<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>
Real estate is often about numbers. Everything it seems, from the price of the house to the weekly rent, can be expressed as a number.
Here are five topical numbers as the market enters spring:
<ul>
<li>25,080</li>
</ul>
This is the number of units in the suburb of <a href="/news">Melbourne</a>. Melbourne has the most individual dwellings of any suburb in the city which will come as little surprise to anyone who has watched the highrise market take off in the last decade.
This is also a very large number in the context of the general density of the city. By way of contrast, the suburb with the most houses is <a href="/news">Reservoir</a> with 13,692 and when you include all the units, the number rises to 20,430, still well short of Melbourne.
<ul>
<li>871</li>
</ul>
With 871 houses sold in the last 12 months <a href="/news">Pakenham </a>has recorded the most house sales of any suburb in Melbourne.  The popularity of housing in the suburb is based on many factors, key amongst them is its relative affordability.  Based on the sales in the last year the median price was $337,500 compared $532,000 for Melbourne.
<ul>
<li>49</li>
</ul>
There are now 49 suburbs in Melbourne that have a median house value of $1 million or more. At nearly one in 10 sales across the city occurring for a sale price in the million dollar range, it is far more common than it used to be.
What has not changed is the most expensive suburb, <a href="/news">Toorak</a>, which had a median value of $2.941 million and saw 151 sales for more than a million dollars over the past year.
<ul>
<li>30</li>
</ul>
The median value of a house in Melbourne has grown by 30.4% over the past five years. Only two capital cities have exceeded that over the same time, Sydney and Darwin.
<ul>
<li>1</li>
</ul>
One is the number of suburbs in the cities west that have a median house value of more than one million dollars. Overlooking the Maribyrnong River and neighbouring the popular <a href="/news">Essendon</a>, <a href="/news">Aberfeldie</a> has a median house value of $1.04 million after a 14% rise in last year.
If you wanted to live there and can afford the price then you will probably need to wait as it is only a small suburb, 1,099 houses, and averages only one sale every 6.5 days.
Weekend auction preview
There are 765 auctions scheduled this week in Melbourne compared to 530 for the same time last year. The highest number of auctions is expected in the <a href="/news">Glen Waverly</a> with 16 scheduled this week.
Buyers are likely to face more vibrant market conditions and higher prices compared to the spring selling season last year.
The August RP Data Core Logic home value indices results released this week shows a rise in dwelling values of 0.8% in Melbourne and 7.6% rise this year.
Due to high levels of supply in the unit market, the majority of the growth occurring in the market is for houses. For houses, the index recorded a rise of 8.3% this year compared to 2.5% for units.
Time on market results for houses sold at private sale rose from 44 days to 47 days over the last week whilst vendor discounting rose from -5.2% to -5.3%.
Key data
<ul>
<li>Clearance rate week ending 31 August: 73.5%</li>
<li>Melbourne auctions expected week ending 7 September: 765</li>
<li>Melbourne private sales time on market week ending 31 August: 47 days (houses)</li>
<li>Melbourne vendor discounting market week ending 31 August: -5.3% (houses)</li>
<li>Listings being prepared for market are -1.3% lower in month ending 31 August (seasonally adjusted)</li>
</ul>
</body></html>

rlarocca-zWhvjay44N

The five numbers to know about Melbourne: RP Data's weekend auction preview

<html><body>
A preliminary weighted average clearance rate of 72.2% was recorded this week across capital cities compared to 69.5% last week and 71.5% this time last year. This is the highest recorded since early March this year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Capital-city.jpg" rel="wp-prettyPhoto[g3667]"><img class="aligncenter size-large wp-image-3668" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Capital-city-580x431.jpg" alt="RP Data auction market comment | Capital city" width="580" height="431"></a>
Data from the last four weeks has shown that this the best lead into spring since 2010 with more homes being sold at auction and overall higher prices in most capital cities.
In Sydney the market is delivering results comparable to this time last year and looks set to have a strong spring. This week a preliminary clearance rate of 81.1% was recorded compared to 76.1% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Sydney.jpg" rel="wp-prettyPhoto[g3667]"><img class="aligncenter size-large wp-image-3669" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Sydney-580x385.jpg" alt="RP Data auction market comment | Sydney" width="580" height="385"></a> In Melbourne there was a preliminary clearance rate of 71% recorded compared to 70.7% last week. This has been the most vibrant auction market since the middle of February this year with three consecutive weeks over 70%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Melbourne.jpg" rel="wp-prettyPhoto[g3667]"><img class="aligncenter size-large wp-image-3670" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Melbourne-580x378.jpg" alt="RP Data auction market comment | Melbourne" width="580" height="378"></a> In Brisbane a preliminary clearance rate of 47% was recorded compared to 51.2% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Brisbane.jpg" rel="wp-prettyPhoto[g3667]"><img class="aligncenter size-large wp-image-3671" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Brisbane-580x382.jpg" alt="RP Data auction market comment | Brisbane" width="580" height="382"></a>
Adelaide recorded a clearance rate of 66.1% compared to 67.2% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Adelaide.jpg" rel="wp-prettyPhoto[g3667]"><img class="aligncenter size-large wp-image-3672" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140901-Adelaide-580x385.jpg" alt="RP Data auction market comment | Adelaide" width="580" height="385"></a>
In Canberra a clearance rate of 72.4% was recorded and in Perth there was a clearance rate of 46.2%.
</body></html>

Clearance rate lifts on the eve of spring: RP Data's national auction wrap

<html><body>
The suburbs with the highest proportion of owner occupiers differ in value and tend to have one thing in common – they are well established and in contrast to those proving popular for investors.
Last week’s post revealed that many of <a href="/news/vic/the-melbourne-suburbs-investors-are-most-active-in">the most popular suburbs for investors</a> were those that are more recently developed.
In the inner city the suburbs within a 10 kilometres of the CBD such as <a href="/news">Aberfeldie</a>, has the highest proportion of houses with 90% of these owner occupied. Aberfeldie recently became the first million dollar suburb in the city’s west. <a href="/news">Strathmore </a>ranked second with owner occupiers accounting for 88.6% of houses. The top five is rounded out by <a href="/news">Kew East</a>, <a href="/news">Ivanhoe </a>and <a href="/news">Malvern</a>.
In the middle ring of suburbs, those between 10 and 20 kilometres of the CBD, there is greater disparity in the prices of suburbs popular with owner occupiers.<a href="/news"> Eltham North</a> recorded 94.3% of houses as being owned by their occupiers and second on the list, <a href="/news">Campbellfield</a>, had 91.4%. Campbellfield is much more affordable with a median house value of $334,601 compared to $646,869 in Eltham North.
Finally, in the outer suburbs the highest proportion of owner occupiers at 95.2% can be found in <a href="/news">Montrose</a>. Four of the top five suburbs are in fact are in or near-to the Dandenongs. Second on the list, <a href="/news">Mount Evelyn</a>, has 94.1% of houses owned by their occupiers and <a href="/news">Warranwood </a>has 93.8%. Fifth on the list, <a href="/news">The Basin</a>, recorded 93.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata.jpg" rel="wp-prettyPhoto[g3656]"><img class="aligncenter size-large wp-image-3657" src="https://blog.rpdata.com/wp-content/uploads/2014/08/RankedByProportionOfOwnerOccupiers-rpdata-580x432.jpg" alt="Melbourne suburbs ranked by proportion of owner occupiers | RP Data" width="580" height="432"></a>
There are 809 auctions scheduled this week in Melbourne compared to 837 for the same time last year. The highest number of auctions are expected in the <a href="/news">South Yarra</a> with 21 expected.
The auction market is gathering strength with an average clearance rate of 70.6% over the past four weeks.
This is the last week before spring officially starts and the latest research from RP Data shows that there have been, including last week, 26.7% more homes sold at auction than the same time last year.
Importantly there have been almost as many extra sales with 24.7% more sales at auction in Melbourne.
At this stage conditions are well balanced between buyers and sellers across the market.
Time on market results for houses sold at private sale was stable at 44 days over the last week whilst vendor discounting rose from -5.1% to -5.2%.
Key data
<ul>
<li>Clearance rate week ending 31 August: 70.7%</li>
<li>Melbourne auctions expected week ending 31 August: 809</li>
<li>Melbourne private sales time on market week ending 24 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 24 August: -5.2% (houses)</li>
<li>Listings being prepared for market are -0.2% lower in month ending 24 August (seasonally adjusted)</li>
</ul>
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Melbourne's most popular owner occupier suburbs: RP Data's weekend auction preview

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A preliminary weighted average clearance rate of 66.7% was recorded this week across capital cities compared to 70.8% last week and 70% this time last year.
All capital cities have seen a higher number of auctions than last year. Compared to last year the best performing auction markets from the perspective of relative improvement this year have been Sydney, Tasmania and then Adelaide. Sydney has seen a 63% rise in the number of homes sold at auction, Tasmania a 56% rise and a 48% rise was recorded in Adelaide.  
It should be noted that there have been 357 auctions in Tasmania this year, 2,467 in Adelaide and 22,329 in Sydney.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3641 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Capital-city-580x430.jpg" alt="RP Data auction market review | Capital city" width="580" height="430"></a>
In Sydney a preliminary clearance rate of 76.2% was recorded this week compared to 76.2% last week. Compared to last year and over recent months Sydney has clearly been the strongest auction market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter wp-image-3642 size-large" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Sydney-580x382.jpg" alt="RP Data auction market review | Sydney" width="580" height="382"></a>
In Melbourne there was a preliminary clearance rate of 64.1% recorded compared to 73.3% last week. Melbourne remains on trend and once final results are in should confirm it has a healthy auction market on the eve of spring.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3643" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Melbourne-580x386.jpg" alt="RP Data auction market review | Melbourne" width="580" height="386"></a>
In Brisbane a preliminary clearance rate of 52.1% was recorded compared to 50% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3644" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Brisbane-580x383.jpg" alt="RP Data auction market review | Brisbane" width="580" height="383"></a>
Adelaide recorded a clearance rate of 68.5% compared to 65.6% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide.jpg" rel="wp-prettyPhoto[g3640]"><img class="aligncenter size-large wp-image-3645" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140824-Adelaide-580x391.jpg" alt="RP Data auction market review | Adelaide" width="580" height="391"></a>
In Canberra a clearance rate of 46.9% was recorded and in Perth there was a clearance rate of 38.9%.
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National auction market well placed for spring sales: RP Data's national auction wrap

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There are 689 auctions scheduled this week in Melbourne compared to 712 for the same time last year.
It is encouraging for sellers that for each of the last five weeks the clearance rate has risen in the lead up to spring.
As the market has appreciated over the past year it has resulted in some new suburbs joining the ranks of those with million dollar median values for houses. The new suburbs were <a href="/news">Aberfeldie</a>, <a href="/news">Caulfield South</a>, <a href="/news">Fitzroy North</a>, <a href="/news">McKinnon</a>, <a href="/news">Ormond</a>, <a href="/news">Park Orchards</a>, <a href="/news">Princes Hill</a>, <a href="/news">South Melbourne</a> and <a href="/news">South Yarra</a>.
This is particularly noteworthy as Aberfeldie is the first suburb from the western region of Melbourne to upgrade to the million dollar median value ranks while Fitzroy North and Princess Hill are the first in the north. These changes underscore just how much the structure of the housing market has changed in the last decade.
Time on market results for houses sold at private sale was essentially stable with a small rise from 43 to 44 days over the last week whilst vendor discounting fell from -5.3% the previous week to -5.1%.
Key data
<ul>
<li>Clearance rate week ending 17 August: 73.3%</li>
<li>Melbourne auctions expected week ending 24 August: 689</li>
<li>Melbourne private sales time on market week ending 17 August: 44 days (houses)</li>
<li>Melbourne vendor discounting market week ending 17 August: -5.1% (houses)</li>
<li>Listings being prepared for market are 1.2% higher in month ending 17 August (seasonally adjusted)</li>
</ul>
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Melbourne's new million dollar median suburbs: RP Data's weekend auction preview

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What drives investment activity in one suburb over another? Is it pursuit of a high yield or is it a desire for good capital gains?
These are often debated topics and interestingly the data suggests there is not one clear-cut answer.
For instance, a review of the proportion of houses owned by investors in the inner, middle and outer suburbs shows a high level of investment in suburbs with low and high yields.
In the inner city, those suburbs within a 10 kilometre radius of the CBD is where the highest level of investors can be found in <a href="/news">Carlton North</a>, followed by <a href="/news">North Melbourne</a> and <a href="/news">Richmond</a>. Carlton North has a historically high level of appreciation and low yield whereas Richmond has a very low appreciation and higher yield.
In the middle suburbs, those between 10 and 20 kilometres from the CBD, the investor activity is highest in growth suburbs with new housing – <a href="/news">Laverton</a>, <a href="/news">Derrimut </a>and <a href="/news">Deer Park</a>. These suburbs have good yield according to the research but lower capital gains prospects given the high level of supply. Conversely, an established suburb such as <a href="/news">Clayton</a> has a high level of investors and very low yield, presumably because the market is purpose-built around students.
Finally, in the outer suburbs the investment activity is again concentrated in growth suburbs which are seeing a high rate of new home construction. For example <a href="/news">Point Cook</a>, <a href="/news">Tarneit</a> and <a href="/news">Truganina</a>.
The research suggests that there is more to the decisions of investors than suburb level analysis of yield and historical capital gains. Issues such as the level of supply is important, some suburbs are popular simply because they provide affordable stock for investors. Others are popular because investors are capitalising on a local factor, such as a university.
Possibly what’s more important is that investment decisions are also made after consideration of the actual house and its relative location and price.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/2014-08-20-robert-larocca-blog-img.jpg" rel="wp-prettyPhoto[g3616]" style="line-height: 1.3em;"><img class="aligncenter size-large wp-image-3618" src="https://blog.rpdata.com/wp-content/uploads/2014/08/2014-08-20-robert-larocca-blog-img-580x492.jpg" alt="Investor activity by distance from CBD | Robert Larocca RP Data" width="580" height="492"></a>
Source: RP Data
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The Melbourne suburbs investors are most active in

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Around one in 10 of all residential home sales in Melbourne transact for more than $1 million and most are concentrated in the inner east and south-east.
Such is the concentration that it is very hard to find a suburb with a median house price of under $1 million along the length of Burke Road.
That is of course no surprise to anyone who follows the local market.
More surprising is the suburbs with million dollar sales in the outer suburbs. For this exercise ‘outer’ includes those suburbs that are 20 kilometres or more from the CBD.
In those areas, the outer suburban million dollar market is most concentrated in the Mornington Peninsula and in the Kingston council area.
A common theme in these suburbs is the proximity to the bay and its associated recreational options.
The highest prevalence was in <a href="/news">Mount Eliza</a> where 83 homes have sold for over $1 million in the past year, 10 of which were sold for more than $2 million. <a href="/news">Mount Martha</a>, which shares many of the same attractions recorded 48 sales at or in excess of $1 million, almost one a week. The median sale price in Mount Eliza was $775,000 and in Mount Martha it was $620,000.
As you travel further south there are a range of other suburbs that recorded more than 10 sales above the $1 million mark including <a href="/news">Sorrento</a>, <a href="/news">Mornington</a>, <a href="/news">Safety Beach</a>, <a href="/news">Rye </a>and <a href="/news">Blairgowrie</a>. Obviously like Mount Eliza and Mount Martha the majority of homes in all of these suburbs sell for well under a million dollars so the data shows that, due to the location within the suburb, a different group of buyers is active.
Clearly you can’t fully judge a suburb by its median sale price.
This is also the case in the City of Kingston, in <a href="/news">Mentone</a>, <a href="/news">Parkdale</a>, <a href="/news">Patterson Lakes</a> and <a href="/news">Mordialloc </a>where between 24 and nine $1 million sales occurred in the last year. With the exception of Patterson Lakes these sales will mostly be in the section of these suburbs between the Nepean Highway and Port Phillip Bay.
The positive impact of the bay on property values extends to Frankston as well where 13 sales in excess of $1 million were recorded in <a href="/news">Frankston South</a> and eight in <a href="/news">Frankston</a>.
Other areas that saw these sales at the very top end of the market were <a href="/news">Eltham</a>, <a href="/news">Mitcham </a>and <a href="/news">Vermont</a>.
There are 658 auctions scheduled this week in Melbourne compared to 668 for the same time last year.
The growth in the volume of homes being listed for sale in Melbourne has slowed following a strong first half of the year.
A range of data available which highlights the moderate, but not strong, nature of the Melbourne market. The most recent of this is the settled sales so far for this year. It shows transactions have only risen by 5% compared to 2013 and remain 18% below the peak of 2007. On current numbers the total number of residential sales in Melbourne is projected to be between 85,000 and 87,000 compared to 82,495 last year and 72,757 in 2012. Remarkably the proportion of homes sold at auction is 35% higher than last year.
Time of market results for houses sold at private sale contracted from 46 days to 43 days over the last week whilst vendor discounting rose from -5.1% to -5.3%. This reflected a largely stable market for houses at private sale.
Key data
<ul>
<li>Clearance rate week ending 10 August: 69.6%</li>
<li>Melbourne auctions expected week ending 17 August: 658</li>
<li>Melbourne private sales time on market week ending 10 August: 43 days (houses)</li>
<li>Melbourne vendor discounting market week ending 10 August: -5.3% (houses)</li>
<li>Listings being prepared for market are 2.7% higher in month ending 10 August (seasonally adjusted)</li>
</ul>
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You can’t always judge a suburb by its median sale price: RP Data's Melbourne auction preview

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A preliminary weighted average clearance rate of 65.9% was recorded this week across capital cities compared to 68.9% last week, and 70.1% this time last year. 
The lower clearance rate was a result of a softening in the Melbourne market. This contrasted with the very buoyant outcome in Sydney and Adelaide.
<img class="aligncenter size-large wp-image-3590" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Capital-city-580x430.jpg" alt="RP Data National Auction Comment" width="580" height="430">
Sydney continues to be the capital city with the strongest and most consistent auction market. A preliminary clearance rate of 75.5% was recorded this week compared to 76.7% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Sydney.jpg" rel="wp-prettyPhoto[g3589]"><img class="aligncenter size-large wp-image-3591" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Sydney-580x380.jpg" alt="RP Data National Auction Comment - Sydney" width="580" height="380"></a>
The lowest result in nine weeks occurred in Melbourne where a preliminary clearance rate of 63.9% recorded compared to 69% last week.
Auction numbers have risen in the inner east after a seasonal lull. Rising stock numbers in the next month will clearly test the market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Melbourne.jpg" rel="wp-prettyPhoto[g3589]"><img class="aligncenter size-large wp-image-3592" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Melbourne-580x384.jpg" alt="RP Data National Auction Comment - Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 35.3% was recorded compared to 36.7% last week.
<img class="aligncenter size-large wp-image-3593" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Brisbane-580x383.jpg" alt="RP Data National Auction Comment - Brisbane" width="580" height="383">
Adelaide recorded a very strong clearance rate of 75% compared to 61% last week.
Low stock numbers at this time of the year can affect the clearance rate by making in more variable than in spring and summer.
In Canberra a clearance rate of 45.8% was recorded and in Perth there was a clearance rate of 66.7%.
<img class="aligncenter size-large wp-image-3594" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140811-Adelaide-580x387.jpg" alt="RP Data National Auction Comment - Adelaide" width="580" height="387">
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Sydney leads as national clearance rate dips: RP Data's national auction wrap

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There are 1,726 auctions scheduled across Australia this week.
In capital cities there are 1,372 auctions expected compared to 1,441 for the same period last year. Based on previous years, this annual period typified by low auction volumes should be over by the end of the month.
The national clearance rate has been both stable over the past few weeks and in line with this time last year. Given the higher volumes this means more active buyers are in the market.
<ul>
<li>In Sydney there are 486 auctions expected compared to 588 last week and 521 for this week last year. Last week’s clearance rate of 76.7% was the highest since March. The auction market is following the trajectory of last year which suggests a very competitive spring ahead for buyers.</li>
<li>Brisbane is expecting 97 auctions after 96 last week.</li>
<li>Adelaide is expecting 50 auctions compared to 95 last week.</li>
<li>Canberra has 31 auctions scheduled compared to 28 last week.</li>
<li>Perth has 25 auctions compared to 20 last week.</li>
<li>There are nine auctions scheduled in Tasmania.</li>
</ul>
Across Australia, the highest number of auctions is expected in <a href="/news">Malvern East</a>,<a href="/news"> Balwyn North</a> and <a href="/news">Reservoir</a>, each of which has 13 scheduled.
There are 673 auctions scheduled this week in Melbourne compared to 677 for the same time last year. Buyers are clearly in the market for capital gains, as yields remain low at 3.3% for houses; the lowest of all capital cities.
Low yields translate into good conditions for renters in many parts of Melbourne. Recently released rental market data showed that the median advertised rent for a house in Melbourne was stable in July at $447 per week and has risen by 2.4% in the previous twelve months.
This means that the median advertised rent for houses is not keeping pace with the CPI, 3.2% in Melbourne, for most relevant period. The comparable data for units showed a drop of a dollar a week to $397 over the month and an increase of 1.6% in the year. This reflects the adequate levels of supply in the higher density market.
The average time on market for houses sold last month rose from 44 to 46 days. Vendor discounting rose, but only slightly from -5% the previous week to -5.1% last week.
Key data for Melbourne
<ul>
<li>Clearance rate week ending 3 August: 69%</li>
<li>Melbourne auctions expected week ending 10 August: 673</li>
<li>Melbourne private sales time on market week ending 3 August: 46 days (houses)</li>
<li>Melbourne vendor discounting market week ending 3 August: -5.1% (houses)</li>
<li>Listings being prepared for market are 0.7% higher in month ending 3 August (seasonally adjusted)</li>
</ul>
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Period of low auction numbers coming to an end: RP Data's weekend auction preview

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A preliminary weighted average clearance rate of 69.7% was recorded this week across capital cities compared to 67.9% last week and 69.3% this time last year.
<img class="aligncenter size-large wp-image-3562" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Capital-city-580x429.jpg" alt="RP Data auction comment - capital cities" width="580" height="429">
Both Sydney and Melbourne, which account for the majority of the auction market in Australia, had strong results with clearance rates above trend.
This week a preliminary clearance rate of 77.6% was recorded in Sydney compared to 75.4% last week. Prior to this weekend the year to date clearance rate was a healthy 74.4%.
<img class="aligncenter size-large wp-image-3563" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Sydney-580x384.jpg" alt="RP Data auction comment - Sydney" width="580" height="384">
In Melbourne a result above trend for the year was reached with a preliminary clearance rate of 70.9% recorded compared to 68.5% last week. Not including this weekends results the clearance rate for the first eight months of the year was 67.3%.
<img class="aligncenter size-large wp-image-3565" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Melbourne-580x380.jpg" alt="RP Data auction comment - Melbourne" width="580" height="380">
In Brisbane a preliminary clearance rate of 32.3% was recorded compared to 44.7% last week. 
Adelaide recorded a clearance rate of 60.3% compared to 60.3% last week.
In Canberra a clearance rate of 59.1% was recorded and in Perth there was a clearance rate of 46.2%.
<img class="aligncenter size-large wp-image-3566" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Brisbane-580x380.jpg" alt="RP Data auction comment - Brisbane" width="580" height="380"> <img class="aligncenter size-large wp-image-3567" src="https://blog.rpdata.com/wp-content/uploads/2014/08/20140804-Adelaide-580x384.jpg" alt="RP Data auction comment - Adelaide" width="580" height="384">
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Robert Larocca

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