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.
</section>
</section>

[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

<html><body>
<h1> </h1>
Capital city price growth will slow in the new year to between 2 and 5%, with price growth from Sydney and Melbourne unlikely to meet that of 2015, according to new data released from Domain.com.au.
The Domain State of the Market report states while house prices are expected to increase in 2016 across all capital cities, they will do so at more subdued rates.
Domain.com.au senior economist Dr Andrew Wilson said buyers and sellers will see a significant change to the dynamic of Australia’s capital city housing markets in 2016.
“Australian housing markets have generally experienced a rollercoaster ride of buyer activity and prices growth through 2015, in the face of dramatic changes to interest rates, he said.
"Depending on local supply and demand, we are likely to see house price growth of between two and five per cent over the next 12 months. The extraordinary prices growth reported by Sydney and to a lesser degree Melbourne over the past year will not be matched over 2016, with those markets rapidly returning to the pack. 
"While the housing market is likely to be relatively subdued comparatively, it is likely that activity from some buyer types – particularly investors – will remain robust and increase. Despite higher interest rates, investors will be drawn to the relatively high yields available and continued taxation advantages – particularly for small-scale investors."
National house price growth expectations for 2016 The following table outlines the expected house price growth for each capital city: 
<div dir="ltr">
<table>
<colgroup>
<col width="184">
<col width="176">
</colgroup>
<tbody>
<tr>
<td colspan="2">
2016 mid-range house price growth forecasts
</td>
</tr>
<tr>
<td>
Sydney
</td>
<td>
4%
</td>
</tr>
<tr>
<td>
Melbourne
</td>
<td>
5%
</td>
</tr>
<tr>
<td>
Brisbane
</td>
<td>
4%
</td>
</tr>
<tr>
<td>
Adelaide
</td>
<td>
4%
</td>
</tr>
<tr>
<td>
Perth
</td>
<td>
2%
</td>
</tr>
<tr>
<td>
Hobart
</td>
<td>
4%
</td>
</tr>
<tr>
<td>
Darwin
</td>
<td>
3%
</td>
</tr>
<tr>
<td>
Canberra
</td>
<td>
4%
</td>
</tr>
</tbody>
</table>
</div>
</body></html>

mick.cee-iDmgDDAmu8

Melbourne to lead, as housing market growth tipped to slow in 2016: Domain.com.au 

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A two-bedroom home at 193 Scenic Drive, Budgewoi sold at weekend auction for $339,500 by One Agency Eastlakes.
The pre-auction marketing was suggesting $275,000 plus price expectations for the <a href="https://www.realestate.com.au/property-house-nsw-budgewoi-121282678" target="_blank">brick veneer house</a>. 
CoreLogic RP Data put the median house price of the NSW Central Coast suburb <a href="/news">at a record $360,000</a>.
The New South Wales central coast suburb of Budgewoi was consistently one of Australia's worst performing suburbs for value of mortgage delinquencies, according to Fitch Ratings.
In September last year, Kingston, Queensland's 4114 postcode, took over Budgewoi's title as the suburb with the highest value of mortgage delinquencies.  
</body></html>

jchancellor-FAypfDUnLy

Budgewoi sale at 20% premium to auction price guidance

<html><body>
Melbourne has a record pre-Christmas Saturday auction next weekend with more than 730 scheduled auctions.
Fairfax Domain senior economist Dr Andrew Wilson told Fairfax Media Melbourne was going to finish the year with a lot of confidence while Sydney buyers were "just over it". 
"Melbourne will have a pre-Christmas bonanza – it is a record Saturday before Christmas and I think that really does capture the divergence between the two cities."
Dr Wilson suggested the Sydney clearance rate had stabilised with volumes well down from last year.
"It's a sign it has stopped the precipitous fall."
"Although clearance rates have fallen sharply over spring, consistent results over the past month with rates averaging 57.9% indicate a consolidation of market activity.
"This will provide some relief for sellers and a platform for a rebound in confidence next year," he blogged.
Evident again on the weekend of the continuing stark disparity between higher and lower-priced regional results across Sydney as outer suburban lower-priced markets to the west have been clear underperformers in the Sydney spring market shakeout – an outcome Dr Wilson suggested had been influenced by higher interest rates for residential investors.
The city and east recorded the highest regional clearance rate at 72.7% followed by the northern beaches at 70.6%, the inner west with 68.8 per cent, and the lower north at 65.1 per cent at weekend auction.
The overall 58.1% Sydney clearance rate was just above last weekend’s year-low result of 57.5%bbut well below the 75% recorded over the same weekend last year. 
Auction listings have faded over recent weekends following record levels of activity over spring. The 733 auctions listed on Saturday was well below the previous weekend’s 882 and also significantly below the 998 recorded over the same weekend last year.
Next weekend more than 300 homes are scheduled for auction in Sydney which Dr Wilson said nonetheless presented another challenge to the market just six days before Christmas.
<a href="/images/2015/12/14/Screen%20Shot%202015-12-14%20at%209.21.14%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/14/Screen%20Shot%202015-12-14%20at%209.21.14%20AM.png" alt="">
Source APM
</body></html>

Sydney over it, but Melbourne set for record pre-Christmas auction offerings

<html><body>
New REIV data shows that tenants can repay the mortgage on a $210,000 one-bedroom Carlton property for just $221 a week - $135 less than the suburb’s median weekly rent of $356. 
With a median apartment price of $335,000, one-bedroom apartments in Melbourne are also more affordable to buy than rent with weekly mortgage repayments of $352 - $49 less than the weekly median rent of $401.
Other suburbs offering value for money include two-bedroom apartments in Carrum Downs where mortgage repayments on a $267,750 property are $282 a week while the median rent for the same property type is $310 – a $28 weekly difference. 
These figures are based on median house prices by bedroom, a 10 per cent deposit and a three-year, fixed interest rate of 4.5 per cent. 
REIV CEO Enzo Raimondo said first home buyers are taking advantage of the low interest rate environment to enter the market at a price they can afford. 
“One and two-bedroom apartments allow first home buyers to get a foothold on the property ladder for what they are currently paying in rent,” he said. “Savvy buyers should also consider two-bedroom properties in Sunshine, where the median apartment price is $275,000 and mortgage repayments are $21 cheaper per week than the median rent.”
 
TOP MELBOURNE SUBURBS TO BUY RATHER THAN RENT:
 
<table style="width: 442px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>Suburb</td>
<td>Dwelling Type</td>
<td>Weekly Mortgage (Fixed)</td>
<td>Weekly Median Rent (Sep 2015)</td>
<td>Median Price (Sep 2015)</td>
</tr>
<tr>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
<td nowrap> </td>
</tr>
<tr>
<td nowrap>PAKENHAM</td>
<td nowrap>3-bedroom unit</td>
<td nowrap>$294</td>
<td nowrap>$300</td>
<td nowrap>$280,000</td>
</tr>
<tr>
<td nowrap>CARLTON</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$221</td>
<td nowrap>$356</td>
<td nowrap>$210,000</td>
</tr>
<tr>
<td nowrap>MELBOURNE</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$352</td>
<td nowrap>$401</td>
<td nowrap>$335,000</td>
</tr>
<tr>
<td nowrap>SOUTHBANK</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$447</td>
<td nowrap>$465</td>
<td nowrap>$425,000</td>
</tr>
<tr>
<td nowrap>NOBLE PARK</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$201</td>
<td nowrap>$210</td>
<td nowrap>$191,000</td>
</tr>
<tr>
<td nowrap>MITCHAM</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$303</td>
<td nowrap>$310</td>
<td nowrap>$288,000</td>
</tr>
<tr>
<td nowrap>ASCOT VALE</td>
<td nowrap>1-bedroom unit</td>
<td nowrap>$265</td>
<td nowrap>$270</td>
<td nowrap>$252,125</td>
</tr>
<tr>
<td nowrap>CARRUM DOWNS</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$282</td>
<td nowrap>$310</td>
<td nowrap>$267,750</td>
</tr>
<tr>
<td nowrap>SUNSHINE</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$289</td>
<td nowrap>$310</td>
<td nowrap>$275,000</td>
</tr>
<tr>
<td nowrap>PAKENHAM</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$264</td>
<td nowrap>$273</td>
<td nowrap>$251,000</td>
</tr>
<tr>
<td nowrap>WERRIBEE</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$246</td>
<td nowrap>$250</td>
<td nowrap>$234,000</td>
</tr>
<tr>
<td nowrap>CRAIGIEBURN</td>
<td nowrap>2-bedroom unit</td>
<td nowrap>$292</td>
<td nowrap>$295</td>
<td nowrap>$278,000</td>
</tr>
<tr>
<td nowrap>MELTON SOUTH</td>
<td nowrap>3-bedroom House</td>
<td nowrap>$257</td>
<td nowrap>$265</td>
<td nowrap>$244,000</td>
</tr>
<tr>
<td nowrap>MELTON</td>
<td nowrap>3-bedroom House</td>
<td nowrap>$258</td>
<td nowrap>$260</td>
<td nowrap>$245,000</td>
</tr>
</tbody></table>
 
Source: <a href="https://www.reiv.com.au" target="_blank">REIV</a>
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The top 14 Melbourne suburbs where it's cheaper to buy than rent: REIV

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GUEST OBSERVER
Our cities are slowing down. Traffic speeds have slowed in the world’s cities for 30 years and rail transit is now faster than road speeds in most cities.
Rail is needed in all of the world’s cities as it can enable travel time savings and space efficiencies no longer achievable by car and bus. Rail can carry 20 times as many people compared to a single lane of freeway and five to 10 times that of a bus way.
The problem for getting more rail is obviously funding. Prime Minister Malcolm Turnbull has stated that he wants to see a greater involvement of private sector funds in urban rail.
How can this be done?
<h2>The link between rail and development</h2>
Financing of rail in the 19th and early-20th century was undertaken through land development partnerships opening up new suburbs. It was profitable for the companies and created the tram and train suburbs we now love.
By the 1950s rail had lost its advantage as cars and buses offered up better time savings. These flexible modes could also open up land between the rail corridors and further beyond them. That era is over in most cities as easy land has been developed and traffic has stifled the time advantages.
We therefore need a different way of funding and financing rail projects that can bypass traffic and at the same time create opportunities to redevelop our cities.
The rail projects from 150 to 50 years ago were based on how much land could be developed to finance their projects. I have proposed a new entrepreneur-led rail approach based on how much land can be developed – or redeveloped – for financing the rail construction and operations.
This new approach turns traditional transport planning on its head.
<h2>A finance model for entrepreneurs</h2>
Instead of predicting numbers of people who could use a railway line based on present land use, this model starts by predicting how much land can be developed as the fundamental source of the funding.
After we plan the land development as the basis of financing we can estimate the potential number of people using the railway. The government, in partnership with private proponents, can assess different levels of passengers based on different levels of land development.
This is therefore an entrepreneur’s approach to rail. It cannot be done simply by government planners as land development is mostly a private enterprise activity.
The process is therefore reversing the traditional transit planning approach, as you can see below. On the other hand the entrepreneur’s approach starts with land use, develops financing (and funding) from this and then can estimate transit numbers as the basis for detailed infrastructure planning.
<a href="/images/2015/12/11/Screen%20Shot%202015-12-14%20at%208.24.15%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-14%20at%208.24.15%20AM.png" alt="" width="689" height="426">
It’s possible in the future a bus rapid transit system could be financed using a similar model, however this would require the widespread adoption of electric busses.
<h2>The role of government</h2>
The idea of the model is to put the onus on financing rail on the private sector. The private sector would build, own, operate and finance rail development. It would necessarily require a Public Private Partnership to ensure public goals are met.
These include linking into the rest of the public transport system, the fares, the frequencies, and, most importantly, how to enable redevelopment goals to be met around stations. An alliancing approach may be the best way to enable such a partnership.
Government may chip in, but government funding should be more than matched by land development-based financing from the private sector. There are a range of methods for estimating how much money can be made from investing in the land around stations, and how much money goes into government coffers from the increased land value.
This model would not only enable federal, state and local money to go much further but it may even need very little government capital, just support for the process of land development as the driving base.
The alternative will be to continue seeing rail projects as welfare rather than the market-oriented opportunity they have now become in congested cities. In the present government-funded system investors come in and take windfall profits from the land around stations, thereby capturing much of the economic value created. This approach finds a way of recycling such value into the building of rail lines as well as the dense station precincts.
These rail projects would provide much needed transport infrastructure, but also provide the basis for reinvigorating our cities over the next 30 years.
 
Peter Newman is professor of sustainability, Curtin University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/peter-newman-1858" target="_blank">here</a>.
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Want to build better cities? Get the private sector involved in rail projects

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What’s your property worth?
<a href="https://www.propertyvalue.com.au/" target="_blank">Property Value</a>, launched in July by CoreLogic RP Data, is an online tool for buyers and sellers to estimate the value of a property in Australia, benchmark against comparable properties for sale or rent and even look up the history over the past 30 years to see what that property has previously sold for.
More than 800,000 people have used <a href="https://www.propertyvalue.com.au/" target="_blank">www.propertyvalue.com.au</a> so far, which works out to 66,000 user hours invested.
CoreLogic RP Data is giving away one week free access to Property Value - redeemable at:
<a href="https://www.propertyvalue.com.au/xmas" target="_blank">www.propertyvalue.com.au/xmas</a> (Valued at $49.00 the offer is for one x log in per individual, valid for one week. The offer expires on January 1).
The offer also includes access to new site additions including: local schools with Naplan scores, development approval data for properties, streets and suburbs, scatterplot charting and access to charting the return on a $100 investment for any two suburbs over the past five years.
“Property Value provides more data coverage and decision-making tools than any other offering and it also works brilliantly on mobile,” CoreLogic RP Data head of consumer Paul Argus said.
“It’s a great tool for anyone looking to buy or sell property, particularly investors. Every street and property holds its own profile. Suburbs can be compared side by side and estimated rent and yield scores can be assessed.
“A perfect scenario showcasing the functions and attributes housed in the Property Value site, and included below, is our extraction around picking and comparing the best performing suburbs over time,” he added.
Assisted by CoreLogic RP Data research analyst Cameron Kusher, the data used highlights a few things.
Firstly, while capital city figures tell a broad story, “the experience across individual suburbs can be vastly different,” he said.
This is highlighted by the NSW example. “Most people would have anticipated that a market like Mosman would have outperformed Parramatta, however, this hasn’t been the case. It actually highlights that new investment in a region generally has a positive impact on housing demand and subsequently property values,” Kusher said.
“The data also highlights that picking winners in the market is very difficult which is why investment in the housing market should be a long-term investment not a punt on short-term gains.”
See below - real-time examples broken down as follows:
• NSW – Premium vs. up and coming (Mosman vs Parramatta)
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.16.47%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.16.47%20PM.png" alt="">
• QLD – Brisbane inner city vs Gold Coast (Newmarket vs Southport)
• VIC – Toorak vs Canterbury (premium suburbs)
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.18.12%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.18.12%20PM.png" alt="">
• WA – Battle of the beaches
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.21.02%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.21.02%20PM.png" alt="">
NSW – Premium vs. up and coming (Mosman vs Parramatta)
• Would turn $100 into $185 over 5 years if invested in Parramatta
• Compared to $125 if invested in Mosman
VIC – Toorak vs Canterbury (premium suburbs)
• Toorak was ahead until the last few months where Canterbury growth has increased significantly
• $100 invested in Canterbury in Dec 2010 would yield $135 today
WA – Battle of the beaches
• Returns on Scarborough investment overtook Cottesloe in Dec 2013
• $100 invested in Cottesloe in Dec 2010 would yield $95 today
QLD – Brisbane inner city vs Gold Coast (Newmarket vs Southport) 
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.23.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2012.23.28%20PM.png" alt="">
• Neck and neck over last 5 years with Southport experiencing a dip in 2012 followed by recovery in 2015
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Propertyvalue.com.au is giving one-week free access

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Housing investment in Australia has generally been a successful, largely one-way bet over many years. 
Although this has been the case, home values have fallen in the past, are currently falling in some capital cities and will almost certainly fall again in the future.
As can be evidenced in the accompanying charts, in most instances across combined capital cities, the Index has been rising, in fact from December 1995 to November 2015. Combined capital city home values have increased by a cumulative 330.5% and values fell in 2008 and again between 2011 and 2012. 
During 2008, combined capital city home values fell by -6.1% between March and December. Home values fell by -6.5% between March 2011 and May 2012. 
While the Index shows a certain set of trends, it’s important to remember that it is largely influenced by Sydney and Melbourne. In fact, combined capital city home values have increased by 8.7% over the 12 months to November 2015 however, only Sydney and Melbourne have recorded value growth stronger than that level. Values have also been declining over the past year in both Perth and Darwin.
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.31.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.31.04%20AM.png" alt="">
Over the period from December 1995 to November 1995, all capital cities have seen values increase while each city has seen periods where values fall. Across the cities, the cumulative value increases have been recorded at: 
• 330.1% in Sydney 
• 421.4% in Melbourne 
• 259.4% in Brisbane 
• 261.2% in Adelaide 
• 293.0% in Perth 
• 208.0% in Hobart (from Sep-97) 
• 180.1% in Darwin (from Apr-99) 
• 258.7% in Canberra.
Of all the cities, Melbourne has led by recording the strongest rate of growth over the period followed by Sydney. Growth in Perth has been stronger than in Brisbane, Adelaide and Canberra where cumulative growth has been remarkably similar. While home values have risen significantly in each city, value falls have occurred.
There have been periods where values have fallen in a particular city but not others. As an example, from mid-2004 Sydney values started falling while in other cities, the rate of growth just slowed. Sydney home values fell by - 8.2% between March 2004 and December 2005. They then took until March 2009 to eclipse and remain above March 2004 levels.
Over the past few months we have seen early signs of value falls in the Sydney and Melbourne housing markets. Based on our data, we can see that falls have previously occurred, and will no doubt happen again, however, the question is how large; of course no one knows.
Given that investor activity has been at a record high, building approvals have also hit record highs and record high levels of household leverage there is a possibility that falls could be larger than what we have seen in the past. Note: Adjacent, the table looks at the two most recent periods of decline across the combined capital cities: the financial crisis in 2008 and as the RBA started to lift interest rates in 2011. The data shows the financial crisis saw a short, sharp fall in values and a fairly rapid recovery. The second period saw, in most instances, a much larger decline and a much longer period for recovery. 
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.26.15%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.26.15%20AM.png" alt="" width="871" height="520">
 
<a href="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.30.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/11/Screen%20Shot%202015-12-11%20at%2010.30.04%20AM.png" alt=""> 
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>. 
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Home values will certainly fall again: Cameron Kusher

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GUEST OBSERVER
Property prices will rise next year, despite some plateauing in recent weeks.
The late 2015 Melbourne property market has been a remarkably balanced affair in terms of the relative power of buyers and sellers. Supply has been strong, with a record number of 1000-plus auction weekends. But there has also been enough buyers out there to soak up the supply. Only just though, as evidenced by the lack of price movement since the end of winter.
After the strength of the market over the preceding three years, it is tempting to extrapolate this result as the turning point downwards for the market. But I suspect there is some more capital growth to come off the back of residual momentum.
Come late February 2016, when the property auction market reopens, I expect buyers will once again outnumber sellers.  This is a common seasonal characteristic of the early autumn market, just as there tends to be a glut of sellers in the late spring market. 
Buyers are typically ‘ready and keen’ to buy sooner in the calendar year after the long summer holidays than sellers.
There are of course headwinds for the market: a strong pipeline of new properties, especially apartments, adding to supply; tighter prudential lending rules making borrowing slightly more expensive and scarce; overseas buyer demand is moderating after a strengthening of foreign investment rules; falling rental yields; and, not least, the impact of three years’ capital growth on affordability.
On the other hand, interest rates remain at a historically low level and an interest rate rise is a distant likelihood. Even with softer rental yields, prospective investors enjoy an unusually small ‘funding gap’ – the difference between their borrowing costs and the net rental return.
Allied to this, participation in the market is likely to be supported by the relatively benign economic conditions: stable unemployment, low inflation and reasonable consumer confidence.”
Winter Blues?
The outlook becomes more uncertain in the second half of 2016.
By June 2016, it will be 15 quarters, or just under four years, since the start of the latest upswing in Melbourne property prices. That’s an impressive run. It is almost inevitable that there will be a pause or even a downturn at some point in the not too distant future. 
However, should it turn out that we are not at the bottom of the Reserve Bank’s cash rate interest rate reduction phase – which may be the case given that few of us would have predicted even a year ago that the cash rate would go as low as today’s 2% – then price growth may persist, albeit modestly, across 2016.”
Where will prices be in 2026?
Although fun to crystal ball gaze into 2016, thinking about where prices will be in ten years’ time – in 2026 – is more worthwhile.
Ultimately, if you’re planning to invest in property next year, it should be with the intention to stick with that asset for at least seven years and ideally ten.  Over that longer time frame, prices are far less volatile and more predictable than they are year-to-year.  Choose a great asset and I can’t tell you whether it will rise or fall in value next year, but I’m very certain it will double in value after 10 years.
By great assets I mean established one- and two-bedroom apartments and two-bedroom period-style houses on quiet, attractive residential streets in inner suburban Melbourne that are proximate to transport, village-type shopping strips, schools and health facilities. Select older-style architecture and all units should have dedicated off-street parking and be in blocks containing no more than around 20 apartments.
What to avoid in 2016
Whilst it is difficult to call when the market will turn, there are certain parts that should be avoided in 2016.
The Federal Government has been vigorous over recent months in putting in place and policing measures that address widespread non-compliant property purchases by non-residents. Whilst a small proportion of buyers overall, overseas buyers were sufficiently concentrated in some school-belt Melbourne eastern suburbs to push prices beyond fair value.  We anticipate that there may be a pullback in prices in suburbs such as Balwyn, Box Hill and Mont Albert in 2016, as these markets adapt to a fall in demand.
The high rise multi-apartment sector in our CBD and surrounds will almost certainly struggle under the weight of a massive pipeline of new properties expected to flow into the market over the next 12 months. It’s hard to have a good word to say about a sector where so many buyers are marketed a dream and sold a nightmare. 
But let me try: If making money is not your goal and you want to be in the city, then you may be able to buy an affordable high rise apartment in 2016. But make sure you buy it second hand.  You’ll probably secure a 20%-plus discount on the price of new apartments because you’re not paying for a developer’s marketing costs and you’re dealing with a vendor who cannot sell it to overseas buyers because it isn’t new.
Paul Nugent is a director of <a href="https://www.wakelin.com.au" target="_blank">Wakelin Property Advisory</a>, an independent firm specialising in acquiring residential property for investors.
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Further growth for Melbourne property prices in early 2016: Wakelin's Paul Nugent

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Whilst property markets closely watch what can directly influence market sentiment in 2016 we should be watching very closely what will indirectly affect the market and just how big these influences may be.
I can nominate six (6) such influences that I believe will have significant repercussions on how we should be approaching the markets.
<h5>1. Illegal Property Acquisitions</h5>
I find this topic quite fascinating given I have always been of the belief that this practice is (or was) huge and I have not changed my opinion. In May, 2015 the then treasurer Joe Hockey set aside 60 investigators from the Australian Taxation Office (ATO) stating that from their initial investigations “they are just at the tip of the iceberg.”
Fast forward seven months where this week the ATO announced that it was now investigating an estimated 31 million records from 1985 to 2015. This order applies to all states and territories for not only sales transactions but also all rental agreements, landlords, weekly rents, length of lease and rental bonds. The biggest investigation into Australian real estate since 1993 when the ATO moved records to computer technologies and every real estate agency in Australia was forced into providing every transaction record.
So from this point forward I’m going to call this the “Please Explain Inquiry” given the ATO obviously believes that they have uncovered interesting irregularities.
It should also be noted that the Department for Rip Van Winkle otherwise known as the Foreign Investment Review Board (FIRB) have just appointed former ASIO director, general David Irvine, to the board. Two very big announcements in the space of a week – watch for some big announcements in 2016.
<h5>2. Underquoting Reforms in NSW</h5>
Not before time from 1 January 2016 real estate agents must quote the likely selling price at the figure(s) that appear on the Agency Agreement. The fines and penalties for failure to do so are severe. The NSW Government Office of Fair Trading will be out in force next year policing their prized new legislation that is a major win for consumers and ethical agents. This will also cause major problems for the habitual agents who love nothing more than buying listings through valuing properties at ridiculous prices. . Expect to see plenty of naming and shaming in 2016.
<h5>3. Off – The – Plan Purchases</h5>
It would be an understatement to suggest that investors are not skittish and squirming about their recent property acquisitions. What remains to be seen is how many pull the plug and walk – away from their purchases believing that Sydney’s apartment investment markets are facing a massive correction in 2016.
Again the NSW government has been busy rushing through more property legislation stopping developers cancelling existing contracts – sunset clauses, because the apartment prices have increased significantly. That loophole has been now shut for good.
<h5>4. Council Mergers</h5>
An announcement regarding the mergers is just days away although I am reliably advised that Mosman will not be forced into a merge and will stand alone. Having said that it will lose all powers regarding new apartment development approvals and this now will be handled by the state government.
<h5>5. 2016 Federal Election</h5>
They say that the Melbourne Cup stops the nation – well a federal election can stop the real estate markets. We can expect to hear plenty in 2016 about what’s now off the table and what’s now on the table. Two words will play a massive part and I’m not talking about negative gearing. No tax reform will be the keywords in 2016 although at this stage its anyone’s guess to what extent and just what lengths the Turnbull government will go. Whatever the case this will be a major distraction in 2016 where I’d love a dollar every time I hear the words Goods &amp; Services tax – GST.
This now leads me to the very big X Factor for 2016.
<h5>6. X Factor</h5>
The premier must have been reading my blogs with a new report from the NRMA confirming that planning is in the early stages to see a rail line from Sydney’s northern beaches through Mosman to Cremorne and Neutral Bay to the Sydney CBD.
The other key recommendation is for a tunnel under the Spit Bridge connecting with Seaforth and the Warringah Freeway linking up with the new harbour tunnel which eventually will connect to the WestConnex.
The report stated – “For decades, the northern beaches and the lower north shore has been the Bermuda triangle of transport infrastructure, where plans have come and gone to disappear without a trace.” It then went on to say “The chronic neglect has left our roads badly congested and buses at or over capacity. We believe the government must now take this opportunity to put the region back on the agenda as part of its overall drive to improve infrastructure across Sydney.”
The report revealed that Spit Road and Military Road were two of the worst in Sydney with higher traffic than Parramatta Road. On an average weekday, 70,000 vehicles use the Spit Bridge, 80,000 use Military Road and approximately 64,000 use Parramatta Road at Camperdown.
So you can expect to see high rise along Military Road and even more high density around the new suburb train stations.
Thank you for joining us in 2015 and we will be back with Virtual Realty News in 2016 – our 16th year. From all of us at Richardson &amp; Wrench Mosman/Neutral Bay we wish you a very Merry Christmas and a safe and happy New Year.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 84
• Number of houses on the market last week – 55
• Number of houses on the market this week – 53
• Number of apartments on the market this time last year – 59
• Number of apartments on the market last week – 51
• Number of apartments on the market this week – 42
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year – 11
• Number of houses on the market last week – 11
• Number of houses on the market this week – 6
• Number of apartments on the market this time last year – 20
• Number of apartments on the market last week – 17
• Number of apartments on the market this week – 15
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 10
• Number of houses on the market last week – 8
•Number of houses on the market this week – 7
• Number of apartments on the market this time last year– 34
• Number of apartments on the market last week – 30
*Number of apartments on the market this week – 26
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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Plenty of x-factor on the 2016 property menu: Robert Simeon

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Those Stenmark twins look set to untwine just a little.
Model Zac Stenmark is on the move looking to buy a place so he won’t be living with his brother, Jordan.
They’ve never lived separately, spending most of their time growing up in Mosman and weekending at Palm Beach.
They still expect to see each other every day.
"We just won’t be in adjoining rooms,’’ they were heard telling friends at last weekend's opening of the Rolex boutique at Crown Towers in Melbourne.
‘‘We’ll be saying ‘Good night’ over the phone instead of through the wall,’’ Jordan Stenmark said. 
The guys say they don’t have a telepathic connection.
This article was first published in the Sunday Telegraph.
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