<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Robert Larocca

<html><body>
A preliminary weighted average clearance rate of 70% was recorded this week across capital cities compared to 67.3% last week and 70.2% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Capital-City.jpg" rel="wp-prettyPhoto[g4273]"><img class="aligncenter size-large wp-image-4274" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Capital-City-580x431.jpg" alt="National auction review - Capital City" width="580" height="431"></a>
The market performed to recent trend this week and results between now and the Labour Day long weekend should provide a clearer indication as to the state of the auction market this year.
In Sydney a preliminary clearance rate of 77.9% recorded compared to 80.6% last week and 80.2% last year. The Sydney auction market has not shown any sign of weakness following the stand out year in 2014.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Sydney.jpg" rel="wp-prettyPhoto[g4273]"><img class="aligncenter size-large wp-image-4275" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Sydney-580x376.jpg" alt="National auction review - Sydney" width="580" height="376"></a>
In Melbourne the auction market improved following the lowest clearance rate in 26 months last week. The preliminary clearance rate was 67.4%, compared to 60.7% last week and 69.2% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Melbourne.jpg" rel="wp-prettyPhoto[g4273]"><img class="aligncenter size-large wp-image-4276" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Melbourne-580x378.jpg" alt="National auction review - Melbourne" width="580" height="378"></a>
In Brisbane a preliminary clearance rate of 50.6% was recorded compared to 47.6% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Brisbane.jpg" rel="wp-prettyPhoto[g4273]"><img class="aligncenter size-large wp-image-4277" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Brisbane-580x375.jpg" alt="National auction review - Brisbane" width="580" height="375"></a>
In Adelaide a preliminary clearance rate of 72% compared to 58.2% last week.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Adelaide.jpg" rel="wp-prettyPhoto[g4273]"><img class="aligncenter size-large wp-image-4278" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150216-Adelaide-580x387.jpg" alt="National auction review - Adelaide" width="580" height="387"></a>
In Canberra a clearance rate of 72.2% was recorded compared to 67.9% last week.
In Perth a clearance rate of 33.3% was recorded.
</body></html>

rlarocca-zWhvjay44N

National clearance rate of 70% recorded for the weekend: Robert Larocca

<html><body>
A preliminary weighted average clearance rate of 66.9% was recorded this week across capital cities compared to 61.6% last week and 68.2% this time last year.
<img class="aligncenter size-large wp-image-4245" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Capital-City-580x431.jpg" alt="Auction market review - Capital Cities" width="580" height="431">
This weeks result compares well to the 2014 market when an overall clearance rate of 67.8% was recorded. It also broadly reflects the moderate growth recorded in home values this year.
The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious.
In Sydney a preliminary clearance rate of 80.5% recorded compared to 77.9% last week and 79.5% last year. Compared to last year this is near identical start.
<img class="aligncenter size-large wp-image-4247" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Sydney-580x396.jpg" alt="Auction market review - Sydney" width="580" height="396">
In Melbourne a preliminary clearance rate of 61.4% was recorded compared to 66.3% last week and 67.5% this time last year. It is still early but results so far make it interesting to see which way the market goes as the year has started with lower auction volumes and clearance rates.
<img class="aligncenter size-large wp-image-4246" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Melbourne-580x385.jpg" alt="Auction market review - Melbourne" width="580" height="385">
In Brisbane a preliminary clearance rate of 45.6% was recorded compared to 43.3% last week.
<img class="aligncenter size-large wp-image-4244" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Brisbane-580x390.jpg" alt="Auction market review - Brisbane" width="580" height="390">
In Adelaide a preliminary clearance rate of 61.1% compared to 52.7% last week.
<img class="aligncenter size-large wp-image-4243" src="https://blog.corelogic.com.au/wp-content/uploads/2015/02/20150209-Adelaide-580x381.jpg" alt="Auction market review - Adelaide" width="580" height="381">
In Canberra a clearance rate of 62.8% was recorded compared to 72.7% last week, whilst for Perth a clearance rate of 35.7% was recorded.
</body></html>

No interest rate cut impact on auctions, yet: Robert Larocca

<html><body>
Residential dwelling values in Melbourne returned to trend in January with a 2.7% rise recorded by CoreLogic RP Data in the latest home value indices results.
This sets the Melbourne property market up for another stable year with moderate value increases likely, particularly in the detached house market. Melbourne home owners have seen stable growth in values for two years now and are more likely to record a profit when selling now.
House values in the city grew the strongest with a 2.8% rise compared to 1.7% for units. This takes the growth in values over 12 months to 7.5% for houses and 2.7% for units.
The rise in property values will be welcomed by vendors seeking to sell over the summer and in autumn as it suggests the poorer performance recorded in November and December last year was a consequence of high supply levels in spring and summer.
Demand is not limitless and there is still some caution from buyers.
Based on settled sales the median price of a house in the past three months was $613,000 and $480,000 for a unit.
The performance of the auction market provides little indication of the markets health due to the very low auction numbers in January and their geographic diversity. Volumes are likely to rise strongly over the next few weeks.
Melbourne continues to have the lowest rental yields in Australia with 3.2% for houses and 4.2% for units. This does not appear to have a negative impact on investors who are happy to wait for capital gains.
Melbourne’s ‘Mega suburbs’!
<ul>
<li>Reservoir is the largest suburb in Melbourne</li>
<li>Gilderoy is the smallest suburb in Melbourne</li>
<li>The are 12 suburbs in Melbourne with over 10,000 houses</li>
</ul>
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/glen-waverley-railway-station-300x199.jpg"></a>Most weeks when the highest volume of auctions are listed, the suburbs of Reservoir, Glen Waverly and Mount Waverly come out near the top.
Auctions may well be a popular method of sale in these suburbs but their appearance in the list is more likely due to the fact that they are three of Melbourne’s largest areas.
Melbourne’s progressive growth over the past 180 years has seen suburbs planned and developed in many different ways. Sometimes geography provides natural borders and sometimes the common ownership by one developer provided the impetus for the naming or borders. Sometimes names and borders have even moved.
As a result Melbourne suburbs vary from 13,741 houses in Reservoir to 18 in Gilderoy. At more than 67km from the CBD the small ‘suburb’ of Gilderoy is more representative of it being a town than a considered decision to create a small suburb.
There are 12 suburbs in total that have more than 10,000 houses. Each is bigger than medium-sized regional centres such as, Mildura, Shepparton and Warrnambool and without outlying suburbs.
Those 12 suburbs are Reservoir, Frankston, Glen Waverly, Berwick, St Albans, Pakenham, Point Cook, Werribee, Mount Waverly, Hoppers Crossing, Craigieburn and Sunbury. Interestingly many of those were once separate towns which have now expanded considerably as they have become more proximate to the cities outer edge. As many of those are still being developed they are likely to grow further.
The vagaries of place naming and suburb size become even more obvious when the case of Croydon is considered.  On its own, Croydon is a large but not massive suburb with 7,293 houses. But once neighbouring Croydon North, South and Hills are considered, its size grows to 12,446 houses.
When buying in larger suburbs it is therefore sensible to consider where specifically a home is as factors such as distance from a train station, park or school may vary considerably. The form of housing may vary as well.
Auction buyers to benefit from interest rate cuts
This week’s interest rate cut will provide a boost to the auction market over the coming month and deliver a welcome reprieve for buyers looking to reduce costs. Not only will buyers enjoy the increased purchasing power, sellers will welcome the unexpected boost to the market in the middle of their marketing campaigns.
This week, there are 1,218 auctions expected across Australia, with 824 of these scheduled for in capital cities. This is compared to 502 last week and 927 for the same week last year. The primary reason for lower auction volumes in capital cities is due to 36 per cent fewer auctions in Melbourne.
In Sydney 317 auctions are expected compared to 154 last week and 362 this week last year.
In Melbourne 214 auctions are expected compared to 102 last week and 335 this week last year. The main activity this week in Melbourne will be found in the eastern suburbs with 9 auctions in Mount Waverley and 8 in Glen Waverly. In Portarlington, near Geelong, there are also 9 auctions expected.
There are 99 auctions expected in Brisbane compared to 85 last week and 98 this week last year. This highest level of activity will be found outside Brisbane with 180 auctions scheduled across the rest of Queensland. For example, the most auctions in any one suburb in Queensland will be in Surfers Paradise where 9 are expected.
In Adelaide there are 86 auctions expected. This is slightly lower than the 102 last week but higher than the 70 on the same week last year.
In Canberra the volume of auctions is higher than last week and this time last year when there was 50. There are 69 expected this week.
In Perth 30 auctions are expected compared to 24 last week and 43 this week last year.
The highest volume of auctions will be in Port Macquarie (NSW) where 10 are expected.
 
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Melbourne house owners on track for another year of growth: Robert Larocca

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In many respects the Melbourne auction market last year was better than in 2013. 
Auction volumes rose 19.7% compared to last year, however the clearance rate fell a small degree from 69.2% to 68.4%.
While there is a great degree of interest in data associated with the auction market, what exactly should buyers be looking at to help inform their judgement?
Firstly, when undertaking market analysis it is important to get as much information as possible and understand the data in context, after all the sale of a new home means something different to the sale of an established one.
Auctions can provide a rich source of information, even if you are not bidding.
Auctions account for around one in five sales in capital cities and nearly one third in Melbourne.
With that in mind there are three important things for buyers to look at from auctions;
<ul>
<li>Number of Buyers:</li>
</ul>
The number of active buyers is a slice of the people you are competing against in a given area. If you go to enough open houses and auctions you will get a feel about how strong demand is in an area and that will affect the price you need to pay..
<ul>
<li>
Sale Price (or passed in amount):
</li>
</ul>
Buyers will be able to compare the sale prices with their expectations of price, even if it is passed in. This information will help you make informed judgments about the market when bidding on the home you want. You can then see this data the day after, however it’s far better to turn up and see it live.
<ul>
<li>
Local Auction Conduct:
</li>
</ul>
Auctions can be a high-pressure event, as a result the more you attend the more used to the process you will get which in turn will help you stick to your budget and strategy. Attending auctions in the area you aim to buy in will allow you to become acquainted with the styles of different auctioneers and the level of competition in the area.
Key facts
<ul>
<li>Attendence at auctions important for buyer research</li>
<li>Clearance Rates – in 2014 these fell to 68.4%</li>
<li>Auctions increased to take advantage of rising market</li>
</ul>
January has seen a fairly typical commencement to the auction market with only 419 auctions held. The market moves up a notch this week with 800 expected across Australia and 391 in capital cities.
The volume of auctions in capital cities should rise to exceed 1,000 in the middle of February, as most real estate agents need to allow a reasonable marketing period for the property.
It is also fairly typical to see the majority of auctions outside the capital cities and that is the case this week.
The highest volume of auctions is expected in Adelaide with 97. There are 94 expected in Sydney, 80 in Melbourne, 24 in Perth and 21 in Canberra.
Before the auction market increases significantly in volume it is useful to reflect on how 2014 ended. On a national basis there 101,444 auctions held in capital cities, the first time ever the volume has exceeded 100,000.
Melbourne had the most auctions with 44,089 and just exceeded Sydney for the most sold. The most significant shift in 2014 was the growth in the Sydney auction market. If this is sustained this year it will be difficult for Melbourne to retain the title of the “auction capital”.
The highest clearance rate for 2014, 74%, was recorded in Sydney.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/2015-01-29-capital-Low-volume-of-auctions-this-week.jpg" rel="wp-prettyPhoto[g4230]"><img class="aligncenter size-full wp-image-4231" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/2015-01-29-capital-Low-volume-of-auctions-this-week.jpg" alt="Capital Low volume of auctions this week - CoreLogic RP Data blog" width="604" height="304"></a>
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How buyers can use auction results to be better buyers: CoreLogic's weekend auction preview

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The latest CoreLogic RP Data Pain and Gain Report  compares the sale price with purchase price for all homes sold in the most recent quarter and for which there is comprehensive data available.
Note: The report does not cover developer sales.
The central message of the <a href="https://www.corelogic.com.au/news/pain-gain-report-released-for-the-september-2014-quarter" target="_blank" title="Read the Pain and Gain report">Pain &amp; Gain Report</a> is  that owners are more likely to make a profit if they hold the property for a reasonable length of time, especially when the upfront impost of stamp duty and other transaction costs are taken into account.
For example, nationally, 3.3% of sellers made a 100% profit selling within one year of buying and almost passed this mark by half after 10 years of ownership.
In the September quarter last year, 6.5% of sellers in Melbourne made a loss in nominal terms. This was a slight improvement on the 6.6% in the June quarter and a substantial improvement on the 7.4% a year ago.
On a more local basis there are two ways of looking at the data; the proportion of sellers that made a profit and the gross profit made. Obviously the total profit made was higher in the more expensive municipalities. For example the highest profit was recorded in Boroondara at $232 million. By comparison the total profit in Brimbank was $66 million.
The other way of assessing the data looks at the proportion of owners who made a profit. Of municipalities wholly within the metropolitan area Knox topped the list with 98.6%. It was followed by Monash on 97.4%, Casey with 96.6% and both Glen Eira and Whitehorse with 96.4%.
Interestingly this demonstrates that through medium to long-term ownership a profit can be found in more than just the most expensive parts of Melbourne.
Key facts
<ul>
<li>35.7% of sellers made a 100% or higher profit 
</li>
<li>Sellers in Boroondara made the highest total profit of $232 million 
</li>
<li>98.6% of sellers in Knox made a profit</li>
</ul>
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Profits can be found in more than just the expensive parts of Melbourne: Robert Larocca

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The top 10 Melbourne suburbs ranked by growth in house values in 2014 were dominated by some of the cities most expensive suburbs and they were located south of the Yarra.
Overall, the Melbourne housing market produced a near repeat of 2013 with house values rising by 8.4% and units recorded a rise of 1.1% as a result of high levels of supply; particularly in the inner city highrise market.
<a href="/news">Armadale</a>, <a href="/news">Caulfield North</a> and <a href="/news">Kew </a>experienced the highest growth in house values and this is reflective of a number of factors including that the strongest rate of value growth being recorded in the middle and upper segments of the market.
The appearance of <a href="/news">Box Hill</a> in the Top 10 highlights the continual popularity of the group of suburbs around <a href="/news">Balwyn</a> and <a href="/news">Mont Albert</a>. Over the last decade these suburbs have provided the best capital gains for owners. These suburbs have broad appeal for myriad reasons such as close proximity to local amenities such as parks, a range of transport choices, local shopping nodes and accessibility to the central business district.
At a broader level, the fundamentals of the Melbourne property market remain sound. A major contributor to these fundamentals is the positive impact on housing market from supportive monetary policy in the form of a record low interest rate. Furthermore, ongoing strong overseas migration to Victoria and a record high influx of residents moving to the state from the rest of Australia also helps to support housing demand.
House value growth slowed from 3.8% in the September 2014 quarter to just 0.8% over the final quarter of 2014. My big question for the summer and autumn markets is whether this was simply due to higher levels of supply or the start of a softer trend.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2015/01/melbourne-property-values-table1.jpg" target="_blank"><img class="aligncenter wp-image-4157 size-full" src="https://blog.corelogic.com.au/wp-content/uploads/2015/01/melbourne-property-values-table1.jpg" alt="" width="694" height="586"></a>
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South of the Yarra dominates Melbourne's top suburbs for house value growth

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According to CoreLogic RP Data, Melbourne now has 52 suburbs with a median house value in excess of $1 million – the data covers the 12 months ending in September.
Melbourne’s most expensive suburb remains <a href="/news">Toorak</a>, with a median house value of $2.92 million. The median sale price, which reflects the prices paid over the last year has for the first time, exceeded $3 million. This indicates a slightly more expensive segment of Toorak has been selling over the last year.
Toorak will clearly be the city’s first $3 million dollar suburb, its just a matter of when.
There are three other suburbs with medians in excess of two million: <a href="/news">Deepdene</a>, <a href="/news">Canterbury</a> and <a href="/news">Kooyong</a>.
From sales volumes perspective, the highest was in <a href="/news">Brighton</a> followed by <a href="/news">Balwyn North</a>, <a href="/news">Kew</a>, <a href="/news">Glen Iris</a> and <a href="/news">Camberwell</a>.
Putting aside the cost, the million dollar suburb that proved the easiest to buy into was Deepdene were 14% of houses sold in the last year. In contrast <a href="/news">Fairfield</a> was a tightly held suburb with only 2.8% of houses selling.
Two new suburbs in the list are <a href="/news">Prahran </a>and <a href="/news">Williamstown</a>. The median value of a house in Williamstown – the second suburb in the west to reach this level was $1,002,000. Prahran’s median for a house is now $1 million.
There are 565 auctions scheduled this week in Melbourne compared to 531 for the same time last year. This is the last week for the year in which there are expected to be a substantial volume of auctions. Until early February next year there will be a small number of auctions weekly, mostly outside of the metropolitan area.
With one week to go this year the auction market has seen more homes sold by more people. The clearance rate for 2014 is likely to be marginally lower, around 68.6%, than 2013 when it was 69.2%. With one week to go there have been 43,298 auctions held, 17.8% more than last year and 29,632 homes selling.
Weeks with over 1,000 auctions used to be a rarity, but with 22 occurring this year they are now a regular feature of the market.
In the private sale market conditions continue to be healthy for sellers. On a citywide basis, the time on market results for houses sold at private sale was stable at 31 days over the last week and vendor discounting was also stable at -5%.
Key data
<ul>
<li>Clearance rate week ending 14 December: 68.6%</li>
<li>Melbourne auctions expected week ending 21 December: 565</li>
<li>Melbourne private sales time on market week ending 14 December: 31 days (houses)</li>
<li>Melbourne vendor discounting market week ending 14 December: -5% (houses)</li>
<li>Listings being prepared for market are 1.3% lower in month ending 14 December (seasonally adjusted)</li>
</ul>
Photo of Chapel Street, Prahran courtesy of Wikimedia Commons.
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Prahran joins million dollar club in Victoria: Melbourne auction preview

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A preliminary weighted average clearance rate of 65.2% was recorded this week across capital cities compared to 63.7% last week and 65.1% this time last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Capital-City.jpg" rel="wp-prettyPhoto[g4123]"><img src="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Capital-City-580x426.jpg" alt="National Auction Comments | Capital City" width="580" height="426"></a>
The market may have cooled since the start of spring but that won’t prevent the overall clearance rate for 2014 exceeding last year. In 2013 the capital cities clearance rate was 66.2% and with one week to go this year it is 67.9%. With the exception of Melbourne and Perth the clearance rate has risen in each capital city. More people have sold more homes at auction this year.
In Sydney a preliminary clearance rate of 71.2% recorded compared to 66.1% last week and 72.2% last year. The Sydney auction market has delivered very good outcomes for sellers this year with a higher clearance rate and number of sales. The clearance rate for 2014 is likely to be close to 74.4%, higher than 72.7% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Sydney.jpg" rel="wp-prettyPhoto[g4123]"><img class="aligncenter size-large wp-image-4125" src="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Sydney-580x392.jpg" alt="National Auction Comments | Sydney" width="580" height="392"></a>
In Melbourne a preliminary clearance rate of 65.9% was recorded compared to 66% last week and 64.9% this time last year. The clearance rate for 2014 is likely to be marginally lower, around 68.5%, than 2013 when it was 69.2%.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Melbourne.jpg" rel="wp-prettyPhoto[g4123]"><img class="aligncenter size-large wp-image-4126" src="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Melbourne-580x390.jpg" alt="National Auction Comments | Melbourne" width="580" height="390"></a>
In Brisbane a preliminary clearance rate of 47.3% was recorded compared to 39.7% last week. The overall clearance rate in Brisbane for 2014 is likely to be 45.8%, higher than 41.5% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Brisbane.jpg" rel="wp-prettyPhoto[g4123]"><img class="aligncenter size-large wp-image-4127" src="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Brisbane-580x390.jpg" alt="National Auction Comments | Brisbane" width="580" height="390"></a>
In Adelaide a preliminary clearance rate of 57.5% compared to 56.6% last week. The overall clearance rate for 2014 is likely to be 61.9%, higher than 56.5% last year.
<a href="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Adelaide.jpg" rel="wp-prettyPhoto[g4123]"><img class="aligncenter size-large wp-image-4128" src="https://blog.corelogic.com.au/wp-content/uploads/2014/12/20141215-Adelaide-580x384.jpg" alt="National Auction Comments | Adelaide" width="580" height="384"></a>
In Canberra a clearance rate of 59.5% was recorded. The overall clearance rate for 2014 is likely to be 55.9%, higher than 52.3% last year.
In Perth a clearance rate of 33.3% was recorded. The overall clearance rate for 2014 is likely to be 41.1%, lower than 46.5% last year.
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Sydney auction market has delivered very good outcomes for sellers this year: National auction wrap

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The most recent update to the list of million dollar suburbs in Melbourne has seen 50 reach or exceed that mark.
This is an increase of one on last month with <a href="/news">Caulfield East</a> joining the list. The median value of a house in that suburb is now $1,002,366. Prior to Caulfield East the other recent additions were <a href="/news">Fairfield </a>and <a href="/news">Aberfeldie</a>. Those additions meant that Melbourne now has million dollar suburbs in the north, east, south and west of the city.
The list is headed by the usual suspects; <a href="/news">Toorak</a>, <a href="/news">Deepdene</a>, <a href="/news">Canterbury</a>, <a href="/news">Kooyong</a> and <a href="/news">East Melbourne</a>.  The median house value in <a href="/news">Toorak</a> is now $2.85 million and unlike the majority of million dollar suburbs this number has fallen over the last year.
The suburbs next in line do not contain many surprises but can also tell us a lot about housing values in Melbourne.
The suburbs that are within $20,000 of the million dollar mark are <a href="/news">Prahran</a>, <a href="/news">Carlton North</a>, <a href="/news">Port Melbourne</a>, <a href="/news">Williamstown </a>and <a href="/news">Bentleigh</a>.
Bentleigh is quite typical of the next group of suburbs that will join the list. It would have been quite surprising a few years ago to think of Bentleigh houses costing this much but with 97 selling for over a million in the last 12 months it now a regular feature of the area.
A cursory glance at the ‘for sale’ advertisements shows a suburb undergoing significant change with an increase in multi unit dwellings replacing the older homes on what are now large blocks. These homes coexist with a mixture of styles that are clearly proving to be very popular with buyers.
There are 1,338 auctions scheduled this week in Melbourne compared to 1,270 for the same time last year. The most auctions will be found in <a href="/news">Bentleigh East </a>with 29.
Auctions are generally more popular in the most expensive segment of the market and some suburbs have been recording multiple sales in the ultra expensive category.
A review of suburbs ranked by the number of sales valued at more than $2 million over the last year shows that three had more than 100; <a href="/news">Brighton</a>, Toorak and <a href="/news">Kew</a>. <a href="/news">Camberwell</a>, Canterbury, <a href="/news">Balwyn</a>, <a href="/news">Hawthorn </a>and <a href="/news">Malvern </a>had between 50 and 100. Outside of the leafy inner east there were some interesting results in <a href="/news">Hampton</a>, <a href="/news">Elwood</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Richmond </a>had between 10 and 20 sales over $2 million.
On a citywide basis, the time on market results for houses sold at private sale was stable at a very low 31 days over the last week and vendor discounting remained stable at -4.8%.
Key data
<ul>
<li>Clearance rate week ending 9 November: 65.5%</li>
<li>Melbourne auctions expected week ending 16 November: 1,338</li>
<li>Melbourne private sales time on market week ending 9 November: 31 days (houses)</li>
<li>Melbourne vendor discounting market week ending 9 November: -4.8% (houses)</li>
<li>Listings being prepared for market are 4.3% higher in month ending 9 November (seasonally adjusted)</li>
</ul>
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Bentleigh soon to become a million dollar suburb: RP Data's Melbourne weekend auction preview

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A preliminary weighted average clearance rate of 63.7% was recorded this week across capital cities compared to 68.7% last week and 68.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Capital-City.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3952" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Capital-City-580x421.jpg" alt="RP Data auction market comments | Capital City" width="580" height="421"></a>
It is interesting to note that due to an increase in the popularity of auctions more homes have been sold in Sydney at auction this year than Melbourne. This is the first time this has occurred. After this week there have been 24,590 auction sales in Sydney and 24,336 in Melbourne.
In Sydney market a preliminary clearance rate of 69% recorded compared to 75.6% last week and 76% last year. After a fortnight of mild improvement the ongoing high volumes are clearly having an impact with a lower clearance rate this week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Sydney.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3953" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Sydney-580x385.jpg" alt="RP Data auction market comments | Sydney" width="580" height="385"></a>
In Melbourne there was a preliminary clearance rate of 63.8% recorded compared to 69.6% last week and 68.1% this time last year. The market is shifting in favor of buyers at the right time of the year with a high volume of auctions expected between now and Christmas.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Melbourne.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3954" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Melbourne-580x382.jpg" alt="RP Data auction market comments | Melbourne" width="580" height="382"></a>
In Brisbane a preliminary clearance rate of 45% was recorded compared to 45.3% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Brisbane.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3955" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Brisbane-580x386.jpg" alt="RP Data auction market comments | Brisbane" width="580" height="386"></a>
Adelaide recorded a clearance rate of 61.3% compared to 57.4% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Adelaide.jpg" rel="wp-prettyPhoto[g3951]"><img class="aligncenter size-large wp-image-3956" src="https://blog.rpdata.com/wp-content/uploads/2014/11/20141110-Adelaide-580x388.jpg" alt="RP Data auction market comments | Adelaide" width="580" height="388"></a>
In Canberra a clearance rate of 50.6% was recorded.
In Perth a clearance rate of 56.3% was recorded.
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Robert Larocca

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