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>

Joel Robinson

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

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Residential Market

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Taking up tenth position on the Most Discounted Properties Nationwide list from SQM Research is a two bedroom apartment in Harbour Esplanade, Docklands, which was first put on the market in July 2013.
Since first listing the price has been reduced $185,000, according to SQM Research managing director Louis Christopher.
He said the unit, <a href="https://www.realestate.com.au/property-apartment-vic-docklands-110224841" target="_blank">1602/231-245 Harbour Esplanade, Docklands</a>, is located within close proximity of public transport and is just minutes from Melbourne CBD. 
"The property made its way onto the market back in July 2013 with the vendor originally asking for offers above $650,000. Since then the vendor has reduced the price down to $465,000, a total reduction of $185,000," he said.
"The property consists of two bedrooms, one bathroom, and one secure undercover car space. Key features include Gas SMEG cooktop, stainless steel appliances, reverse cycle heating and cooling, ample storage space, and a dual access balcony.
"Over the past week 14 Endeavour Road, Georges Hall, NSW has sold by private treaty. The property was originally advertised with an asking price above $1.2 million, with the vendor only recently knocking this price down to $875,000. With a final sold price of $865,000, the new owner certainly grabbed a bargain, with the vendor selling the property a further $10,000 below the asking price. "
<a href="/images/2016/03/7/Screen%20Shot%202016-03-09%20at%208.01.55%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/7/Screen%20Shot%202016-03-09%20at%208.01.55%20AM.png" alt="">
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mick.cee-iDmgDDAmu8

Docklands offering on SQM's top 10 most discounted properties

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GUEST OBSERVER
With debate raging over who wins and who loses with proposed major changes to negative gearing, attention also falls on which Australian suburbs are most likely to suffer.
The Australian Financial Review recently discussed the “Top 10 suburbs set to suffer under negative gearing plan”. The Australian soon joined this scare campaign. Mandurah in Western Australia, where I spent a recent weekend, is on the AFR’s list.
When I grew up this was a lazy holiday town at the entry to an inlet. It’s now one of Australia’s fastest-growing suburbs with a 50-minute train connection to central Perth. Within walking distance of the town centre is a cluster of relatively recent medium-density mixed-use developments on or near the waterfront. The dolphins and crabs are prolific and opportunities for swimming, boating and kayaking are at everyone’s doorstep.
Unlike most outer suburban developments, the housing is relatively dense – mostly about four to five storeys high, with a couple of blocks up to ten storeys. This is a highly walkable neighbourhood with generous public space. Shops and cafes line much of the ground floor.
<h2>Built density but lacking intensity</h2>
This is not far from the kind of urban development we need a lot more of in Australian cities – places that encourage people to walk to work, shopping and recreation; where densities are high enough to support a good range of shopping and public transport.
The main problem here is that while the built density is relatively high, the population density is less than your average suburb.
The AFR article suggests this is the kind of place that is “set to suffer”, yet these parts of Mandurah already suffer from an occupancy rate that locals estimate at 20%. The empty housing has had a spillover effect into empty shops and offices, empty streets and parks, and poor public transport.
The public space is bereft of vitality (and the safety that comes with it); beaches, parks and walkways are largely empty even on a warm February weekend. While there is lots of built density, there is little intensity of public life. The streets are lined with empty shops used as billboards for real estate and financial services.
<div class="enlarge_hint">While much of this is holiday housing, it is within commuting distance of a major city. How much of it is going to waste simply because those who own it can profit from making a loss under the current negative-gearing rules?</div>
<h2>Bringing empty housing onto the market</h2>
While curbing negative gearing would ease house prices in the short term, in the longer term suburbs like this are set to benefit because it will surely bring much of this empty housing onto the market. Then the synergies of higher-density mixed-use development within reach of good public transport will begin to come into play.
As more residents live within walking distance, more amenities will become viable. The more people walk or cycle, the better the health and transport outcomes.
Ultimately, this is the kind of vibrant walkable city we need to build more of to achieve serious reductions in CO2 emissions – places where we can live great and healthy lives with less reliance on cars.
It is impossible to say how much this production of empty architecture is a function of negative gearing since it also goes hand-in-hand with neoliberal markets and high disparities of wealth. However, the curbing of negative gearing will have a significant impact in getting empty housing onto the market.
This in turn could go some way to reversing this cycle of emptiness – bringing life to the shops, offices, streets, parks and public transport.
<h2>‘Positive gearing’ across Australia</h2>
This is not just a benefit to places like inner Mandurah. It also applies to other empty suburbs and even high-density inner-city neighbourhoods. Southbank and Docklands in Melbourne come to mind as places that produce largely empty buildings – density without intensity.
Negative gearing produces an underutilisation of urban space. The imperative to curb it has important implications for the future of Australian cities.
And this raises a further question – why stop there? If we are looking for new tax revenues that will help to balance the budget, curb CO2 emissions and increase the productivity and vitality of cities, then why not tax the underuse of urban space? Perhaps we could call it “positive gearing”.
Kim Dovey is professor, Architecture and Urban Design, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/kim-dovey-107660" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

How negative-gearing changes can bring life back to eerily quiet suburbs

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Mandurah (postcode 6210), the second-largest city in Western Australia, rounds off the top 10 most searched regional suburbs for 2015 on rent.com.au’s list.
The median rent for all rental properties advertised in Mandurah in the 30 days to the first week of February was $310 per week, same as the last quarter. 
In comparison, the surrounding suburbs of Coodanup, Dudley Park, Greenfields, Halls Head, Meadow Springs and Silver Sands were much expensive, with median rent for the same period at $370.
The rental price range in Mandurah varied from $215 for a one-bedroom place to $450 for four-bedrooms in the 30 days.
The average days on market for all rental properties advertised in Mandurah in the latest 90 days was 36 days, 17 days shorter than the previous quarter.
The number of rental properties advertised in Mandurah in the 30-day period rose sharply by 42 to 96 properties — 64 houses and 32 apartments — from the previous 30 days. 
There are a total of 1,899 rental properties in Mandurah, 56.4% of all properties there (ABS, Census Data, 2011). 
Mandurah is made up of 86.1% houses and 13.9% apartments.
Property Observer found these two examples for recent rented properties around the median on rent.com.au:
<img src="/images/2016/03/9/Screen%20Shot%202016-03-09%20at%208.23.11%20AM.png" alt="" width="624" height="436">
1. A three-bedroom house at <a href="https://www.rent.com.au/property-house-mandurah-6210-1356378" target="_blank">42 Cassowary Crescent</a> (above) is up for rent at $350 a week.
<img src="/images/2016/03/9/main.jpg" alt="" width="582" height="437">
2. A three-bedroom villa at <a href="https://www.rent.com.au/property-villa-mandurah-6210-1690152" target="_blank">1/48 Gibson Street</a> (above) can be rented for $310 per week.
The ASX-listed Rent.com.au Ltd achieved a record 615,405 unique visitors to its website in January, followed by more than 610,000 unique visitors in February.
Landlords are able to list their property for free in a limited time offer on <a href="https://www.rent.com.au/">rent.com.au</a>.
 
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jonathanchancellor-7SQnKwU6yx

Mandurah median rents stayed constant till early Feb, cheaper than surrounds: rent.com.au

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We receive lots of calls from property investors wanting to talk to us about developing. 
During our initial chat we discuss their goals and achievements to date with property. Usually we find that most people have at least one investment property, some have several. Some have built a house before but most haven’t. Then we discuss what property developing is like as an experience to see if they think it may suit them.
Property developing is not for everyone and I’ve found that you need to be somewhat flexible, have an open mind and be fairly non-controlling and decisive.  Without going into a Carl Jung type personality and psychological analysis, it can be hard to determine if a person is ready to embark on a development. But having entrepreneurial traits will help as things won’t always go to plan.
A good starting point is to ask yourself these questions: 
<ul>
<li>Do I understand what needs to be done?</li>
<li>Can I do what’s got to be done?</li>
<li>Do I have the necessary skills, resources, time, and team support?</li>
<li>Can I handle risk?</li>
<li>Can I create real value?</li>
</ul>
Property Bloom has managed many property developments over the years and as we've progressed, we’ve continually refined our process – with every development comes a new learning and we use this experience to improve what we do.  By doing this we’ve been able to save time, money and reduce a lot of the risk. 
Here's an example. The other day we reviewing plans for one of our projects and focussed turned to  the roof. We came up with a great look using various gables to break up the roof line.
Generally speaking, the more detail in the roof design, the more interesting but also the more expensive. We worked out if we used a more simple hip roof, the saving on trusses and roofing materials was substantial. We looked at a design with the hip roof and decided the money was best saved. The saving could be used in other areas that would actually add value like ducted air conditioning for instance.
If you are embarking on a development, due diligence is key. Find areas where there’s good demand and growth indicators with good infrastructure investment taking place.  This can indicate planned growth for the area. Then closely track what’s happening in the locations – fundamental research is just as, if not more important as statistical research to us.
Project managing your development involves dynamic relationships between several different parties. Building established and trusted relationships takes time. Your builder will be one of the most important people on your team so ensure they are efficient and build to the highest of standards. You should work closely with them to ensure all is running to schedule.
So if you find you are not set up to develop property and need a helping hand, then consider engaging a project manager who can help mitigate risk by using their tested methods, understanding of the cities and their suburbs they develop in, that can source good development sites and have a team of people  ready to get your development off the ground. Perhaps with a positive development experience under your belt, you'll be ready to tackle the next on your own.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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jochivers-wq5Bp59R5a

Are you ready to be a property developer? Jo Chivers

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First time buyers are reacting to the Australian house price boom by increasingly turning to investment property, apprehensive of missing out as a majority expect prices to rise, says a recent report by consulting firm Digital Finance Analytics.
According to the latest Property Imperative, a bi-annual report by DFA on the residential sector, the survey identified about 321,000 households as first time buyers with the majority seeking to purchase, or have recently buying an owner-occupied property (72%), while the rest preferring an investment property. 
Only 9% of these households expect to transact within the next 12 months, despite 53% believing house prices are set to rise in the same term.
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The Australian residential property market of 9.53 million dwellings is currently valued at over $5.86 trillion and includes houses, semi-detached dwellings, townhouses, terrace houses, flats, units and apartments with the value doubling in the past 10 years, says the report.
"It is one of the most significant elements driving the economy, and as a result it is influenced by state and federal policy makers, the Reserve Bank (RBA), banking competition and regulation and other factors. Indeed, the RBA is 'banking' on property as a critical element in the current economic transition," says Martin North, founder of DFA.
"Residential property remains in the cross-hairs of many players who wish to influence the economic, fiscal and social outcomes of Australia. In policy terms, debates around negative gearing and capital gains tax breaks for investment properties have hotted up."
Data from the CoreLogic RP Data Home Value Index shows dwelling values across Australia’s combined capital cities rose 0.5% in February, pushing home values 1.4% higher over the past three months.
Coming back to the survey, the biggest barrier for first timers to purchase include high house prices (52%), fear of unemployment (7%), finding the right property (24%) and rising costs of living (6%). In terms of financing, 60% of households will need to borrow more than they can currently obtain to transact, whilst 62% of households will consider using a mortgage broker to assist with the finance arrangements. 
The barriers do vary by state. In NSW, first time buyers were finding it more difficult to find a suitable place to buy (31%), whereas costs of living were less significant here. In WA, fear of unemployment (24%) and high prices (52%) were the most significant barriers. 
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First time buyers are split between looking for a house or a unit (in Sydney more are looking for a unit). A greater proportion (21.5%) this time were simply not sure what to buy, or where to buy, a rise from 4% in 2013, the survey showed.
A greater proportion of first time buyers in Sydney are likely to buy, or have bought a unit, rather than a house. In the other states, the preference for a house is stronger, though in Melbourne and Brisbane, it continues to drop. In Perth, house preferences are stronger. 
While comparing the elements influencing a buying decision, the report found a stronger focus on price in 2015. Schools are important, then access to transport, though almost all elements were traded away because of high prices. 
Whilst the ABS tweaked their estimates of first-time buyers taking a mortgage to adjust for the decline in first owner grants, they still give an incomplete picture. 
The traditional wisdom is that first time buyers are sitting out of the property markets, because prices are high, loans harder to get, and confidence is falling. However, one of the most significant developments surrounding first time buyers is that many more are now going direct to the investment sector. 
The original data from the ABS, shows a small rise in the month to 15.1% in December 2015 from 14.9% in November 2015. The DFA data for investor FTB also rose. 
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Also included in the DFA survey are more than 1.35 million households aspiring to purchase property, with 83% looking for owner-occupied and 17% investment. At the moment 21% are actively saving, hoping to buy sometime in the future.
The number of first time buyers are still sitting at around 13,000 a month in total, still well below the peaks in 2009. Our surveys indicate strong FTB investor appetite. The changed underwriting requirements are, however, having an impact. 
There are a number of drivers to this trend. 
First, most first time buyers were unable to afford to purchase a property to occupy, in an area that made sense to them and were being priced out of the market. 
Next, many were anxious they were missing out on recent property gains, so decided to buy a less expensive property (often a unit) as an investment, thanks to negative gearing, they could afford it. 
These buyers are hoping the growth in capital could later be converted into a deposit for their own home – i.e. the investment property is an interim hedge into property. Some are also teaming up with friends to jointly purchase an investment, so spreading the costs. In fact, about one third who purchased were assisted by the bank of mum and dad, and would consider an investment property by accessing their superannuation for property investment purposes. 
Given the heady state of property prices, the growth in investment property by prospective first time buyers is on one hand logical, on the other concerning. The report warns against increasing first-time buyer incentives. 
A deeper look at the trend shows the prospect of potential capital gains being the highest rated driver at 27%, whilst the desire for somewhere to live is just 27%. The prospect of tax savings is up to 12%, whilst the advantage of a First Home Owner Grant (FHOG) is falling away as these grants become less accessible (1%). Ten percent of buyers now expect to pay less than renting, whilst the prospect of greater security remains about the same. 
In conclusion, the report says first time buyers are being infected by the notion that property is about wealth building, rather than somewhere to live. The idea may be tested if interest rates rise later, or property prices fall from their current levels, it warns. 
The overriding result from the survey is the first time buyers are very fearful of missing out, and though recent changes to underwriting standards may cramp their style, but DFA still expects to see a continued rise in the number of first time investor buyers.  
For the report, <a href="https://www.digitalfinanceanalytics.com/blog/latest-dfa-household-survey/" target="_blank">click here</a>.
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First timers fearful of missing out, turning to investment property: DFA survey

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There's been a rush of designer own listings for auction across the inner city.
The interior designer Diane Fernandes and her foodie husband, Peter Kypreos, best known for co-founding Darlinghurst's Buffalo Dining Club, are looking to sell their renovated Zetland cottage.
McGrath agents Marnie Seinor and Brad Gillespie are expecting over $1.3 million at its March 12 auction.
The terrace has two bedrooms, each with original fireplaces.
Diane, whose projects have included Tokyo in Surry Hills and Jimmy Liks in Potts Point, teaches at Sydney Design School. 
The stylish Rozelle townhouse of interior stylist Natalie Fryer (above) didn't sell at auction yesterday, but then found a buyer after auction.
Lydnsey Kemp of Belle Property Balmain passed in the property at $2.05 million with four interested parties in the three bedroom Terry Street strata title property that was bought new in 2007 for $1.46 million.
Natalie set up her own property styling business, m2 Property Presentation six years ago which focuses on helping agents and vendors boost the appeal and saleability of their homes.
Last month McGrath agent, Angus Gorrie sold the home of Mary Brandon, owner of interior design firm MBBD.
Her four-bedroom property boasts views over Sydney Harbour across Cooper Park.
The View Street property fetched $2.72 million. 
This article was first published in the Sunday Telegraph.
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Designer listings aplenty across Sydney inner city

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Moelis managing director Andrew Martin and his wife Kate secured around $7.5 million for their Darling Point home last weekend through McGrath agent Ben Collier.
The couple paid $825,000 for the freestanding 1900's home and added a heated swimming pool.
The 525 sqm property has five bedrooms and three bathrooms.
The Martins are off to Paddington having paid around $10.5 million for the the converted furniture emporium sold by billionaire tech entreprenuer Mike Cannon-Brookes and wife, Annie late last year. 
Andrew has over 20 years of experience globally including roles at UBS and with Rothschild. 
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Moelis merchant banker Andrew Martin sells Darling Point for Paddo emporium

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Singer songwriter Missy Higgins, the ARIA award-winner, has secured a buyer for her Abbotsford red brick warehouse conversion, as her offering joined the 2016 early bird properties selling quickly and without disappointment.
Higgins paid $1.8 million in mid-2012 for the property (above) with ITN Architects refurb. It was listed by private treaty through Kay &amp; Burton with $2.1 million hopes. There's suggestions 21a Mollison Street, set a short walk to the Yarra River, Studley Park and Victoria Street shops, fetched $2.2 million.
"The market is rocking strong at all levels on almost all properties," said Melbourne buyers agent Mal James.
"Only C grade stock is failing and that is almost always a function of seller opinion versus market opinion on the price," he suggested.
Four sales above $6 million kept the trophy home markets turning over nicely, with agents in Sydney and Melbourne now complaining they don't have the prestige stock to match buyer demand.
Australian test cricketer vice captain David Warner and his wife Candice secured a bullish $7 million plus sale of their South Coogee home three weeks ahead of its intended weekend auction.
The sale was easily above the $6.25 million paid two years ago by the couple who listed following their $4 million purchase of a oceanfront building block in Maroubra. 
The South Coogee home, once rented by ealier owners to the cast of the Geordie Shore reality television show, sold through McGrath agent Bethwyn Richards.
There was also a $6.45 million Mosman pre-auction sale which the Simeon Manners agency declared for its 61a Muston Street offering.
In Armadale, the price of the under the hammer sale of 12 Barnato Grove through Kay &amp; Burton, was not released publicly.
But attendees said it was sold at $6.74 million with four bidders no doubt attracted to the cutting edge five bedroom home set in Nathan Burkett designed gardens that featured in '100 Australian Gardens &amp; Landscapes.'
There'd been initial $4.5 million-plus price guidance.
A pre-auction modern four bedroom Balwyn home sale presumably took third place on the sales' podium as it was listed with $6 million plus aspirations, selling at an undisclosed price well ahead of the weekend auction.
Piermont, at 4 Boston Road, was a newly completed Phillip Mannerheim-designed home, with eight car basement garage, in the suburb's omnipresent Chateau-style (below).
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The nation's cheapest weekend result was a house in the Brisbane suburb of Marsden. The $267,000 sale at 10 Birch Street secured a three bedroom house which last sold at $90,000 in 1993. It fell short of the $285,000 asking price when listed by private treaty last November.
With less stock on the market there were more sales at higher than reserve than in previous weeks.
Wildly exceding expectations, in Sydney's Kingsford, an unrenovated, three-bedroom house attracted 27 bidders who forced the price to $3,065,000 – $1,065,000 over its reserve.
It traded in 2008 for just $1,015,000 with NG Farah selling agent Glenn Farah saying the weekend result at 6 Forsyth Street was “out of line” with other results in the area.
The auction of a classic Pettit and Sevitt house at West Pennant Hills, where seven parties lodge 68 bids before the hammer fell at $1,237,500 for the unrenovated house at 31 Eaton Road – $237,500 more than the reserve.
In St Kilda, the 1919 Aston Court, Spanish Mission apartment at 2/43 Acland Street had been listed with $900,000 plus hopes. Last traded at $635,000 in 2003, the two bedroom was knocked down at $1.24 million.
Not so lucky in St Kilda was entertainment industry talent manager Pete Sofo whose Santorini, 214/3-7 Alma Road investment apartment offering now comes with a private treaty price of $469,000. Sofo's McGrath agents had it initially listed expecting $400,000 to $440,000 for its March 5 auction. It last traded at $287,000 in 2006.
There were fewer auctions held this week across the capital cities - 2,253 compared to last week's 2,701, and the clearance rate fell from 71 percent last week to 68 percent this week, according to CoreLogic RP Data.
This week’s result marked the first time below the 70 percent mark this year.
Volumes will head lower next week due to the Labour Day public holiday in Melbourne where auction clearance rates sat at 70 percent, having fallen from 74 percent last week, with clearance rates ranging from 75.2 percent in North East Melbourne to 62.5 percent in Outer East Melbourne.
In Sydney, clearance rates fell to 68 percent this week from 72 percent last week. Over the week, 684 auctions were held across the city, down from 919 last week and also lower than the 944 that went under the hammer last year.
The inner regions of Sydney have maintained strength this week, with City and Inner South (81.3 percent), Ryde (80.7 percent) and Northern Beaches (78 percent) showing the strongest auction clearance rates for the week.
Brisbane’s preliminary results show 52.3 percent of auctions and across the Gold Coast, a preliminary clearance rate of 32.4 percent was recorded this week.
Canberra had the nation's best clearance rate at 71 percent this week with prices between $287,000 for a $380 a week, 1990s Kingston flat rental and a $2,585,000 four bedroom home in Forrest.
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Few auctions missing the mark among early bird offerings 

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House prices have fallen considerably in Port Hedland, Derby and Karratha over the past year, according to JLL's Residential Market Review for February.
The report said Port Hedland, once a rival to Sydney for prices; has seen the median house price fall by -29.0% over the past year to $576,000 and is expected to fall further. 
"Prices in Derby have fallen -29.3% to $290,000. Prices in Karratha have fallen -21.7% to $428,000," it said.
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"Broome, not affected by mining, has nevertheless seen house prices fall -10.6% to $539,000."
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House prices fall in WA's Port Hedland, Derby and Karratha: JLL

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GUEST OBSERVER
The dawn of Autumn brings a fresh round of listings to the residential market, as vendors who have been waiting patiently for the holiday season to conclude begin to put their property up for sale.
 Listings in February are up by 50% for houses, 9% for townhouses and 14% for apartments compared to last month, albeit coming from the lowest turnover month of the year.
Increased supply equates to more choice for buyers. While bidding at auctions was strong and nominal prices were higher than last year, many properties in the inner suburbs have seen a decrease in real values since February 2015.
Average house prices in the inner suburbs were down 2% over the rolling quarter. After adjusting for inflation, the worst performer was the inner North, with median prices consistently falling each month since October 2015. Brunswick, Brunswick East and North Melbourne are all on Secret Agent's bust list for three or more rolling quarters. At the other end of the market, real prices in the inner South are on par with the highest point reached in 2015. With only small sale volumes, this statistic might be exaggerated, but it is supported by the underlying trend of rising house prices in this region. 
South Melbourne and Port Melbourne are the best performers, each experiencing four and three consecutive rolling quarters of price growth, respectively.
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Townhouses saw the biggest drop in price of all property types, down 4.5% over the past three months. This is great news for buyers, who were able to obtain more value for their money. The median price per square metre was down 16.5% to $6,300. Despite being well above the median price per square meter for houses, which currently sits at approximately $5,000 per square metre, this is well below the usual premium charged for the convenience townhouses offer to homeowners.
Apartments are the only market that saw a price increase this quarter compared to last, by nearly 2%. With mortgage rates still at an all-time low, many potential buyers are able to enter the market at the bottom end. Fitzroy is again on our apartment boom list, with Collingwood also joining as a high growth suburb in recent months. On the other hand, CBD apartments continue to fall in value, down 11% in real terms since this time last year. 
This trend is likely to continue as the year progresses and more supply is released to the market. The Melbourne CBD and Southbank areas have both experienced three rolling quarters of price decline. Secret Agent notes that precedents are still being broken at the higher quality end of the market. Our data does not accurately represent this part of the market and it needs to be considered from an observational perspective. Quality has been in short supply in the early parts of 2016. As a result, quality offerings are snapped up quickly once discovered by the general public.
The next few months will help set the tone for the rest of the year. The property market is highly topical at the moment with the expectation of a slow down in the economy. This could bring the debate of a potential bubble burst back into the public arena. However, the latest GDP figures show an economy that is still proving to be resilient. Over the coming months, Secret Agent intends to delve deeper into the economy and look at current expectations for the short to medium term.
Quarterly Scorecard
DEC 2015 - FEB 2016
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<img src="/images/2016/03/3/Screen%20Shot%202016-03-03%20at%2012.56.27%20PM.png" alt="" width="851" height="489">
For more information, <a href="https://secretagent.com.au" target="_blank">click here</a>.
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