>
<p>The weak housing market conditions across the regional areas of Western Australia were also highlighted in the recent CoreLogic Pain and Gain report, which showed one third of houses which resold over the June quarter did so at gross loss.</p>
<p>While the headline rate of growth remains positive across most cities, the majority of capital cities have seen their growth trend moderate compared with a year ago. The only capital city markets where the current quarterly rate of growth was higher (compared with the September 2015 quarter) was Hobart, Canberra and Adelaide.</p>
<p><a href="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.15.33%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.15.33%20AM.png" alt=""></p>
<p><a href="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.16.53%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/04/Screen%20Shot%202016-10-04%20at%2011.16.53%20AM.png" alt=""></p>
<p>The quarterly pace of capital gains in Sydney peaked over the June quarter of 2015 at 7.4% and, similarly, Melbourne’s quarterly rate of capital gain peaked at 7.9% over the same quarter.</p>
<p>Although value growth in Sydney and Melbourne is not as strong as it was at its peak, growth continues to be supported by high auction clearance rates which are now at their strongest levels since the June 2015 quarter.</p>
<p>In Sydney, clearance rates remained above 80% throughout September, while Melbourne clearance rates have consistently been above 75%, albeit on substantially lower volumes than a year ago.</p>
<p>The top three auction markets for spring activity have been: Inner Melbourne (780 auctions over the four weeks of September with a clearance rate of 75%), Melbourne’s Inner South (560 auctions with a clearance rate of 82%) and North Sydney/Hornsby (545 auctions with a clearance rate of 85%).</p>
<p>The most successful auction markets have been Sydney’s Eastern Suburbs where 89% of auctions were successful during September, Melbourne’s Mornington Peninsula (88% of auctions cleared) and Sydney’s Ryde (87% of auctions cleared).</p>
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Capital city dwelling values increase 2.9 percent over the September quarter: CoreLogic

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<p>Fairly in line with market forecasts dwelling prices rose by +2.0 percent in the June 2016 quarter according to the ABS with Sydney (+2.8 percent),  Melbourne (+2.7 percent), and Brisbane (+1.1 percent).</p>
<p>Of the smaller capitals, Canberra also showed a solid increase of +2.2 percent. </p>
<p>The ABS indexes run back to September 2003 with the median house price (+98 percent) and attached dwelling price (+93 percent) having increased since that time. </p>
</div>
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<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify">This latest move takes the total value of residential dwellings to beyond $6 trillion, an increase of +$1.6 trillion or +36 per cent since June 2012.</div>
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<div align="justify"><a href="/images/2016/09/23/A1.jpg" target="_blank">Click to enlarge</a></div>
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<div><span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><span style="color: #7f7f7f;"><img src="/images/2016/09/23/A1.jpg" alt=""></span></span></span></span></div>
<div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify">The market is now accelerating in the third quarter according to Alan Oster, Chief Economist of National Australia Bank (you see what I did there?).</div>
<div align="justify"> </div>
<div align="justify">Auction clearance rates have again approached record highs again in Sydney, and Oster predicts a substantial +4 percent gain in the harbour city for Q3, as well as +3.5 percent for Melbourne. </div>
<div align="justify"> </div>
<div align="justify">Large capital cities lead</div>
<div align="justify"> </div>
<div align="justify">House prices rose by +3.2 percent in Sydney in the June quarter, with attached dwelling prices showing a much steadier trajectory (both up and down) through the course of this cycle in rising by a further +2.0 percent. </div>
<div align="justify"> </div>
<div align="justify">After six months of house price declines Sydney's all dwellings index hit a fresh all-time high, being +83.7 percent higher than in December 2008.</div>
<div align="justify"> </div>
<div align="justify">Brisbane notched up its sixteenth consecutive quarterly gain with prices rising by +1.1 percent.</div>
<div align="justify"> </div>
<div align="justify">Since Q3 2012 prices in Brisbane have recorded a studious recovery to rise by +18 percent, while Adelaide (+13 percent) and Hobart (+13 percent) have followed a similar, if slightly more subdued, trajectory. </div>
<div align="justify"> </div>
<div align="justify">In the resources capitals prices have declined since the beginning of 2015 (click charts to expand).</div>
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<div align="justify"><a href="/images/2016/09/23/A3.jpg" target="_blank">Click to enlarge</a></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br><img src="/images/2016/09/23/A3.jpg" alt=""><br></span></span></span>
<div align="justify"> </div>
<div align="justify"><strong><span style="text-decoration: underline;">State versus state</span></strong></div>
<div align="justify"> </div>
<div align="justify">At the state level over the year to June the mean price has continued to rise in New South Wales (+$35,400), Victoria (+$31,100), Queensland (+$10,100), and South Australia (+$16,800). </div>
<div align="justify"> </div>
<div align="justify">On the other hand the median price in Western Australia has retraced by $37,300 with a notable collapse having taken place up in the Pilbara, and there was also a decline in the Northern Territory mean price of $20,500. </div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A7.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"> </div>
<div align="justify"><img src="/images/2016/09/23/A7.jpg" alt=""></div>
<div align="justify">The total value of dwelling stock has increased significantly over the past four years in New South Wales (+$819 billion), Victoria ($+453 billion), and Queensland (+$169 billion).</div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A2.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"><img src="/images/2016/09/23/A2.jpg" alt=""></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div><strong><span style="text-decoration: underline;">Supply response</span></strong></div>
<div align="justify"> </div>
<div align="justify">Finally, the total number of residential dwellings increased by +46,900 in Victoria and +40,600 in New South Wales over the 2016 financial year. </div>
<div align="justify"> </div>
<div align="justify">There are now more than 9.7 million dwellings in Australia.</div>
<div align="justify"> </div>
<div align="justify">Over the past four years Victoria (+7.9 percent) has been far more successful at increasing the total size of its dwelling stock than New South Wales (+4.9 percent). </div>
<div align="justify"> </div>
<div align="justify">From a lower base the uplift has been considerably more pronounced in the Northern Territory (+10.4 percent) and the ACT (+10.4 percent).</div>
<div align="justify"> </div>
<div align="justify"><a href="/images/2016/09/23/A6.jpg" target="_blank">Click to enlarge</a></div>
<div align="justify"><img src="/images/2016/09/23/A6.jpg" alt=""></div>
<span style="font-size: xx-small;"><span style="font-size: xx-small;"><span><br></span></span></span>
<div align="justify"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div align="justify"> </div>
<div align="justify">Overall, there were solid price gains in Q2 which generally matched market expectations.</div>
<div align="justify"> </div>
<div align="justify">The ABS figures are retrospective, so market participants will be watching the market closely to see whether recent gains are sustained.</div>
<div align="justify"> </div>
<div align="justify">In the 2015 calendar year in part due to cooling macroprudential regulatory measures the Sydney auction market softened considerably in the lead up to Christmas, before limping over the line. </div>
<div align="justify"> </div>
<div align="justify">There are still a dozen weekends to go yet this year. </div>
<div align="justify"> </div>
<div align="justify">
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

Capital city prices rose in Q2: Pete Wargent

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<p>Home values across Australia’s eight capital cities rose at the slowest annual rate in more than three years at the end of the June quarter, according to the Australian Bureau of Statistics.</p>
<p>National prices increased by 4.1 percent annually.</p>
<p>It was the lowest rate of growth since March 2013, when the rate was 3.1 percent.</p>
<p>For the year to June 30, Melbourne residential property ­prices rose 8.2 percent.</p>
<p>Sydney prices were up 3.6 percent annually.</p>
<p>Sydney and Melbourne, led growth in the quarter too, with 2.8 percent and 2.7 percent respectively.</p>
<p>Perth dropped 1.2 percent over the quarter and 4.8 percent over the year.</p>
<p>Darwin fell 2.4 percent in the quarter and 6.5 percent for the year.</p>
<p>The Sydney slowdown was evident as prices rising 3.6 percent in the year to June, was down from 9.7 percent in the year to March. </p>
<p>Sydney's median house price rose to $880,000 in the quarter – equal to its value a year earlier – from $850,000 in the March quarter. </p>
<p>The pace of growth also ticked slightly lower in Melbourne, to 8.2 percent from 9.8 percent in March.</p>
<p>The declines worsened in Perth – to a 4.8 percent fall from 4.5 percent – and also in Darwin, where prices declined 6.5 percent compared with 4.9 percent in March.</p>
<p>Growth picked up in Brisbane (to 4.3 percent from 4.1 percent), Adelaide (to 3.5 percent from 3.1 percent), Hobart (to 4.9 percent from 4.2 percent) and Canberra (to 6 percent from 4.6 percent). </p>
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jchancellor-FAypfDUnLy

Melbourne price growth leads nation while Darwin and Perth residential prices continue to decline

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<p>The REIA found property prices decreased in the June quarter with the weighted average median prices rising 2.1 percent for houses and 0.4 percent for other dwellings.</p>
<p><span>The weighted average median price approached the $700,000 mark for houses and was around $545,000 for other dwellings. </span></p>
<p><span>The REIA </span><span>President Neville Sanders said t</span><span>he majority of the capital cities recorded increases in the second quarter of the year and Perth was the only capital city where the median price fell for both houses and other dwellings due to slowing population growth and decreasing activity market.</span><span><br></span></p>
<p><span>“</span><span>Adelaide had relatively strong growth over the quarter. Sydney remained the capital city with the highest </span><span>median property prices with the figure for houses sitting 46.5 percent above the national average,” he said.</span></p>
<p><span>"Compared to the same time last year, the weighted average median price increased by 2.1 percent for houses and by 0.8 percent for other dwellings. </span></p>
<p><span>“O</span><span>n the rental market over the quarter, median rents decreased in the majority of the capital cities with Canberra having no change in the median three bedroom house across the capital cities. With Perth and Darwin having the highest vacancy rates, median rents in these cities fell markedly compared to twelve months ago. Rental markets in Melbourne, Brisbane and Hobart appear to be balanced based </span><span>on their vacancy rates at around the industry benchmark of 3 percent.” </span></p>
<p><span>“</span><span>The figures during the June quarter show that owner occupiers continued to have a strong presence in the stabilising market and with a modest decline in investor activity.</span><span>” </span><span><br></span></p>
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Property prices decreased in the June quarter: REIA

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<p>Australia's regional areas under now under the spotlight as value growth increases and capital city markets become less affordable.</p>
<p>CoreLogic observations confirmed that with most major regional areas now seeing an increase in home values, demand for housing in the regions is picking up and follows a number of years of being in the doldrums.</p>
<p>As an example, markets such as June quarter top performer, Illawarra, recently recorded its largest annual increase in values for houses at 14.3 percent, and units at 13.9 percent.</p>
<p>The CoreLogic Regional Market Report provided analysis on the performance of Australia’s largest council areas for:</p>
<ul>
<li>NSW: Newcastle &amp; Lake Macquarie, Illawarra, Richmond-Tweed;</li>
<li>VIC: <a href="/expert-insights/buying/median-house-value-rising-faster-than-unit-values-in-geelong-region-corelogic">Geelong</a>, Latrobe-Gippsland;</li>
<li>QLD: Gold Coast, Sunshine Coast, Townsville, Wide Bay, Cairns;</li>
<li>WA: Bunbury.</li>
</ul>
<p>While the Illawarra region recorded the largest annual increase in values for both houses and units, CoreLogic research analyst Cameron Kusher said, “given that the Illawarra is close to Sydney, the result for the regional is likely to be contributing to its strength with some buyers priced out of the Sydney market now looking to this region.”</p>
<p>In contrast, the only regional market to record a fall in values, was Townsville where houses dropped by 4.5 per cent. Consistent with the Townsville result for houses, unit values in the city dropped by -3.7 percent. Unit values were also lower across the regions of Wide Bay at -1.2 percent, and Bunbury at -6.0 per cent.</p>
<p>In NSW, Newcastle and Lake Macquarie, and the Richmond-Tweed regions, saw home values rise by less than 10 per cent compared to stronger levels of growth in the Illawarra region. Transaction activity was lower over the year in two out of the three regions, with Richmond–Tweed showing a year-on-year growth in sales activity.</p>
<p>In Queensland, the two leading lifestyle markets of the Gold Coast and Sunshine Coast were the strongest performing regions across the state over the period, with an increase for both house and unit values.</p>
<p>Transaction activity results were mixed with sales volumes across the Gold Coast remaining steady over the year. However, these were well above the five-year average.</p>
<p>Both the Gold Coast and Sunshine Coast are recording annual rates of growth similar to that in Brisbane indicating rising demand for homes across the South-East Queensland region.</p>
<p>Across the Sunshine Coast, volumes fell over the 12 month period. Townsville, Wide Bay and Cairns followed with median values remaining relatively flat, or falling.</p>
<p>In Victoria, sales activity in Geelong and Latrobe–Gippsland dropped by 2 percent over the year; however median values and rental rates increased over the year. Geelong recorded the strongest performance, with house values rising by 5.6 percent and unit values up 3.4 percent, while across the rental market, advertised rental rates were up 3.0 percent and 3.6 percent respectively.</p>
<p>In Western Australia, the Bunbury region recorded mixed performance over the year. House values rose (+3.0 percent), while unit values fell (-6.0 percent).</p>
<p>CoreLogic research analyst Cameron Kusher said, “Overall, market conditions in Bunbury remained fairly weak over the period and is largely demonstrated by the fact that 14.3 percent fewer homes sold over the year to June 2016 when compared to June 2015.”</p>
<p>“Our latest data points to an increase of value growth in regional markets, particularly those which are located adjacent to capital cities. As people are priced out of certain capital cities, buyers now appear to be looking to these adjacent regions.”</p>
<p>“Home owners in Sydney and Melbourne have seen a substantial rise in housing equity over recent years. Subsequently we are seeing some evidence that these buyers are starting to look for holiday and investment properties in certain regional markets which is also providing an impetus for some of the value growth we are currently seeing,” he said.</p>
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CoreLogic sees house price growth in the regions

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<p>Property values in Sydney, Melbourne and Canberra over the last 12 months have increased 9.4 percent, 9.1 percent and 7.6 percent respectively over the previous 12 months according to CoreLogic.</p>
<p>Dwelling values fell 4.2 percent in Darwin and Perth over the last 12 months.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.25.18%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.25.18%20PM.png" alt=""></p>
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Property values in Darwin and Perth fall 4.2 percent over year to date: CoreLogic

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<p>CoreLogic's latest capital city housing market indicator has found Sydney home values increased by less than 4 percent over the past three months, Melbourne's by 3.4 percent and Canberra up by 1 percent.</p>
<p>Sydney home values have increased by 3.9 percent over the past three months and are 9.4 percent higher over the past year. The annual rate of value growth has slowed from a peak of 18.4 percent in July 2015</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.25%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.25%20PM.png" alt=""></p>
<p>Melbourne home values have increased by 3.4 percent over the past three months and are 9.1 percent higher over the past year. The annual rate of value growth has slowed from a peak of 14.2 percent in September 2015</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.37%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.37%20PM.png" alt=""></p>
<p>Brisbane home values have fallen by 05 percent over the past three months and are 4.4 percent higher over the past year. Over the past five years, Brisbane home values have increased by a total of 12.2 percent.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.44%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.44%20PM.png" alt=""></p>
<p>Adelaide home values have fallen by 0.8 percent over the past three months and are 3.1 percent higher over the past year. Values have increased by just 7.0 percent over the past five years.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.55%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.28.55%20PM.png" alt=""></p>
<p>Perth home values have fallen by 1.5 percent over the past three months and are 4.2 percent lower over the past year. Values have fallen by 8.1 percent from their peak in December 2014.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.02%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.02%20PM.png" alt=""></p>
<p>Hobart home values have increased by 2.0 percent over the past three months and are 6.5 percent higher over the past year. Values have increased by just 14.1 percent over the past 10 years.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.10%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.10%20PM.png" alt=""></p>
<p>Darwin home values have fallen by 3.9 percent over the past three months and are 4.2 percent lower over the past year. Values are currently 9.1 percent lower than their recent peak in May 2014.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.18%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.18%20PM.png" alt=""></p>
<p>Canberra home values have increased by 1.0 percent over the past three months and are 7.6 percent higher over the past year. Values have increased by just 12.6 percent over the past five years.</p>
<p><a href="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.25%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/06/CoreLogic_Graphs/Screen%20Shot%202016-09-06%20at%201.29.25%20PM.png" alt=""></p>
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