<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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Canberra has seen a significant growth in house sale prices over the past 12 months, according to Herron Todd White’s latest report.
The property valuation firm says that this is partly due to low interest rates and a limited supply of houses coming onto the market.
Yarralumla has been one of the strongest performing suburbs in Canberra over the past 12 months.
"Several recent sales have broken the Canberra auction record, the most notable being 12 Hunter Street, Yarralumla, selling at auction for $5.475 million," the report advised.
Other recent sales show high prices in Canberra’s inner suburbs have forced buyers to look to the outer suburbs to find a family home.
"Some other areas that have seen considerable growth over the past year are Woden Valley, Weston Creek and the southern suburbs of Belconnen.
This trend is also confirmed by some recent vacant land sales from the Mr Fluffy scheme.
Recent sales have shown houses are proving more popular than apartments," the report stated.
This is probably due to an oversupply of apartments in the Canberra market and a continued number of apartment developments beginning construction.
Currently buyers seem to be attracted to 4- or 5-bedroom houses in established suburbs, according to HTW.
The valuation firm pinpointed a 4-bedroom home at 37 Flanagan Street, Garran (pictured above) recently sold for $1.38 million.
There was also a 5-bedroom home at 60 Barada Crescent, Aranda recently sold for $1.25 million.
The majority of the higher sale prices were for renovated or new dwellings.
"It could be assumed the buyers are families looking to settle into a long term family home.
"This trend looks set to continue as properties in established suburbs remain tightly held and highly sought after," the report stated.
As the Mr Fluffy vacant land blocks are now being brought to market there may be a number of new houses in established suburbs come onto the market.
This increased supply may reduce prices but is likely to take effect in the longer term as the blocks are still in the process of being cleared and sold.
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j.ballantyne1990-6AQqhLzZaK

Significant price growth experienced in Canberra's residential market: HTW

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New South Wales’ Newcastle market is the strongest it has been in quite a while, according to Herron Todd White’s latest report.
The property valuation firm says that there is an argument to be made that the market has never been stronger - the number of coconut lattes being consumed in Newcastle by real estate types is an overwhelming tidal wave in its favour.
Recently there has been plenty of media attention repeating the mantra that Newcastle is an up-and- coming Sydney, with less population, less gridlock and lower property prices.
“Agents are fielding plenty of enquiries from out of town buyers and they can definitely compete favourably with the locals at auctions; when you sell your property at Sydney prices, its gives you plenty of dollars to spend at Newcastle prices,” the report stated.
"Take for example Mayfield East; houses in this suburb have smashed through the $500,000 barrier and powered up to join neighbouring suburbs in the $600,000 to $700,000 range.
"This is at a level beyond imagination a few years ago for the once humble home suburb of the former BHP workers.
“Gentrification of these areas is like a rampaging juggernaut which keeps Bunnings in business and cafes buying as much coconut milk as they can get their callous free organic hands on,” the report advised.
HTW's report pondered what’s driving this "real estate frothiness" – media hype has already been mentioned and it is a massive factor, but supply and demand is where it’s really at.
“With dozens of buyers lining up to inspect houses at open days, it’s open season for agents, like shooting fish in a barrel.
For the most part auction strategy is giving way to a feeding frenzy with suburb records occurring on what seems like a weekly basis.
Even if you are fortunate enough to make a bucket load of cash in the current market when you sell your house, how do you secure a new abode for yourself?” the report suggested.
"The typical house-hunting Novacastrian is tearing their hair out in frustration.
“What are the options? Stay put and wait for the market to plateau which we have been waiting almost 18 months for OR extend and renovate your current house.
It’s no surprise that tradies are in hot demand with waiting lists the norm.
Some are developing a taste for coconut lattes it appears,” the report commented.
HTW commented to not forget the unit market.
“If you bought a speculative unit off the plan in and around Honeysuckle back in 2015 then chances are you have already made money.
"The kicker is that the units are only just being handed over as we write this.
"It doesn’t always work out this way with units; it’s just that point in the market where it has.
Given the number of new units commencing construction, it remains to be seen whether the next batch of off-the- plan speculators fare as well,” the report stated.
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NSW's Newcastle residential market's frothiness: HTW

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There has been limited sales activity within Coffs Harbour’s retail market as property within the CBD is tightly held and rarely offered, according to Herron Todd White’s (HTW) latest report.
The property valuation firm says that this is despite there being a prevailing high vacancy rate within the prime strip centre.
Many retailers are finding it difficult to meet overheads.
"There is a trend for affordable retail rental space outside prime locations, however overall vacancy rates remain high for retail space," the report said.
"The high vacancy rate in the CBD is due to the difficult local economy with limited consumer discretionary spending, the reluctance of landlords to reduce rents or meet the market and the poaching of tenants by the Central and Plaza Shopping Centres.
"There is steady demand for the purchase of retail property emanating from investors against a shortage of supply in recent times."
The Gowings Central shopping centre development and the eastern end of the CBD appears to be trading well after the upgrade transformation.
The renovated ex-CBA bank building has increased the appeal and feel of this end of the retail precinct, HTW said.
Gowings are proposing an extension to the retail centre to office and hotel accommodation.
"Retail yields are generally in the 6% to 8% range depending on tenant, lease terms, location and property detail," said the report.
"Grafton commercial retail market displays higher investment yield rates.
"Yields are generally within the 7% to 9% range.
"The market remains steady with a slight uplift in the local economy.
"Nambucca and Macksville retail centres appear steady with some vacancy but improved local economy due to the Pacific Highway relocation works and associated workforce."
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Limited sales activity in Coffs Harbour retail market: HTW

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Lismore’s retail market had been forecast to remain the same as 2016 except with slightly reduced sale rates, according to Herron Todd White’s recent report, which was issued just prior to the flood that hit the NSW town.
“We envisage the retail sector for the NSW Far North Coast to be a continuation of 2016, however, with slightly reduced sale rates and less volatility in pricing growth for the more coastal situated properties,” the report stated.
The property valuation firm also says that pricing growth will be less volatile for coastal situated properties.
The report noted the coastal located townships of Byron Bay, Mullumbimby, Bangalow, Lennox Head, Ballina and Yamba will continue to be impacted by increased demand and limited supply of good quality stock.
The owner occupier purchasers will continue to lead the market in most regional townships; however, the investors will continue to be prominent in the traditional high demand townships of Byron Bay and to a lessor extent Ballina, Lennox Head, Yamba and Mullumbimby.
Byron Bay rents in prime CBD locations have been steady with recent increases noted.
"The current firming in yields noted during several prominent sales over the Christmas/New Year period is expected to stabilise over the balance of 2017, with the market remaining strong.
The strength behind Byron Bay’s retail market remains with the tourist industry.
Local businesses are reporting a very strong tourist presence in the first two months of the year and this is expected to continue strongly throughout 2017," the report stated.
The investors will continue to be less prominent in the regional centre of Lismore and the regional townships of Casino and Kyogle for product priced under $500,000.
"This is likely to be a result of the historically limited supply of true investment product as well as downward pressure on rents.
There are currently increased vacancy rates in the Lismore CBD and this will cause uncertainty in being able to obtain a tenant over the balance of the year, the report noted before the recent flooding.
"From an investors perspective, the current price points up to $500,000 being paid by predominately owner occupiers in the regional townships (who are securing a premise to operate their business from and are less concerned with yields) are not considered to be great buys by potential investors (given the low yields and vacancy risks)," the report advised.
For the 2017 year ahead, the sub $500,000 market for retail property in non-coastal townships will continue to be driven by owner-occupiers looking to secure a location for their business.
"These acquisitions appear to be reasonably prudent given the low interest rates and generally stable to improving economic conditions.
Major retailers will remain strong and as a result of this, smaller mum and dad type businesses will continue to ‘do it tough’.
This will be reflected in the rental market - rents will remain stable in prime locations and there will continue to be downward pressure on secondary located properties," the report warned.
However, if the increasing vacancy trend in the Lismore CBD continues, downward pressure may begin for more centrally located properties.
It appears interest rates will continue to remain relatively steady with no indication of possible rate rises.
A"s such, throughout 2017 there should be continued interest from private investors and private super funds looking for superior returns (other than those available from the banks).
National tenanted properties will remain well sought after with stable to slightly lower yields," the report stated.
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Retail market in Lismore faced challenges for landlords before the recent flood: HTW

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Melbourne’s retail market continues its strong run and continues to improve, according to Herron Todd White’s latest report.
The property valuation firm says that Melbourne’s retail property market has continued its strong run over the past 12 months with supply generally limited and yields firming and reflecting pent up demand and rising prices.
The steady low interest rate environment, strong Australian dollar and the ongoing perception of being a safe haven have all combined to drive strong interest from domestic and overseas retail property buyers.
The Melbourne CBD retail property market continues to go from strength to strength.
Despite approximately 50 new shops opening in the 12 months to January 2017, the vacancy rate is stable and below the five year average.
“Rents have remained stable and range from $1,500 per square metre for CBD shopping centre space to $11,000 for Bourke Street Mall frontage while yields range from 3.5% to 6.5% for CBD shopping space and 3.5% to 5.5% for the Bourke Street Mall.
St Collins Lane, formerly Australia on Collins, which completed a $30 million upgrade in 2016, sold in November 2016 for $247 million on an initial yield of approximately 5% and a rate of $27,444 per square metre,” the report stated.
The revitalised site offers over 9,000 square metres of retail space over four floors.
With street frontage to Collins Street and Collins Lane in the heart of the Melbourne CBD, the centre comprises 60 specialty stores, including international brands such as The Kooples, Reiss, Sandro Paris, TAG Heuer and Coach plus restaurants.
The Melbourne CBD apartment construction boom and consequential growing population have been the driving force behind the strong market.
With more retailers scheduled to open their doors in the Melbourne CBD, including British retailer Debenhams’ first foray into the Australian market, and more apartment completions, 2017 is shaping up to be another strong year for the retail property market in the Melbourne CBD.
Within the suburban shopping centre market, owners may however be affected by store closures following the recent collapse of a number of retailers including Pumpkin Patch, Herringbone, Rhodes &amp; Beckett, Marcs, David Lawrence, Payless Shoes and Howards Storage World.
"Many commentators are forecasting more retail brands, particularly clothing retailers or fast fashion competitors, to fold in the face of increased competition from overseas retailers such as Uniqlo, H&amp;M, Zara and the forthcoming arrival of giants Amazon and Alibaba as well as a gradual yet inexorable move to online retailing.
"Store closures may affect suburban shopping centres in particular as it is precisely these shopping centres that the above named global players have pushed into," the report tipped.
Local mid-market players are effectively squeezed out both in terms of retail price of clothing and also in costs with overseas players able to negotiate lower rents than their local counterparts.
While the closure of one or two stores may not have much of an immediate impact for shopping centre landlords, over the longer term shopping centre vacancies on a larger scale may combine to push sales growth and rental growth down, subsequently impacting income levels and values of shopping malls.
Meanwhile, council valuations are released on a two yearly cycle and council rate notices for 2017 are now becoming available, it advised.
"As land values have generally risen markedly across metropolitan Melbourne it is highly likely that land tax bills will also increase.
"Landlords are likely to face higher land tax bills from the State Revenue Office.
"Under current Victorian state based legislation (the Retail Leases Act 2003), landlords are unable to recover land tax from their retail tenants unless the occupancy cost (rent and outgoings) exceeds $1 million per annum or the tenant is a listed corporation or a subsidiary of a listed corporation.
"Consequently, owners may try to recover higher occupancy costs through increases in rentals which tenants may resist.
It is therefore possible that higher land tax costs could lead to more lengthy and greater numbers of dispute resolution processes relating to tenancy occupancy costs.
“For example, we are aware of one large retail site in Hawthorn where the site value increased from $10.05 million in January 2014 to $11.223 million in January 2016 with the current land tax bill increasing from $183,600 to $210,000.
Although the Melbourne retail investment market currently appears to be strong and purchaser interest for retail properties is relatively high, we are of the view that this is led by an optimistic buyer perception of the market direction and may not ultimately reflect what is actually happening with tenant demand, affordability and achievable investment returns on a property,” the report stated.
There appears to be a discrepancy between capital values and rental income growth as capital values within precincts experiencing this exponential growth appear to be indicating strong growth whilst rental income growth appears to be moderate in comparison.
As such, the market within these precincts may be more strongly affected by economic volatility.
The Melbourne retail market has experienced a significant strengthening in purchaser demand over the past 12 to 24 months.
We have witnessed several strong results in recent times and it is worth noting that there is a perception of a rising market at present.
A downturn in the economy or a softening in local market conditions could lead to downward pressure on demand and price in the short to medium term.
Purchasers and tenants alike are advised to ensure due diligence and proper market research is conducted prior to making purchase and rental decisions.
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HTW expect increased Melbourne retail tenancy disputes after new State Revenue land tax valuations

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Sales of retail properties in the Newcastle CBD continue to be slow, according to Herron Todd White’s latest report.
The property valuation firm says that there is a moderate level of confidence in the retail market; however, this is tempered somewhat due to major infrastructure projects not at the completion stage.
“As the new university campus on Hunter Street nears completion, which is expected mid 2017, we would expect to see more activity in the market as flow on from the influx of students and university staff to the CBD,” the report stated.
In addition to the university nearing completion the 1.66 hectare Hunter Street mall site was recently sold to a Sydney developer with plans to redevelop large portions on the site.
Early indications are that the development will include a large number of mixed use retail and residential developments, HTW noted.
“This will be a welcome change for the mall precinct, which has undergone a period of uncertainty during the time it was held by GPT.
Now, as some certainty comes back into this area we may see more activity,” the report stated.
The CBD is a tightly held market, and this is seen by the very low level of transactions in the past 12 months.
"This is not to say that there is no confidence in the market, more a willingness of owners and investors to wait for these major infrastructure projects to complete.
This willingness to wait for projects to complete is evidenced by the number of vacant retail shops in the immediate vicinity of these projects.
It is reasonable to presume that as projects progress these properties will be transacted, either as sales or rentals, as a result of the increased pedestrian traffic," the report stated.
HTW are seeing yields for retail properties in the mid 7 percent to 7.5 percent range.
It suggests confidence is definitely evident in the CBD and the next 6 to 12 months will provide good opportunities for current investors to maximise their returns as the number of people in the CBD increases.
"It will also make the CBD an attractive prospect for new investors and tenants, if these tightly held properties are put to market," HTW advised.
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Newcastle retail market slows down despite market confidence: HTW

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Bendigo has an oversupply of houses relative to rental demand, according to Herron Todd White’s latest report.
The property valuation firm says that Bendigo has a fair demand for new houses.
<a href="https://www.propertyobserver.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%202.46.01%20pm.jpg" target="_blank">Click 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/2017/02/10/Screen%20Shot%202017-02-10%20at%202.46.01%20pm.jpg" alt="">
This is supported by a steady trend in new house construction as well as a steady volume of houses being sold.
However Bendigo’s housing market sees new properties frequently being sold at prices that exceed their potential resale value.
A four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-bendigo-124876826" target="_blank">8 Flood Street</a>, Bendigo (above) has been listed for between $480,000 to $520,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-bendigo-124957438" target="_blank">163 Mitchell Street</a>, Bendigo (below) has been listed for between $540,000 to $560,000.
<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/2017/03/21/163%20Mitchell%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-bendigo-420779062" target="_blank">325 Barnard Street</a>, Bendigo (below) is available from $450 per week.
<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/2017/03/28/325%20Barnard%20Street.jpg" alt="">
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-bendigo-415464519" target="_blank">27 Bayne Street</a>, Bendigo (below) is available from $250 per week.
<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/2017/03/28/27%20Bayne%20Street.jpg" alt="">
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Oversupply of rental houses at Bendigo: HTW

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The Central Coast region provides many choices or first home buyers, according to HTW’s Month in Review: March 2017. 
The valuation firm says at the northern end of the region, first home buyers would be looking at Gwandalan for newer housing and Lake Munmorah, San Remo, Budgewoi and Gorokan for older dwellings.
New housing in the Woongarrah, Hamlyn Terrace and Wadalba areas are also available for those with a little more to spend.
“In terms of prices, this nowadays starts above $400,000 for older dwellings and upwards of $500,000 for newer housing,” HTW says.
“Depending on the location and price, many of these dwellings will be unrenovated.”
In the south of the region, first home buyers have been eyeing off suburbs such as Narara, Niagara Park and Wyoming as a starting point.
“ These are older suburbs with generally older dwellings and prices rarely seen below $500,000 with good transport links, close to schools and close to shops,” the report says.
“The main northern railway line runs through the region, but without rail corridors to the suburbs away from it, public transport is a little limited on the coast, so options for first home buyers without motor vehicles are similarly a little limited.
“However, the number of new unit complexes recently completed, currently under construction, planned and already existing in the Gosford City Centre should go some way to addressing this problem.”
“Old and new units provide an affordable option for first home buyers with the prospect of turning them into investment properties should unit living be replaced by living in a freestanding dwellings.”
HTW says that the price point for investors and owner occupiers is quite similar and many of the typical first home buyer suburbs are shared with investors.
It considers house and land packages mostly good value when the inclusions in the products are listed.
“In terms of housing, the suburbs of Woongarrah, Hamlyn Terrace and Wadalba are where the bulk of the house and land packages can be found,” it says.
“Many have four bedrooms, two bathrooms, double garage, modern finishes and are ready to move into.
“Prices are in the mid to high $500,000s with more affordable options available for smaller dwellings, but with the same level of finishes and amenity.
“For those who find new housing in a developing estate not to their liking, we suggest the buy and renovate option.”
A four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-hamlyn+terrace-124878834" target="_blank">40 Hamlyn Road</a>, Hamlyn Terrace (above) has been listed with a price guide of between $640,000 to $680,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-woongarrah-124664622" target="_blank">2 Tooloom Close</a>, Woongarrah (below) has been listed with a price guide of $685,000.
<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/2017/03/09/2%20Tooloom%20Close.jpg" alt="">
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Plenty of options for first home buyers on NSW Central Coast: HTW

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There is a shortage of rental units available relative to demand in Coffs Harbour, according to Herron Todd White’s latest report.
The property valuation firm says that Coffs Harbour has a steady rental vacancy trend with a strong demand for new units.
<a href="https://www.propertyobserver.com.au/images/2017/02/10/Screen%20Shot%202017-02-10%20at%201.13.06%20pm.jpg" target="_blank">Click 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/2017/02/10/Screen%20Shot%202017-02-10%20at%201.13.06%20pm.jpg" alt="">
This is supported by an increasing trend in new units being constructed as well as a steady volume of unit sales.
Coffs Harbour unit market is at its peak and new properties are occasionally being sold at prices that exceed their potential resale value.
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-418533814" target="_blank">13/27 Victoria Street</a>, Coffs Harbour (above) is available for rent for $255 per week.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-407605913" target="_blank">1/8 Toormina Place</a>, Coffs Harbour (below) is available for rent for $295 per week.
<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/2017/03/21/1_8%20Toormina%20Place.jpg" alt="">
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-124804886" target="_blank">5/32 Karuah Avenue</a>, Coffs Harbour (below) has been listed for $285,000.
<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/2017/03/28/5_32%20Karuah%20Avenue.jpg" alt="">
Similarly a two bedroom unit at<a href="https://www.realestate.com.au/property-unit-nsw-coffs+harbour-124994266" target="_blank"> 1/39 York Street</a>, Coffs Harbour (below) has been listed for $230,000.
<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/2017/03/28/1_39%20York%20Street.jpg" alt="">
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Coffs Harbour experiences shortage of units as demand increases: HTW

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The Lismore City area and the surrounding towns of Kyogle and Casino are relatively affordable in comparison to other localities on the NSW Northern Rivers/Far North Coast, according to HTW’s Month in Review: March 2017. 
The valuation firm says there is ample opportunity of first home buyers, with starting prices of $250,000 to $350,000 for a comfortable three to four bedroom, original home within Lismore City and approximately $200,000 to $275,000 within Casino and Kyogle.
The firm warns that first home buyers will face competition from investors.
“Advice to first home buyers would be to have modest expectations and start off small,” it says.
“We have noticed an increase in the advertising of housing stock from developers trying to appeal to the first home buyer.
“Such developments tend to be slightly different from the norm with emphasis on affordability and community living.
“Most of the residential structures in this instance are relatively compact and have shared community gardens/landscaping.
“Some developers have even self-imposed restrictions to only be made available to “first home buyers” and not investors.”
A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124668750" target="_blank">308 Molesworth Street</a>, Lismore (above) has been listed for $259,000.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124086458" target="_blank">31 Orion Street</a>, Lismore (below) has been listed for $285,000.
<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/2017/03/09/31%20Orion%20Street.jpg" alt="">
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