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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

Inner Melbourne

Nestling in one of Malvern&rsquo;s leafiest pockets, King Bird Development&rsquo;s, Contour presents a boutique collection of residences designed by Ascui &amp; Co. Architects.

The sculpted homes are an embodiment of their address, inspired by the organic beauty of nature, with all of Malvern&rsquo;s cultural delights within reach.

[smartcode_project:default project_id=29091 project_image_fid=81617]

With consideration for site and neighbourhood context, Ascui &amp; Co. have envisioned a design that gives back to its occupants, nurturing an effortless and elevated living experience.

Combining understated materiality, a sweeping form and inherently practical planning, Contour delivers a collection of two and three-bedroom residences to Melbourne&rsquo;s inner suburbs.

Ascui &amp; Co. are a Melbourne-based firm who are often inspired by the curve motif &ndash; a design language they utilise with precision.

This is exemplified by Contour&rsquo;s rounded edges and the sinuous wave-like elements tracing the periphery of the building, reminiscent of nature&rsquo;s organic forms.

Situated on a corner site, the fa&ccedil;ade follows the natural path of the land, with its soft, rounded edges complimented by a series of contours, sweeping from one face to the other, giving definition to the balconies, slabs and large glazed windows throughout the project.

[smartcode_project:default project_id=29091 project_image_fid=81619]

Contour is expressed in a simple materiality, with white concrete and deep grey metals providing a counterpoint to the verdant garden setting.

Ascui &amp; Co. Director, Gonzalo Ascui, said light was paramount to the design of Contour, drawing it deeply into the internal spaces through vast expanses of glass, in addition to the expansive terraces and balconies fostering a seamless flow between indoor and outdoor living, while affording panoramic views of the leafy streetscape as well.

&ldquo;There is an elegant softness to the building &ndash; we&rsquo;ve avoided rigidity and sharp lines. The building curves around the corner site, following the natural path of the land. Sinuous wave-like elements trace the form of the building, sweeping from one face to the other in a flowing gesture,&rdquo; said Ascui.

Curated again by the Melburnians, Ascui &amp; Co., the interiors reflect the sophistication of the architecture.

Each space has been generously appointed, boasting high-end finishes with rich textures, creating a sense of open grandeur to th&nbsp; interiors that brightens everyday life and allows residents&nbsp;to connect with the outdoor environment.

[smartcode_project:default project_id=29091 project_image_fid=81622]

Chosen from the industry&rsquo;s most trusted suppliers and creators, apartments are home to a collection of considered finishes and touches, including natural stones, engineered European Oak herringbone timber floors, soft 100 per cent polyamide carpets, textured joinery, ribbed feature tiles and glass elements.

&ldquo;Together, these premium materials create an aesthetic of timeless sophistication while gifting a low-maintenance lifestyle and unrivalled durability.&rdquo;

Recognising the importance of first impressions, Ascui &amp; Co. curated a considered and inviting apartment entrance.

A robust stone plinth, with a built-in draw, presents a place for things like ornaments, indoor plants, keys and letters, backlit for a striking effect with a curved mirror, creating an air of elegance while the layout of the floorboards emulates the experience of a hallway.

Contour&rsquo;s living room presents a sunny and expansive setting, adorned in a palette of luxurious yet neutral finishes, complete with a fireplace.

Defined by floor-to-ceiling windows, the open-plan living room is awash with abundant natural light and verdant vistas of the landscaping and surrounding treetops, in addition to a seamless connection between indoor and outdoor living.

[smartcode_project:default project_id=29091 project_image_fid=81616]

Housed within stone joinery, the fireplace creates a cosy atmosphere as well as efficiently heating the space, while engineered timber Herringbone floors provide the perfect base for living.

Ascui &amp; Co. have featured contoured edges at the apartment entrance and in the island bench, evoking an instant air of continuity, where elements of the exterior have been translated within to enhance the unique language of the design

Contour&rsquo;s generous kitchen is the heart of the home, fitted out by a functional design and abundant storage, as well as premium appliances and finishes, from solid quartzite to fluted glass.

Entering the space, the solid quartzite stone island bench instantly draws in the eye, distinguished by the same sweeping contour seen on the facade and at the apartment entrance.&nbsp;

Full-height joinery with a wood grain texture has been paired with elegant fluted glass cabinetry, bringing a sleek and modern feel to the palette, along with a suite of premium Gaggenau appliances.

[smartcode_project:default project_id=29091 project_image_fid=81618]

&ldquo;Walking into these spaces, the curves are a visual delight. They blend and bend space, allowing light to flow around the corner, coming right into the room and illuminating the finishes,&rdquo; Ascui added.

Stepping into the bedrooms, featuring fluid curved walls and ample sunlight, the master bedroom has been designed as a private sanctuary.

Set upon plush carpet, the room is complete with a spacious walk-in-wardrobe, equipped with custom shelving and a refined fluted-glass door.

Presenting sophistication at its most tranquil, Contour&rsquo;s bathroom offers a private oasis, illuminated by dappled light, with a calming palette, exhibiting full-height tiling on all walls, solid stone benchtops and fluted-glass partitions.

[smartcode_project:default project_id=29091 project_image_fid=81620]

Rounding out the room, a double vanity affords a sense of hotel-style luxury, complete with integrated storage, as well as an expansive shower and free-standing bathtub.

Construction has begun on the Malvern project, with interested buyers left with only a small window now to secure an apartment with just a 5 per cent deposit before settlement.

Three-bedroom apartments can still be secured in Contour, with prices starting from $1,647,500.

[smartcode_project_cta: project_id=29091]

alisonwarters@gmail.com

"Sweeping from one face to the other": How Ascui & Co. designed the Malvern apartments, Contour

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The Melbourne unit market continued to shrug off the worst of the 2020 COVID impact on property, recording 0.6 per cent gains over December, according to data analytics firm CoreLogic.

It followed from 0.1 per cent gains in October and <a href="/news/melbourne-apartment-values-outperform-houses-in-november-corelogic">0.7 per cent gains in November</a> to be 1.4 per cent up over the quarter. The quarterly performance saw apartments offset any early year losses to be flat over the calendar year.

The unit market comfortably outperformed the housing market over 2020, with houses contracting two per cent, CoreLogic's data found.

The unit median rose to $576,905 over December, now higher than July levels.

Urban has taken a look at five apartments blocks to secure under the median apartment value.

<h2><a href="/buildings/canvas-272-barkly-street-brunswick">Canvas, Brunswick</a></h2>

Address: 272 Barkly Street, Brunswick, VIC 3056

<img alt="" height="887" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/canvas_brunswick.jpg" width="1200">

Canvas, the Brunswick development by ID Land, has one bedroom apartments starting from $480,000, well below Melbourne's median apartment price. The facade of the Rothelowman-designed block pays homage to Brunswick’s industrial past. Formed by concrete construction and urban design principles, the visual grid spans the building, framing each apartment. It will feature 62 one, two and three bedroom residences with interiors by Hecker Guthrie, expected to be completed in 2022.

Their two beds start from $680,000.

<h2><a href="/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne">Parkhill Apartments, West Melbourne</a></h2>

Address: 408 Spencer Street, West Melbourne VIC 3003

<img alt="" height="793" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/parkhill_west_melbourne.jpg" width="1200">

Parkhill Apartments in West Melbourne are offering one bedrooms starting from $479,000, developed by the award-winning Central Equity. Early buyers will have the chance to save $430,000 on stamp duty.

Parkhill Apartments has a range of one and two bedroom apartments with 6.5 Star energy ratings. There's a rooftop gym for residents and a rooftop garden with outdoor seating and barbecue areas.

<h2><a href="/buildings/hawthorn-park-33-camberwell-road-hawthorn-east">Hawthorn Park, Hawthorn East</a></h2>

Address: 33 Camberwell Road, Hawthorn East VIC 3123

<img alt="" height="808" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hawthorn.jpg" width="1200">

Just over the rising median is Hawthorn Park, where developer Dahua Group is offering its one beds in from $609,000. The Camberwell Road development, estimated to be completed earlier this year, comprises 368 residences spread across seven floors and five buildings. Another designed by architect Rothelowman, Hawthorn Park features a fully-equipped gym with yoga and meditation studio, massage suites, a sky boardwalk, sky lounge, garden pavilion and a swimming pool.
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Melbourne's unit median now sits at $576,905 after seeing a 0.6 per cent rise in unit values over December.

Melbourne unit values rise 0.6 per cent in December: What you can buy for the new median

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The Real Estate Institute of Victoria’s latest data reveals that Nillumbik’s property market is kicking goals so far in 2019 with two of the top three performers located within the municipality.
Revealing the REIV’s median data for the first quarter of 2019, REIV President Robyn Waters said the median house price in Eltham increased 7.3 per cent to $950,000 in the January-March 2019 quarter while Greensborough’s median house price soared 6.0 per cent to $808,000.
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“Melbourne’s Green Wedge Council proved to be our property hot spot for the first quarter of 2019 as the area’s idyllic surrounds and enviable lifestyle boosted house values. You can still get impressive family home with all the bells and whistles in this truly unique area of Melbourne for less than a million dollars,” Ms Waters said.
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“Consistent with 2018 trends, some outer areas continue to do well with Narre Warren South sitting second on the top 10 list for median house price growth with a 7.1 per cent increase, Mulgrave is at number four with a 4.7 per cent increase and Point Cook in fifth place, also with a 4.7 per cent increase.
"Interestingly, we are also starting to see signs of recovery in Inner Melbourne with Glen Iris and Balwyn North making the top 10 this quarter, recording increases of 4.3 per cent and 4.2 per cent respectively.”
<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/2019/4/26/REIV-Melbourne.jpg" alt="">
Overall, Melbourne’s median house price fell 1.4 per cent in the first quarter of 2019 to dipbelow $800,000 at $793,000.
“The market was fairly stagnant in 2018 as vendors resolved to stay put and renovate or extendrather than take their chances on selling in an uncertain market and I think we’ll need to wait until after the Federal Election to see any major change to that climate,” Ms Waters said.
“Looking at the annual picture, the top 10 performers for median house price growth between April 2018 and March 2019 were all in Outer Melbourne demonstrating the popularity of affordable options for families who have their heart set on the ‘great Australian dream’.
In suburbs like Sunbury, Craigieburn and Wollert you can still secure a great family home for $500,000 to $600,000 which is attractive to potential owner-occupier and investors,” Ms Waters said.
<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/2019/4/26/metro-growth-melbourne.jpg" alt="">
There are also more new house and land packages coming online in places like Officer and Clyde North where burgeoning estates have replaced empty paddocks in a relatively short time frame. As a consequence, the necessary infrastructure and community facilities are coming on line in these areas.
Ms Waters said regional Victoria continues to outperform the Metropolitan Melbourne property market with substantial gains of almost 10 per cent recorded in some towns this quarter and a 1.0 per cent increase overall in the median house price.
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“Four of the top 10 towns for median house price growth in the March quarter were in the Ballarat area: Redan topped the list with an increase of 9.8 per cent to $357,000, Ballarat East was at seventh with a 4.4 per cent increase to $355,000 just ahead of Soldiers Hill at eight with a 4.3 per cent increase to $485,000 and Brown Hill with a 3.5 per cent increase to$440,000,” Ms Waters said.
“In the 12 months to 30 March 2019, three regional towns reported growth of more than 24 percent: Wonthaggi, Redan and Wendouree which is a resounding endorsement for the propertymarket’s in these areas, given the current cooler climate.
Strong annual growth was also found in Stawell, Bendigo, Irymple, Trafalgar, Mount Clear,Wallan and Maryborough.”
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Inner Melbourne prices still weakening, while regional Victoria edges higher

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Developer SMA Projects has partnered with Hayball for a new development on Gore Street, Fitzroy.
The project at 250 Gore Street will have a mix of comprise one, two and three-bedroom apartments, as well as a 300 square metre penthouse.
SMA Projects has previously completed two projects on the street, The Lyric and Veludo.
SMA Projects development manager, Robert Murphy, said that there will be the opportunity to customise an apartment with the assistance of interior designer Kate Roach.
Three bedroom apartments are priced from $1,150,000 to $2,600,000, while two bedroom units start from $725,000 
The penthouse is available from $4.8 million.
Demolition of the existing structure is expected to start in December, while construction will begin in early 2019 with an expected completion date of December 2019.
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SMA Projects announce third Gore Street, Fitzroy project 

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Melbourne has the strongest housing market, when it comes to retaining boom time gains, according to CoreLogic.
Since its peak last November, the harshest hit property are standalone houses in inner, inner east and inner south Melbourne.
It is where prices have declined between 4 and 6.1%.
Elsewhere across Melbourne both houses and unit prices have fallen no more than 3%.
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Inner Melbourne apartment holding value after market peak: CoreLogic

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Melbourne secured another 70 percent plus auction clearance weekend, with two sub-regions notching over the 80 percent mark.
The strongest performers came from Melbourne's Inner South and North East, according to CoreLogic.
Click here <a href="https://www.propertyobserver.com.au/images/2018/3/13/regionsMelb.jpg" target="_blank">to enlarge.</a>
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The priciest home to sell in Melbourne came from Port Melbourne in the Inner South.
The <a href="https://www.realestate.com.au/property-house-vic-port+melbourne-127569918" target="_blank">172 Clark Street home</a> fetched $2.465 million.
It was a three bedroom brick home which was marketed as a likely knockdown with a $2 million to $2.2 million price guidance.
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Melbourne's strong clearance rate led by inner south and north east

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Electric car industry leader Tesla Australia has leased a Cremorne warehouse in a leasing deal signed over the holiday period.
The near 700 square metre warehouse at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-cremorne-500641183" target="_blank">69 Cremorne Street</a> was leased by the electric car company on a two years lease at $118,000 gross plus GST.
Located on the eastern side of Cremorne Street between Swan and Kelso Streets, the freehold property adjoins Kangan Institute and their Richmond TAFE Campus.
It sits on 870 square metres and has a 15 metre frontage to Cremorne Street.
Gray Johnson agent Rory White, who negotiated the leasing, believes the Tesla occupancy is to complement the existing retail store, service centre and supercharger vehicle loading facility that is nearby at 650 Church Street in Richmond.
White said that the building, which was offered for lease and was vacant, attracted significant enquiry.
“The inner-suburban precinct of Cremorne has become a highly preferred destination for creative and specialist businesses including a number in the automotive sector and professional consultancies no doubt due to its proximity to all that adjoining Richmond offers together with its excellent accessibility to major road and freeway connections.
“Gray Johnson held multiple offers to enter into a lease over this property before the Tesla offer was judged as the preferred tenancy option” White says. 
Tesla has a service and supercharging facility nearby in Richmond. 
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Tesla Australia take out lease in Cremorne, Melbourne

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GUEST OBSERVER
Secret Agent has updated its price per square metre index for secondary apartments in inner Melbourne. 
An additional 478 apartments have been added to the index so that it now consists of a total of 870 apartments which have sold between 1st January 2016 to 30th June 2016. 
<a href="/images/2016/08/26/Screen%20Shot%202016-08-26%20at%2011.48.21%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/26/Screen%20Shot%202016-08-26%20at%2011.48.21%20AM.png" alt="">
The new average square metre rate for apartments in inner Melbourne is $8,679/sqm.
The inner South remains the most expensive region for apartments with the average totalling $9,664/sqm. 
This is closely followed by the inner East at $9,089/sqm. 
Central and inner North apartment rates are $8,466/sqm and $8,395/sqm respectively. The cheapest region to buy secondary apartments in is the inner West, at $7,124/sqm.
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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