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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

Residential Sales

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A Melbourne developer has paid $5.95 million for an Elwood Beach residential site with immediate plans to develop it into a luxury 23 apartment complex.
The site, <a href="/expert-insights/investing/elwood-beach-apartment-block-listed-with-6-million-hopes">47 Ormond Esplanade</a>, has an existing approved permit and plans that include including two penthouses and private rooftop terraces. 
Savills agent Julian Heatherich said he fielded over 200 enquiries during the four week expressions of interest campaign, with the purchaser buying on an unconditional basis with a short-term settlement.
Colleague Clinton Baxter said a penthouse apartment at Elwood House sold for $2.95 million off-the-plan recently, equating to a square metre rate of more than $17,000, way over the local area average of circa $12,500 a square metre rate.
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$5.95 million paid for Elwood Beach residential rebuild

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An online contract auction of 31 residential land lots in Sydney's The Hermitage development goes live Sunday 20 September.
The e-contract system, offered through Colin Biggers &amp; Paisley Lawyers allows users to switch between multiple auctions on a computer or mobile and bid.
The auction begins at 11:30am, with bidder registration open from 8:30am to 11am. 
For more information, <a href="https://www.thehermitagesydney.com.au/home.aspx" target="_blank">click here</a>.
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Property auction in Sydney's The Hermitage goes online

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A architecturally designed residence at Hamilton in Brisbane’s inner north has been sold for $3.05 million.
The modern home at <a href="https://www.realestate.com.au/property-house-qld-hamilton-119766351" target="_blank">141 Crosby Road, Hamilton</a> was sold to a bank executive through North South Real Estate’s Drew Davies.
Mr Davies said the buyer had been living in London and has returned to Australia with their family.
“The buyer loved the home’s position high on Hamilton Hill as well as the sense of space, style and privacy that is evident the moment you walk through the door,” he said.
With six bedrooms and five bathrooms, the home features a gym and steam room, wine cellar, billiards room, sitting room, dining room and eight seat cinema.
Mr Davies said the property had previously been on the market with another agency for three months and a failed auction campaign.
“The property was sold to the first buyer I showed through the home,” he said.
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Hamilton Hill home sells for $3.05 million

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The Queen Anne style 8 Brinsley Road Camberwell auction listing has $3.1 million plus hopes.
It is scheduled for October 8 auction through <a href="https://www.realestate.com.au/property-house-vic-camberwell-120607793" target="_blank">Marshall White</a>.
The five-bedroom home was built in about 1888 with period features including fireplaces. 
The buyers are likely to renovate. 
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Camberwell Queen Anne style auction offering 

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Businesswoman Kerry Moran has sold Pebble Cove Farm at Kiama.
<a href="https://www.raywhite.com/nsw/kiama/1300537/?lang=en" target="_blank">It sold for around $7.3 million</a> after being listed with $7.5 million hopes in May.
The striking V-shaped residence was designed by architect Philip Thalis but only half-complete. 
The concrete, zinc, stone and glass trophy home sits on the working cattle farm with direct access down to the cove on a ridgeline  with views of the Illawarra coast.
It sold through Neil Campbell of Ray White Gerringong inconjunction with Christie’s International.
The median house price for a home in <a href="/news">Kiama</a> is $667,500, according to CoreLogic RP Data.
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Pebble Cove Farm, Kiama sold

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Evolve Development has sold its Annadale development in Mickleham for a rumoured $50 million to a joint venture between NTT Urban Development Corporation and Sumitomo Forestry.
Annadale, <a href="https://www.realestate.com.au/project-annadale-vic-mickleham-600007931" target="_blank">495 Donnybrook Road in Mickleham</a>, was developed by Ashley Williams and Ron Walker, who purchased the site in 2008 and began work to develop the 1200 lot residential estate. Since 2013 330 lots have been sold, with the construction and settlement of the first 110 lots scheduled for mid-September 2015.
The end value of the project, once housing is constructed will exceed $400million according to Ashley Williams, managing director of Evolve Development. He said the off market transaction presented a strategic opportunity.
“The time was right to accept the offer so that Evolve Development can reinvest in new projects and opportunities," he said.
"Our vision for the site takes in the beautiful views of the Mt Ridley Woodlands with lots ranging from 221m2 to 817m2. There are also many established amenities nearby such as shops, supermarkets, childcare services and on-site primary school and parkland."
The median house price for a home in <a href="/news">Mickleham</a> is $186,750, according to CoreLogic RP Date.
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Evolve Development sells Annadale for a rumoured $50 million

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The latest luxury Balwyn North offering – five bedrooms and five bathrooms at 4 Walnut Road – has $3 million plus expectations for Jellis Craig auction next weekend.
The <a href="https://www.realestate.com.au/property-house-vic-balwyn+north-120511369" target="_blank">trophy mansion</a> includes the solar-heated indoor swimming pool accessible from the formal and informal lounge and dining zones. A big difference on what was there before. (below).
<img src="/images/2015/09/07/Screen%20Shot%202015-09-07%20at%2011.59.03%20AM.png" alt="" width="515" height="321">
 
<img src="/images/2015/09/07/Screen%20Shot%202015-09-07%20at%2012.00.47%20PM.png" alt="">
There's an elegant kitchen features extensive walnut-wood panels, custom-made stone bench tops and a walk-in pantry amid its 420sqm internal space.  
The 730 sqm block cost $975,000 in 2012. 
Melbourne's latest weekend clearance rate of 76% compared to 77% last weekend and 76% the same weekend last year.
There were 841 auctions reported to the REIV with Melbourne’s south-east and eastern suburbs remaining popular with buyers in the past month.
Bentleigh had the highest clearance rate in August (95%), followed by Glen Iris and Caulfield South (both 91%).
 
REIV TOP 5 HOUSES
1. 8 Mcevoy Street, Kew $4,200,000
2. 45 Wentworth Avenue, Canterbury $3,360,000
3. 8 Elm Grove, Brighton $3,185,000
4. 386 Beach Road, Beaumaris $2,925,000
5. 13 Moody Street, Balwyn North $2,910,000
 
REIV TOP 5 BARGAIN HOUSES
1. 13 Stipa Street, Delahey $311,000
2. 5 Spurr Street, Craigieburn $355,000
3. 2 The Glen, Carrum Downs $360,500
4. 22 Stillman Drive, Mill Park $367,500
5. 15 Thoresby Circuit, Craigieburn $368,000
 
REIV TOP 5 APARTMENTS
1. 4/103 Mathoura Road, Toorak $2,900,000
2. 6/20 Airlie Bank Lane, South Yarra $2,380,000
3. 9A Hazeldean Avenue, Brighton East $2,100,000
4. 1B Daly Road, Sandringham $1,645,000
5. 30 Highett Road, Hampton $1,540,000
 
REIV TOP 5 BARGAIN APARTMENTS
 
1. 2/47 Curlew Avenue, Altona $256,500
2. 8/190 Murrumbeena Road, Murrumbeena $265,000
3. 2/107 Clow Street, Dandenong $284,000
4. 2/9 Gerald Street, Murrumbeena $285,000
5. 8/83-85 Mickleham Road, Tullamarine $285,000
 
Source <a href="https://www.reiv.com.au" target="_blank">REIV</a>
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Balwyn North trophy home offering as Melbourne clearance rates hover

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GUEST OBSERVER
Auctioneer Damien Cooley has reported the highest winter statistics in the history of Cooley Auctions, with August showing a 26% increase in residential auctions booked year on year.
"Volume was consistently on the rise as we got closer to spring and there were a total of 552 residential auctions booked for last month, which represented a 26% increase year on year," he said.
"Sales remained strong with a clearance rate of 77% and the average number of bids and bidders recorded in the Cooley Index proves a very competitive market. We saw numerous suburb records broke across Sydney, which continues to drive the median house price over the $1 million mark.
"We're very excited about what the spring market has to offer with auction bookings flooding in, especially for the first Super Saturday of the spring selling season on the 26th of September."
<a href="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.16.42%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/04/Screen%20Shot%202015-09-04%20at%209.16.42%20AM.png" alt="" width="803" height="317">
Damien Cooley is director of Cooley Auctions and can be contacted <a href="https://cooleyauctions.com.au" target="_blank">here</a>.
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Historic winter drives a positive start for spring: Damien Cooley

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A historic Windsor post office conversion has been listed for sale in Victoria.
The <a href="https://www.realestateview.com.au/Real-Estate/level-2-153-level-2-153-albert-street-windsor/Property-Details-buy-residential-9354538" target="_blank">2/153 Albert Street</a> property has been listed with $1.8 million hopes through Emma Bloom at Kay &amp; Burton.
The 1900s property was engineered by Sir John Monash. 
The two-storey warehouse conversion, with eight metre high ceilings, has Monash's signature exposed metal trusses.
With original Jarrah floorboards and sky-high metal French doors opening to the streetscape where mail and money was winched up into the safety of vaults.
The kitchen has benchtops made from the original roof timber.
The two bedroom, two bathroom apartment has a terrace with an outdoor shower with plenty of natural light.
It last traded six years ago when Uschi Schwartz, a fashion designer saw the potential of the then photographic studio.
The property, close to Chapel Street's cafes, St Kilda Beach, is scheduled for September 12 auction.
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Historic John Monash Windsor post office conversion listed

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As a result of new lending criteria delivered to deposit-taking institutions by Australian Prudential Regulation Authority (APRA) a lot of attention has been placed on the pace of lending for residential housing investment. 
The APRA guidelines highlighted a limit on annual investment credit growth for ADIs of 10% however, from that point until June 2015 the annual rate of investment credit growth continued to increase.
<a href="/images/2015/09/03/Screen%20Shot%202015-09-03%20at%2012.30.35%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/03/Screen%20Shot%202015-09-03%20at%2012.30.35%20PM.png" alt="">
 
Although it’s only one month of data, the latest housing credit data to July 2015 suggests that we may be finally set to see a slowing of investment credit growth. 
Over the 12 months to July 2015, the Reserve Bank (RBA) reports that total housing credit rose by 7.4%; its fastest annual rate of growth since October 2010, and consisted of a 5.3% annual increase in owner occupier credit (fastest growth since March 2012) and a 10.8% annual rise in investor credit.
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Investor housing credit is still growing at a robust pace however, at 10.8% over the year it is down from 11.1% in June and at its lowest level since March 2015. “In fact, the monthly investor housing credit data shows credit advanced by just 0.6% in July which was its lowest monthly increase since October 2013. 
Investment segment lending data on the investment segment suggests that following recent changes to lending policies by Australian ADIs, lending to the investment segment of the market is set to slow further over the coming months. 
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With mortgage rates remaining low we would anticipate the rate of growth will slow to around the 10% per annum benchmark, however this is unlikely to drop much further than that.
While any slowdown in investment growth may have an impact on overall housing credit figures, Mr Kusher noted that it’s important to recall that a much greater proportion of overall lending goes to owner occupiers. 
In July 2015, the total value of outstanding housing credit was $1.476 trillion. This figure was comprised of $906.4 billion in lending to owner occupiers and $569.8 billion to investors. 
It’s important to remember that the rate of growth in owner occupier lending has also been rising although over the past year there was a $45.2 billion expansion in credit to owner occupiers compared to $56.1 billion to investors. Furthermore, the proportion of total mortgage credit to investors is at a record high 38.6%. 
ADIs of course don’t lend exclusively for mortgages and the latest data shows an encouraging lift in credit to businesses. In July 2015 business credit rose by 0.7% to be 4.8% higher over the year. Total business credit is currently recorded at $799.7 billion, which is significantly larger than investment housing credit.
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The RBA and APRA are likely to be very encouraged to see the first signs of a slowing of lending to the investment housing segment and would hope that it continues over the coming months. 
While this may result in a slight slowing in overall housing credit growth increases, this shouldn’t be viewed as a negative outcome. If the recent increase in business credit can continue it would arguably provide greater economic benefit. 
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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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