<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 

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-2" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-2" dir="auto">
<section data-scroll-anchor="false" data-testid="conversation-turn-2" data-turn="assistant" data-turn-id="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" data-turn-id-container="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" dir="auto">
<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>
</section>
</section>

<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

Median Price

<html><body>
<div class="separator">
<span style="line-height: 1.3em;">I noted</span><span style="line-height: 1.3em;"> recently that it pays to be wary when studies invariably reveal that the "strongest" property price growth over a carefully specified time period proves to be in a random suburb located somewhere to the west of White Cliffs which you've almost inevitably never heard of.</span>
</div>
<div class="separator"> </div>
<div class="separator">Most likely the sample size for the data series is inappropriately miniscule, and the movements in median price are thus inclined to lurch around accordingly.</div>
<div class="separator"> </div>
<div class="separator">There was recently some debate, for example, as to whether property prices have actually been soaring even in regional New South Wales towns where the population has been in decline.</div>
<div class="separator"> </div>
<div>Sure, low interest rates have sparked a boom in Sydney property prices...but out in the sticks and even where the population is declining? <span>I don't believe so - that wouldn't make any sense at all! </span>
</div>
<div class="separator"> </div>
<div class="separator"><strong><span style="text-decoration: underline;">Regional median prices</span></strong></div>
<div class="separator"> </div>
<div>Check out in the two charts below the median price data for Lightning Ridge and Walgett which were two of the quoted suburbs where the median prices have apparently boomed by more than +75 per cent over the past decade despite being home to reportedly declining populations.  </div>
<div> </div>
<div>As you can see there are so few sales in any given month - indeed, there are zero transactions in many instances - that even the smoothed 6mMA average median prices can comfortably more than double (or halve) in the matter of only a few months.<br><br>The median price data is to all intents and purposes meaningless.</div>
<div> </div>
<div><a href="/images/2015/10/06/1%20-%20Lightning%20Ridge%20MEdian%20Prices.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/1%20-%20Lightning%20Ridge%20MEdian%20Prices.jpg" alt=""></div>
<div> </div>
<div><a href="/images/2015/10/06/2%20-%20Walgett%20Median%20Price.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/2%20-%20Walgett%20Median%20Price.jpg" alt=""></div>
<div> </div>
<div>
<div>
<strong><span style="text-decoration: underline;">Like-for-like sales</span></strong><br><br>If you want to work out what is really happening to house prices in a suburb, you ideally need to look at resales of the same properties.</div>
<div> </div>
<div>And even then you need to find like-for-like sales or else improvements can skew the data viciously higher. </div>
<div> </div>
<div>Take the below 1,000sqm block in Lightning Ridge which according to my sales history database appears at first blush to have increased in value to by an outlandish 1,400 per cent since 2003! </div>
<div> </div>
<div>Until, that is, you realise that the owner has recently developed the block with two brand new homes - a 4 bedroom house and a 2 bedroom home - with a combined rental of $550/week.<br><br>This is fairly typical of price action which skews the median price data upwards, but it is clearly manufactured rather than endogenous growth.</div>
<div> </div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.47.04%20AM.png" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.47.04%20AM.png" alt="" width="861" height="655"></div>
<div> </div>
<div><span>If you look at genuinely like-for-like sales in Lightning Ridge, however, such as the below recent sale on a 1,110sqm block, you'll find that capital growth over the past quarter of a century or so has been much closer to zero per cent. </span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.48.32%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.48.32%20AM.png" alt="" width="786" height="571"></span></div>
<div> </div>
<div><span>And it's a similar story in nearby Walgett, with the below house having achieved capital 'growth' over the past 25 years of negative $1,000.</span></div>
<div><span> </span></div>
<div><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.50.55%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.50.55%20AM.png" alt="" width="771" height="554"></span></div>
<div>
<div>As for booming prices in Hay, which was another suburb quoted as having boomed by more than +70 per cent despite a declining population, there also appears to be very little exciting to see here when you look at like-for-like resales over time, with total capital growth since 2006 on this example property of only $1,000.</div>
<div> </div>
<div>Click to enlarge</div>
<div><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.52.21%20AM.png" alt="" width="773" height="516"></div>
</div>
<div><span> </span></div>
<div>
<div class="separator">Yet anothern NSW suburb which is quoted as having soared in value by more than +70 per cent despite its declining population was Brewarinna. </div>
<div class="separator"> </div>
<div class="separator">Over the past year the suburb has recorded median price growth of precisely +25.00 per cent - with the median price having increased to exactly $100,000 - apparently impressive numbers, even if they do appear to be suspiciously round in nature.</div>
<div class="separator"> </div>
<div class="separator">It's only when you realise that the entire data series is based on the grand total of eleven home sales that you realise how meaningless the median price data really can be.  </div>
<div class="separator"> </div>
<div class="separator"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div class="separator"> </div>
<div class="separator">Now don't get me wrong, I am very much on board with the argument that easy credit flows can be and is one of the primary drivers of dwelling prices.</div>
<div class="separator"> </div>
<div class="separator">Indeed, it is the very fact that today folk can borrow money at a 4 per cent cost of capital instead of double digit mortgage rates which is perhaps <em><strong>the</strong> </em>most significant factor in rising dwelling prices. </div>
<div class="separator"> </div>
<div class="separator">What I am saying, however, is that median dwelling prices in regional towns should be treated with a great deal of caution, if not dispensed with altogether.</div>
<div class="separator"> </div>
<div class="separator">As a penultimate point, I would also question whether a Sydney suburb where the population has ticked down by -0.2 per cent really has a "declining" population, when this is more likely to be simply a shift in the composition of households.</div>
<div class="separator"> </div>
<div class="separator"><a href="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.53.53%20AM.png" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2015/10/06/Screen%20Shot%202015-10-06%20at%209.53.53%20AM.png" alt="" width="773" height="339"></div>
<div class="separator">
<div class="separator">Indeed, it is the very <a href="https://petewargent.blogspot.co.uk/2015/03/population-growth-and-property-price" target="_blank">l</a>ack of population growth in some landlocked suburbs - reflective of the fact that they are fully built out - which makes them more appealing for investment purposes. </div>
<div class="separator"> </div>
<div class="separator">On a related note, you'd have a tough time convincing the residents of, say, Orange, Dubbo, Lismore or Parkes of their supposedly declining populations, whatever the suburb level or LGA stats may say...but that's a debate for another day! </div>
<div class="separator"> </div>
<div class="separator">
<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>
</div>
</div>
</div>
</div>
</body></html>

pwargent-M4siyDbqQY

Rubbery suburb median prices: Pete Wargent

<html><body>
<p><span>Despite a median house price of $706,000 and apartment price of $545,500, many of Melbourne’s desirable suburbs boast homes at $200,000-plus, the REIV pinpointing the inner north and south of the city.</span></p>
<p><span>Melbourne’s most affordable one-bedroom apartments are located in Carlton – which recorded a June median price of $207,750.</span></p>
<p><span>Carnegie, in Melbourne’s south-east, delivered a median for similar sized apartments of $292,500.</span></p>
<p><span>“Affordable property around Melbourne is not restricted to the outer suburbs," </span><span>REIV chief Enzo Raimondo said. </span></p>
<p><span>"Apartments allow first home buyers to get a foothold on the property ladder, especially in highly sought after areas such as Carlton,” he said. </span></p>
<p><span><a href="https://www.realestateview.com.au/portal/search?rm=search&amp;journeyplanner=0&amp;jpwkend=0&amp;jpday=1&amp;jpdate=1&amp;jpstime=0&amp;jpetime=0&amp;P=1&amp;ptr=r&amp;con=D&amp;portalview=residential&amp;portalsection=sold&amp;bs=12&amp;sub=Carlton+VIC+3053%2C+&amp;sur=bord&amp;pt=uni&amp;prl=0&amp;prh=300&amp;bel=0&amp;beh=0" target="_blank">Realestateview.com.au </a></span><span>sales show a strong student accommodation presence.</span></p>
</body></html>

jchancellor-FAypfDUnLy

Carlton's $207,000 apartment median 

<html><body>
<p>With home values rising across most capital cities, the proportion of home sales below $400,000 continues to trend lower making it harder for price-sensitive buyers to purchase into capital city markets.</p>
<p>Over the 12 months to July 2015, combined capital city home values have increased by 11.1%. Most capital cities also have median prices which are now above $400,000 resulting in fewer more affordable properties available for sale.</p>
<p>37.4% of all home sales nationally were at less than $400,000 compared to 52.0% between $400,000 and $1 million and 10.6% over $1 million over the 12 months to June 2015. Sales below $400,000 were at a record low over the past year and sales above $1 million were at a record high. Focusing just on capital cities, 25.1% of home sales were under $400,000, 60.1% were between $400,000 and $1 million and 14.8% were in excess of $1 million.</p>
<p><a href="/images/2015/08/31/2015-08-30--01--annual-capital-city-home-sales-price-point-over-time.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/2015-08-30--01--annual-capital-city-home-sales-price-point-over-time.jpg" alt=""></p>
<p><span>Ten years ago, the proportion of sales under $400,000 had fallen sharply relative to 10 years earlier. At this time, 66.2% of houses and 73.8% of units had sold over the year for less than $400,000. In comparison, 4.0% of houses and 2.3% of units across the capital cities sold for more than $1 million.</span></p>
<p><a href="/images/2015/08/31/2015-08-30--03--sales-price-point-year-june-2005.jpg" target="_blank">Click to enlarge</a></p>
<h3><strong>% of sales by price point – year to June 2005</strong></h3>
<p><img src="/images/2015/08/31/2015-08-30--03--sales-price-point-year-june-2005.jpg" alt=""></p>
<p><span>Five years ago, around a third of all capital city house sales (34.1%) and 46.4% of units sold for less than $400,000. At the same time, 10.1% of capital city houses and 3.8% of units sold for more than $1 million.</span></p>
<p><span>Click to enlarge</span></p>
<h3>% of sales by price point – year to June 2010</h3>
<p><img src="/images/2015/08/31/2015-08-30--04--sales-price-point-year-june-2010.jpg" alt=""></p>
<p><span><span>Over the past year, Canberra (7.4%) and Sydney (7.8%) have recorded the lowest proportion of house sales under $400,000 over the year. Hobart (61.2%) was the only city to have more than half of all house sales over $1 million. The unit market offers more opportunity to purchase below $400,000 however, each of Sydney (16.3%), Melbourne (35.9%), Perth (38.5%), Darwin (29.7%) and Canberra (43.3%) recorded a majority of unit sales above this price point.</span></span></p>
<p> </p>
<p><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%203.35.58%20PM.png" target="_blank">Click to enlarge</a></p>
<h3>% of sales by price point – year to June 2015</h3>
<p><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%203.35.58%20PM.png" alt="" width="763" height="303"></p>
<p>There was a record high proportion of houses and units sold for more than $1 million over the past 12 months. In Sydney, more than a third of all houses (36.8%) sold for more than $1 million. Melbourne had the second highest proportion of sales over $1 million (17.7%). Although Melbourne had a record high proportion of houses sold over $1 million it was less than half the proportion of sales in excess of $1 million recorded in Sydney. For units, Sydney had the highest proportion of sales over $1 million (11.6%) and was the only capital city in which more than 10% of unit sales were in excess of $1 million. In fact, Sydney had a higher proportion of unit sales over $1 million than each of Brisbane, Adelaide, Hobart, Darwin and Canberra had for houses.</p>
<p>Although we anticipate that the rate of capital growth will slow over the coming year we still expect values to generally rise. As a result we would expect a further decline in the proportion of homes selling below $400,000.</p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
<p> </p>
</body></html>

tlawless-5VLUrbAk9s

Proportion of sales below $400,000 keeps falling: Tim Lawless

<html><body>
<p class="first-para">GUEST OBSERVER</p>
<p>The median house in Sydney surpassed the million dollar mark in July and is now valued at $1,017,500. In the quarter ending July, the Sydney median house value grew an astonishing 7.58%. The average quarterly growth rate of all other capital city house markets was just 0.92%.</p>
<p><a href="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" alt="" width="723" height="464"></p>
<p>The annual rate of growth for Melbourne houses was 9.07 per cent, bringing the median house value to $683,000. Growth for the month was significantly lower, at just 0.13 per cent. </p>
<p>Brisbane houses performed steadily in the year to July, however performance was down in the unit market due to an overhang of stock. Commencement of the Queens Wharf development in the heart of the Brisbane CBD (a complex which will include 2,000 new apartments) is likely to place further downward pressure on the growth of Brisbane units. </p>
<p>The worst performing areas in the year to July were once again the resource states. Perth houses contracted 4.34 per cent while Darwin unit values dropped 6.41 per cent. </p>
<p>Table 1 presents the market performance summary for July.</p>
<p><a href="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" alt="" width="818" height="716"></p>
<p><span><strong>A Note on the Resource Markets</strong></span></p>
<p>A number of commodity prices have tumbled in the last year. The iron ore price averaged just AUD $69 per dry metric tonne over the month of July, which is a 13.88 per cent reduction from the previous month. </p>
<p>Australian Thermal Coal remained steady over the last month, averaging AUD $85.75 per pound. However, this is a significant reduction from the peak price in 2008 when coal averaged over AUD $200. </p>
<p>World Bank data shows that resources boomed in the early 2000’s, following a long period of low valuation between the 1970’s and the 1990’s. While it appears that commodities are in a correction period, values have not fallen so drastically that prices are below what they were a decade ago. </p>
<p>In response to the decline in commodity prices, many suppliers, including BHP Billiton and Rio Tinto, chose to increase efficiency and cost cutting as opposed to reducing supply. This is likely due to larger producers taking advantage of the fall in commodity values to pressure smaller suppliers out of the market. </p>
<p>In line with cost cutting, thousands of mining positions have been terminated across South Australia, the Northern Territory and Western Australia. This, coupled with the completion of mining construction projects, is exacerbating economic downturn in the resource states.</p>
<p>Deterioration may be slightly offset in the short term due to the devaluation of the Yuan, which will make Chinese steel exports more competitive and drive demand for Australian Iron Ore, an input in steel production.</p>
<p>Commodity prices have a strong lead lag effect on dwelling values in the resource state capitals. As commodity prices stabilise at significantly lower levels, the Darwin and Perth dwelling markets are also stabilising.</p>
<p>To put the current growth cycle in perspective, I have provided the historical House Price Index (HPI)<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-1"><span>[1]</span></a>data for Darwin and Perth in Graphs 2 and 3.</p>
<p><a href="/images/2015/08/31/Graph_2_Perth_HPI.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_2_Perth_HPI.jpg" alt="" width="816" height="523"></p>
<p> </p>
<p><a href="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" alt=""></p>
<p> </p>
<p>The graphs show that, like commodity values, dwellings in the resource capitals are no longer in a stage of rapid growth as they were between 2000 and 2008. </p>
<p>The Perth and Darwin markets are currently in a correction period, which is indicated by the downward movement of the HPI. However, putting the dwelling positions into a larger historical context shows they have not drastically collapsed. </p>
<p>During the mining boom, the Perth market saw annualised growth rates as high as 40 per cent in 2006. However, these growth rates were met with corrections as large as 10 per cent in 2009. The end of the mining boom has restored growth cycles that are much more subdued than these levels. </p>
<p><span><strong>The New Normal – Ownership and Lifestyle in the Age of Population Convergence</strong></span></p>
<p>Growth in the Sydney and Melbourne markets have concerned lending institution regulators, and hopeful investors and homeowners.</p>
<p>As discussed in previous newsletters, there is little evidence attributing foreign investment and tax structures to the surge in property values. I have not found sufficient data to argue rigorously that these forces are driving up prices. </p>
<p>There is another force that I believe may be attributed to house and unit value increases – particularly in Sydney: the concept of population convergence. </p>
<p>In 2005, American urban studies theorist Richard Florida built a case for population convergence. Measuring economic production, levels of innovation and population, Florida found that population and economic activity were converging to a few large cities around the world. </p>
<p>Evidence suggests that Sydney could be one of these cities. This would account for the positive returns on Sydney property over the last three years, which according to Residex data has averaged a rapid 3.05 per cent per quarter. </p>
<p>At the time of Florida’s study in 2005, Sydney was one of just 60 cities around the world that had a population of approximately five million or more. Using World Intellectual Property Organization and U.S. Patent and Trademark data, Florida also found that Sydney was one of just 20 cities around the world to be fostering significant levels of innovation. </p>
<p>Population density in Sydney has increased approximately 16 per cent between 2000 and 2012, according to data from Charting Transport. Increased density and the presence of more investors in the property market has led to an increase in the supply of units over houses. From September 2012, unit commencements have regularly outperformed housing builds, which can be seen in Graph 4. This further implies that most development is occurring in urban, densely populated areas.</p>
<p><strong>Graph 4: Sydney Dwelling Commencements</strong></p>
<p><a href="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" alt="" width="752" height="479"></p>
<p>Population convergence theory could explain the growth in the house and unit markets, and signal that such growth is likely to continue. This is not unprecedented. Values and rents have skyrocketed in cities around the world, including Singapore, New York, London and Tokyo over the last few decades.</p>
<p>High rates of property growth are not just reflected in a desire to be near amenities, culture and cosmopolitan environments. Density also brings productivity advantages through economies of scale. It increases connectivity and knowledge sharing. In turn, these things create more jobs and attract a higher population, reinforcing population convergence.</p>
<p>In response to higher density living, many people have begun to adjust their standards of living in Sydney. However, a level of development resistance could further increase prices, such as a court ruling earlier this year which will see the minimum approval unit size in Sydney increase by 30 per cent<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-2"><span>[2]</span></a>.</p>
<p>The methods inhibiting development are wide and diverse and therefore difficult to fully quantify; the prevention of new development can come from environmental regulation and community resistance.</p>
<p>These forces prohibit development of popular space and undermine innovations used to adapt to higher density, such as the micro-apartment movement. Resistance to development can also preserve a higher standard of living in Sydney, which – for those who can afford it – is clearly in demand. </p>
<p>Assuming Florida was right in his theory of population convergence, Sydney could see strong house value increases over the next few quarters before stabilising at a level that even the most wealthy and mobile will find excessive. </p>
<p><em>Eliza Owen is market analyst for Onthehouse.com.au and can be contacted <a href="https://investors.onthehouse.com.au/" target="_blank">here</a>.</em><a href="https://investors.onthehouse.com.au/"><br></a></p>
</body></html>

Sydney house median passes $1 million mark: Onthehouse's Eliza Owen

<html><body>
<p><span>The Real Estate Institute of Western Australia has listed the top ten most affordable suburbs in Perth rated on median house price for the year to June 2015 with no changes from the 2014 list.</span><br><br>Medina, Calista, Camillo, Hillman and Armadale round out the top five.</p>
<p>1. Medina</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$258,750</td>
<td>$289,000</td>
<td>$318,125</td>
<td>$375,000  </td>
</tr>
</tbody></table>
<p> </p>
<p>2. Calista</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$287,750 </td>
<td>$320,000 </td>
<td>$349,000 </td>
<td>$613,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/calista/" target="_blank" title="View properties for sale in Calista - reiwa.com"></a><br>3. Camillo</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$290,000 </td>
<td>$320,000 </td>
<td>$353,000</td>
<td>$462,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/camillo/" target="_blank" title="View properties for sale in Camillo - reiwa.com"></a><br>4. Hillman</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$300,000 </td>
<td>$320,000 </td>
<td>$340,625</td>
<td>$400,000 </td>
</tr>
</tbody></table>
<p> </p>
<p>5. Armadale</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$295,000 </td>
<td>$325,000 </td>
<td>$359,250</td>
<td>$850,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/armadale/" target="_blank" title="View properties for sale in Armadale - reiwa.com"></a><br>6. Parmelia</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$301,375 </td>
<td>$325,250 </td>
<td>$355,000 </td>
<td>$445,000 </td>
</tr>
</tbody></table>
<p><a href="https://reiwa.com.au/for-sale/parmelia/" target="_blank" title="View properties for sale in Parmelia - reiwa.com"></a><br><br>7. Brookdale</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$297,500 </td>
<td>$330,000 </td>
<td>$357,500 </td>
<td>$401,000 </td>
</tr>
</tbody></table>
<p> </p>
<p>8. Orelia</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$300,000 </td>
<td>$340,000 </td>
<td>$409,000 </td>
<td>$535,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/orelia/" target="_blank" title="View properties for sale in Orelia - reiwa.com"></a><br>9. Cooloongup</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE </th>
</tr>
<tr>
<td>$311,000</td>
<td>$340,000 </td>
<td>$379,000 </td>
<td>$549,000 </td>
</tr>
</tbody></table>
<p> </p>
<p><a href="https://reiwa.com.au/for-sale/cooloongup/" target="_blank" title="View properties for sale in Cooloongup - reiwa.com"></a><br>10. Leda</p>
<table class="data-table"><tbody>
<tr>
<th>LOWER QUARTILE</th>
<th>MEDIAN HOUSE PRICE</th>
<th>UPPER QUARTILE</th>
<th>HIGHEST SALE PRICE</th>
</tr>
<tr>
<td>$318,500 </td>
<td>$340,000 </td>
<td>$390,000 </td>
<td>$480,000 </td>
</tr>
</tbody></table>
<p><a href="https://reiwa.com.au/for-sale/leda/" target="_blank" title="View properties for sale in Leda - reiwa.com"> </a></p>
</body></html>

jonathanchancellor-7SQnKwU6yx

The ten most affordable suburbs in Perth

<html><body>
<p><span style="line-height: 1.3em;">Home values in Hobart are lower than they were five years ago although improving, </span>according<span style="line-height: 1.3em;"> </span>to the<span style="line-height: 1.3em;"> CoreLogic RP Data Housing Market and Economic Review for August.</span></p>
<p><span style="line-height: 1.3em;">The current median price for a home in Hobart is $320,000, with units at $281,900.</span></p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.04.49%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%206.04.49%20PM.png" alt=""></p>
</body></html>

Hobart home values remain lower than five years ago: CoreLogic RP Data

<html><body>
<p>The private treaty median price for a home in Sydney hovers above $880,000 with Melbourne at $565,000 and Canberra at $560,000, according to CoreLogic RP Data.</p>
<p>Unit median prices in Sydney are $670,000, Darwin $520,000 and Melbourne $460,000.</p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.53%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.53%20PM.png" alt=""></p>
<p><a href="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.58%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/08/25/Screen%20Shot%202015-08-25%20at%203.48.58%20PM.png" alt=""></p>
</body></html>

mick.cee-iDmgDDAmu8

Sydney private treaty median house price hovers above $880,000: CoreLogic RP Data

<html><body>
<p><span>Perth's median house price fell 3.6% in the June quarter, the largest median house price fall since the September 2013 quarter.</span></p>
<p><span>David Airey, president of the REIWA said the median price units and apartments also fell and the soft market he had forewarned for 2015 had arrived.</span></p>
<p><span><span>“The metropolitan median house price dropped from $550,000 to $530,000, and units, apartments, villas and townhouses saw their median price drop from $440,000 to $420,000," Mr Airey said. </span></span></p>
<p><span>“It was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price in the country dipping by around $4,500 to $325,000.</span></p>
<p><span><span>Mr Airey said </span></span><span style="line-height: 1.3em;">there is a market correction underway in WA and many sellers are having to discount to find a buyer, however s</span><span style="line-height: 1.3em;">ome of this fall can be attributed to the composition of sales, with a greater turnover of more affordable properties pulling the median downwards.</span></p>
<p><span>“Across the metropolitan area, almost 60% of sellers reduced their asking price to seal the deal, and where that happened a discount of around 6% was the average reduction," MR Airey said.</span></p>
<p><span>“There were 10,200 sales in the June quarter, down by 900 in the previous quarter, but more significantly, down 21.5% in turnover from the same time last year."</span></p>
<p><span>At the end of the quarter rental property vacancy increased 23% from the March quarter to 8,128 properties - 40% more than the corresponding period in 2014.</span></p>
<p><span>Metropolitan median rent dropped $10 to $420 per week, with overall median rent falling by $55 over the last two years.</span></p>
<p><span style="line-height: 1.3em;">The Office of State Revenue took 4,820 First Home Owners Grant applications, down 21% from the same period last year.</span></p>
</body></html>

po-LsXgBTHBmX

Perth's median house price falls in June quarter: REIWA

<html><body><div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>A median price is a commonly used measure of pricing in the housing market. It represents the </span><span>‘middle’ </span><span>sale price in a list of transactions arranged in ascending (or descending) order. </span></p>
<p><span>For example, if there were eleven house sales across a suburb, the median would be the sixth most expensive sale which means that there would be an equal number of more expensive and more affordable properties. </span></p>
<p><span>It is valuable to look at other measures such as quartiles from time-to-time as this methodology provides a reflection of the more affordable and more expensive segments of the housing market in a region. If a region had 21 sales over a period the lower quartile would be the 6th cheapest sale and the upper quartile would be the 6th most expensive sale. </span></p>
<p><span>The </span><span>difference across the lower and upper quartiles provides us with more than just a view of range in prices; quartile measures also provide an indication of the diversity of housing stock in a region. A good example of this is the high profile suburb of Point Piper in Sydney which has significantly diverse housing stock due to its harbourside location. The lower quartile price is still hefty at $4,720,000 however, the upper quartile comes in at $30,000,000; more than six times the lower quartile price. </span></p>
<p><span>For </span><span>this analysis we are highlighting the capital city suburbs with the least difference between the bottom and top quartile; or the least amount of diversity in housing </span><span>stock.</span></p>
<p><span>For houses, Strathmore Heights in Melbourne has shown the smallest difference at just 5.6% based on sales over the past year. Across the unit market the suburb with the smallest differential between the lower and upper quartile was Albany Creek in Brisbane at just 1.3%. </span></p>
<p><span>Of surprise is the fact that very few of the suburbs listed for either houses or units are relatively new development areas. </span><span>In </span><span>fact across both product types the areas can generally be classified as established suburbs with relatively few new homes over recent years. This would tend to indicate that at the time of development many of the homes built were fairly similar and since that time relatively little in the way of renovation may have taken place.</span><span><br></span></p>
<p><span>The </span><span>results suggest that these suburbs have very little difference between precincts within the suburb. What this means is there are no areas particularly more or less desirable within these suburbs and this is reflected by the fact there is relatively little price variation throughout the </span><span>suburb</span><span>. </span></p>
<p><span>While using a median price as a measure is common across the property industry, by looking at quartiles it enables us to provide greater insights into the dynamics of a particular market. </span><span>These </span><span>insights simply </span><span>aren’t </span><span>available when medians are the </span><span>focus</span><span>. </span></p>
<p><span>The </span><span>results also reiterate that the median represents the typical housing cost but above and below that figure there can be significant variation in quality and cost or there can be very little </span><span>difference</span><span>. </span></p>
<p><a href="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.17.20%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.17.20%20PM.png" alt=""></span></p>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span> </span></p>
</div>
</div>
</div>
</div>
<p><span> </span></p>
<p><a href="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.18.38%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/07/30/Screen%20Shot%202015-07-30%20at%201.18.38%20PM.png" alt=""></span></p>
<p><em>Tim Lawless is head of the CoreLogic RP Data research and analytics team and can be contacted <a href="https://blog.corelogic.com.au/author/timlawless/" target="_blank">here</a>.</em></p>
</div>
</div>
</div>
</div></body></html>

Suburbs with the least diversity in housing stock: CoreLogic RP Data's Tim Lawless

<html><body>
<p>Housing capital gains in Melbourne eclipsed those made through units over the past 12 months with an 11.2% and 2.4% increase respectively.</p>
<p>The CoreLogic RP Data <span>Housing and Economic Market Update noted the current median price of a home in Melbourne is $615,000 and units $480,000.</span></p>
<p><span>The chart tracks prices back to 1997.</span></p>
<p><a href="/images/2015/07/28/Screen%20Shot%202015-07-28%20at%205.48.08%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/07/28/Screen%20Shot%202015-07-28%20at%205.48.08%20PM.png" alt=""></p>
</body></html>

Median Price

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Median Price

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News