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

Joel Robinson

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

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

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Suburb Spotlight

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GUEST OBSERVATION
With an abundance of gourmet eateries and a popular nightlife scene, St Kilda is often described as Melbourne’s playground by the beach.
Located just six kilometres from the CBD, the area attracts an eclectic mix of residents - from young families to bohemian artists and musicians, as well as tourists and young professionals. St Kilda is bordered by six kilometres of coastline and its beach is possibly Melbourne’s most famous.  Today, the population of the area stands at around 17,795.
The suburb offers residents and tourists a cosmopolitan lifestyle; boasting trendy cafes and bars as well as award winning restaurants and quirky independent stores. The area has numerous shopping strips, each unique in what they offer to visitors. Acland Street is arguably the most popular of them all; renowned for its European inspired cake stores – some of which date back to the 1940s. Fashion boutiques, trendy cafes and local institutions like Cicciolina’s restaurant, are also dotted along the strip.
Acland Street is linked to equally iconic Fitzroy Street and the Esplanade, which is home to a vibrant Sunday market where local artists congregate and sell their wares.  Over the past few years, Fitzroy Street has started to lose its grungy image and now houses upmarket restaurants owned by celebrity chefs. A case in point is Andrew McConnell’s restaurant Luxemburg.
Carlisle Street has also experienced a recent gentrification - with new cafes and restaurants opening up of late. The popular Radio Mexico restaurant, Galleon café and Italico, continue to attract long diners waiting to get their fix. These eateries sit alongside more traditional cake stores and coffee shops, which gives the street an eclectic feel.  Carlisle Street’s recent facelift and affordability, is attracting young people keen to get a foothold on St Kilda’s property ladder.
St Kilda has a well-connected public transport system. A number of trams head directly into the CBD and trains from recently renovated Balaclava station transport commuters to Flinders Street in just 15 minutes.
With a median property price of $875,500 for a house and $480,000 for a unit, the area is generally more affordable than surrounding suburbs Middle Park, Albert Park and Elwood. Over half of the home owners in the area are unmarried and the largest percentage of residents fall into the 25-34 year old age bracket.  This is reflected in the housing options available in the area - with over 70% of residents residing in a flat, unit or apartment.  
The types of property in the area can be categorised as follows:
<ul>
<li>A significant number of art deco apartment blocks</li>
<li>Victorian terraces and cottages</li>
<li>Spanish mission style buildings</li>
<li>Edwardian homes</li>
<li>1970’s style apartment blocks</li>
<li>New apartment developments</li>
</ul>
Property prices in St Kilda have risen steadily over the past 10 years and this is likely to continue given the strong demand for property in the area.
With an average of 55 people showing interest per property – higher than the state average - it pays to do your research and be selective when it comes to a property’s position, style and type. 
Selecting a property within smaller blocks as well as identifying something unique will pay dividends in your future investment.
Michael Townsend is director of <a href="https://www.hodges.com.au/st-kilda-real-estate" target="_blank">Hodges Real Estate St Kilda</a> and a local St Kilda resident.
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MichaelTownsend-fvzusRr7mo

St Kilda: Melbourne’s playground by the beach

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GUEST OBSERVATION
Bayside is often described as one of Melbourne’s most liveable areas and it’s easy to see why. Bayside is a large area with over 96,000 residents calling it home. From glitz and glamour in Brighton to the laid back vibe of Beaumaris there is something for everyone. 
Stretching around Port Phillip Bay, the area not only offers perfect beaches but also all the elements to make it a sophisticated and easy place to live. Large blocks of land and excellent schools attract families, whilst couples are drawn to its close proximity to the city, water front views and active outdoor lifestyle.
With a number of suburbs in the Bayside area, there is sure to be something to suit all tastes and budgets.
<a href="/news">Brighton</a>
Possibly the jewel in Bayside’s crown, Brighton is one of Melbourne’s most prestigious suburbs being home to many local celebrities and prominent individuals. The area boasts some of Melbourne’s most luxurious properties - from stately mansions to large Victorian and Edwardian homes.
Having a well-connected transport system and an excellent selection of private and public schools, Brighton attracts families looking for a sophisticated suburb to call home.
Brighton’s trendy cosmopolitan shopping precincts, situated along Church, Bay and Martin Streets, are popular among locals and tourists alike; providing shoppers and patrons with access to high-end boutiques, upmarket cafés and a number of gourmet providores.
Brighton is bordered by six kilometres of stunning coastline and is home to the iconic colourful bathing boxes at Dendy Street Beach.
Brighton’s property prices have risen significantly in the past 10 years – the median property price currently sitting at $1.9 million for a house and $940,000 for a unit. As of the 2011 census, Brighton had a population of just over 21,000.
<a href="/news">Sandringham </a>
Further along the coastline is Sandringham, another one of Melbourne’s most desirable Bayside suburbs - popular among families and older couples looking for laid back beachside living in good proximity to Melbourne’s CBD.
Health and fitness enthusiasts are attracted to Sandringham as it offers the perfect environment for a healthy outdoor lifestyle.
With almost a quarter of the area being made up of green space and parkland, residents can often be found running, walking and cycling along the foreshore.
Boasting some of the best beaches in the area, Sandringham it is the epitome of beach side living. The main area of Station Street gives residents everything they need on their doorstep including; restaurants and cafes, clothing boutiques, home-wares and bookshops, as well as a train station offering a fast direct service in to the city.
Sandringham is a popular choice for families and its large Edwardian homes, art-deco properties and California bungalows are in high demand.
For those looking to invest in a Bayside suburb, Sandringham is definitely one to consider. With large blocks of land available and a median house price of $1,180,000, the area has seen good year-on-year growth.
This article continues on the next page. Please click below.
 
<hr class="system-pagebreak">
<a href="/news">Beaumaris </a>
One of Bayside’s quieter suburbs, Beaumaris has a laid-back village feel with the heart of activity its Concourse shopping precinct.
This quaint area is bustling with individual retailers such as high-end boutiques, eclectic gift shops, cafes and delis.
The Concourse is also home to the Lobster Cave restaurant – an institution amongst local residents. Other shopping areas include the Seaview strip on Balcombe Road which offers a number of amenities such as hairdressers, grocery stores and takeaways – many of the locals consider the fish and chips here some of the best in the area. There is also a small precinct in Keys Street.
For those looking to get back to nature the Ricketts Point marine sanctuary is a popular place for rock pooling, walking the dog or relaxing with the family.
Property styles vary greatly in the area – form large luxurious seafront pads to rustic bungalows. The relaxed vibe attracts families and older couples looking for the quiet life.
The median house price in Beaumaris is $1,027,500 and investors have seen an average year on year capital growth of 6.75% in recent years. Units have a median price of $742,500.
The rental market is quieter in Beaumaris than it is in its surrounding suburbs, with the number of properties rented significantly below the state average. The majority of properties are owned owner occupied. 
<a href="/news">Mentone </a>
Mentone is one of Bayside’s largest and more affordable areas, offering a great beach lifestyle with many leisure activities at its residents’ front doorsteps, including a lifesaving club, cricket club, football club, tennis club and lawn bowls club.
Mentone is a shopaholic’s delight with a number of retail strips including Como Parade West and Balcombe Road which houses restaurants, cafes, supermarkets, bakeries, home-wares and bookstores. Alternatively just a hop, skip and a jump away is Southland – one of Melbourne’s largest shopping arcades.
Mentone is a large suburb and buyers can find a diverse range of architectural styles in the area including Victorian homes, Edwardian properties, 1940s to 1970s architecture and an array of contemporary style homes.
The median house price in the area is $720,000 for a family home and $487,500 for a unit. As with many other suburbs along the bay, there is a high demand for property in the area, with an impressive average of 52 people looking at each property compared to the state average of 22 people per property.
When looking to purchase in Mentone, it pays to be wary of properties that are close to the Nepean Highway or too close to Mentone’s train line.
Campbell Cooney is a franchise director of <a href="https://www.hodges.com.au/" target="_blank">Hodges Real Estate</a>.
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CampbellCooney-Zu8e5u5KU2

Bayside, Melbourne: An area with a little something for everyone

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Vermont South is located in the outer eastern suburbs of Melbourne, 34 minutes’ drive from the CBD.
It is surrounded by <a href="/news">Glen Waverley</a>,<a href="/news"> Wantirna South</a> and <a href="/news">Burwood East</a> and has a population of 11,972 people, according to the Australian Bureau of Statistics.
In 2005, tram route 75 was extended to the Vermont South Shopping Centre, connecting Vermont South to Melbourne’s inner suburbs and the city. There is also a bus transit link which travels to Knox City Shopping Centre.
Vermont South is home to Emmaus College (year seven to 10 campus), Vermont South Special School and primary schools; Weeden Heights and Holy Saviour. The hub of the suburb is the Vermont South Shopping Centre which includes several restaurants and a Coles Supermarket. It is also within five kilometres of major shopping centres; Knox City and The Glen. 
The suburb is also home to 20 parks, covering nearly a third of the suburb.
A famous Vermont South landmark is Pin Oak Court (pictured above), the filming location for ‘Ramsay Street’ from the television show, Neighbours.
RP Data shows that Vermont South’s current median house price is $791,500. This price has seen a steady rise, falling as low as $651,000 in 2013. Over the last 10 years it has risen by more than $300,000. Vermont South’s median price is lower than other suburbs in the area such as Wheelers Hill, which has a median house price of $838,000, and Blackburn, $1,012,500, according to RP Data.
The bulk of dwelling types in Vermont South consists of separate housing with very little flats or semi-detached housing available. Most of the homes in the suburb are occupied by families (79.8%, according to RP Data) with almost half of the properties being fully owned. RP Data says that on average Vermont South families will be repaying $1,800-$2,400 per month on mortgage repayments.
This four bedroom home at <a href="https://www.realestate.com.au/property-house-vic-vermont+south-118286347" target="_blank">2 Yalita Road</a> (pictured below) is currently on the market with a price guide of $800,000 to $880,000. 
<img src="/images/2014/11/14/vermont%20south%20nov%2014%20one.jpg" alt="">
According to RP Data 10.2% of residents in Vermont South are currently renting. The median rent price per week is $465.
This three bedroom property at <a href="https://www.realestate.com.au/property-house-vic-vermont+south-414429135" target="_blank">8 Shearers Court</a> is offering a renting price of $460 per week.
<img src="/images/2014/11/14/vermont%20south%20nov%2014%20two.jpg" alt="">
Andrew Wilson, senior economist for the Domain Group, believes outer east Melbourne offers strong potential growth.
“The whole outer eastern belt of Melbourne is a strong growth region. It’s been Melbourne’s strongest growth region for last two years with 12.7% growth rate, which is equal highest with inner east prices,” Wilson said.
“Vermont South goes under the radar compared to other suburbs such as Blackburn.”
But he says Vermont South is still not cheap.
“The outer east has had Asian buyers in Mount Waverly and Glen Waverley which has helped push prices up” 
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owisniewski-RiYLqnXfKH

Suburb spotlight: Vermont South, a neighbourly suburb with strong potential growth

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The Melbourne suburb of Hawthorn is a favourite among top end owner occupiers and investors alike.
Six kilometres east of the CBD, the suburb sits along Melbourne's private school belt, and is home to Scotch College. Next to Kew and Camberwell, it also offers easy access to Xavier College, Carey Baptist College among many other private schools.
Glenferrie Road is the main shopping and leisure strip in the suburb, with a variety of cafes, grocery stores and clothing retailers. The strip also serves as the central public transport hub, with Glenferrie Station and the route 16 tram. The suburb also houses Auburn Railway Station and Hawthorn Station, while tram routes 48, 70, 72, 75 and 109 also cart private school students to and from the area.
One of Melbourne's older suburbs, Hawthorn has managed to stretch its post-gold rush riches to the present day. It remains a desirable spot to some of the city's wealthiest families, with RP Data recording a median house price of $2,135,000 for September.
Its early popularity also means the suburb is populated with Victorian and Edwardian homes, which are a major drawcard for buyers, according to Marshall White Hawthorn's Stuart Evans.
He told Property Observer that a combination of character homes, local educational institutions and local amenities command demand from premium buyers.
{qtube vid:=Ug3X6GJnYpU}
Evans did, however, also note that the area sees a diverse mix of stock.
"Hawthorn's market is mainly made up of period homes: beautiful Victorians and Edwardian homes. There is a good mixture of apartments - high density living apartments - due to Swinburne University, so we see that offers some great opportunities for investors as well," Evans said.
Swinburne University attracts a number of students to the suburbs, with multiple low rise apartment complexes in the area catering to students.
However, according to SQM Research, the implied gross rental yield of apartments in the area has been volatile, reaching above 10% in mid-2010 and now sitting around 5%. SQM Research estimates that a two bedroom unit is likely to attract $400.30 at the time of writing.
This <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-414307723" target="_blank">two bedroom apartment</a> is currently advertised at $385 per week (pictured below).
<img src="/images/2014/10/28/hawthorn%201.jpg" alt="">
According to RP Data, the median asking price for a unit in Hawthorn is $593,000.
Median unit prices, which grew by 6.4% in 2013, saw a big uptick in 2010, with RP Data recording 32.4%. They certainly fared better through the period than house prices, which dipped in 2009 by 10.8%.
Hawthorn was not immune to the post global financial crisis downturn in prestige prices, although it has made a recovery, with 13.8% capital growth in median house prices in 2013.
The suburb's premium houses still command high prices: late last month, the six bedroom house pictured below <a href="/expert-insights/buying/rammed-earth-hawthorn-5-35-million-sale-rp-datas-top-10-sales">sold for $5.35 million</a>.
<img class="img-responsive" src="/images/2014/10/7/rammedearth_0009_image2.jpg.jpg" alt="Rammed earth Hawthorn $5.35 million sale: RP Data's top 10 sales">
But the high volume of student accommodation means it's not all prestige stock in Hawthorn. At the other end of the spectrum, this <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-106622918" target="_blank">25 square metre apartment</a>, advertised as "larger than most", was offered with a price guide of $99,000 after buyers failed to bite at $165,000 (pictured below).
<img src="/images/2014/09/11/d1.jpg" alt="">
It was on the market for <a href="/news/vic/25-square-metre-larger-than-most-apartment-the-most-discounted-property-in-victoria-sqm">four years</a>, and finally sold in September for $92,000.
Feature photo of Glenferrie Road courtesy of <a href="https://commons.wikimedia.org/wiki/User:Diliff" title="User:Diliff">Diliff</a>/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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Suburb spotlight video: Hawthorn – blue chip, but a mixed bag

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Located five kilometres south-east from Melbourne's CBD, Prahran has long played second fiddle to its neighbour, South Yarra. But it looks as though the suburb is coming into its own.
The difficult-to-pronounce suburb has a mix of medium to high density housing, including public housing estates, Victorian and Edwardian terrace homes.
However, it's Prahran's new unit market that is particularly interesting, says Australian Property Monitors senior economist Andrew Wilson, especially when considering development in Melbourne's CBD.
"We've certainly got a forest of highrises in the city - you don't have to be a rocket scientist to work out that supply is perhaps ahead of demand at this point," Wilson says.
"But there's plenty of demand rising in the inner suburban high rise market, from Brunswick and moving in an arc all the way to Port Melbourne," he notes. "Prahran is part of that epicenter."
While apartment stock in Melbourne's CBD may have outpaced demand, Wilson does not believe the same is the case in Prahran. 
"Units have been a bit flat in Melbourne, but the Prahran area is becoming more popular," he explains. "I would expect that to continue."
According to Wilson, the area is starting to match its contemporaries in Richmond, Collingwood and Brunswick. 
"They are attracting buyers not just for affordability and proximity, amenities and a higher level of infrastructure, but also lifestyle - the feel of the nieghbourhood."
Prahran is known for its restaurants, bars and shops, particularly along Chapel Street, which runs through Prahran and its neighbours, Windsor and South Yarra. The suburb is also home to one of Melbourne's most well known gay villages, with many gay venues along Chapel Street and Commercial Road. 
"Prahran has always been the poor cousin to South Yarra," Wilson explains, "but I think it's changing because of that high density buzz". That "high density buzz" is something the producers of reality television show The Block Glasshouse are betting on, with reminders each episode that the Prahran office conversion apartments sit in a trendy and contemporary neighbourhood.
According to Wilson, the current median price for a unit in Prahran is $530,000. After a drop in demand in the latter half of 2013, he says price growth has increased in the past six months. 
This two bedroom, north facing Prahran apartment <a href="https://www.realestate.com.au/property-apartment-vic-prahran-117269623" target="_blank">recently sold</a> for $512,000. 
<img src="/images/2014/09/10/p1.jpg" alt="">
According to Wilson, Prahran's growth will be sustained by a trend towards apartment living, particularly among younger buyers looking for a smaller spatial footprint, and who don't necessarily require a backyard or large accommodation.
"Developers have a good turnover of stock in that area, particularly from younger buyers looking for affordable living," he says, though he notes that the area is becoming less affordable for some.
"I would certainly expect to see demand continue to outstrip supply - developers in that area can't get enough. It's a bit different to a couple of kilometres down the road."
Houses in Prahran may also appeal to those looking for low maintenance, small homes with a higher budget, with many cottage offerings. According to RP Data, July saw a median house price of $1,177,000 million in Prahran.
This <a href="https://www.realestate.com.au/property-house-vic-prahran-117668631" target="_blank">single fronted brick cottage</a> with two bedrooms sold for $1,175,000 last week. <img src="/images/2014/09/10/p2.jpg" alt="">
Feature photo of Chapel Street courtesy of Mat Connolley/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by/2.5" target="_blank">CC BY 2.5</a>.
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Suburb spotlight: Does Prahran offer an alternative to inner city Melbourne oversupply?

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Suburb spotlight: Neutral Bay's demand rising but potential growth remains

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Parramatta has long been seen as one of the most significant growth areas in Sydney.
It’s on a major train line, has every amenity that can be thought of – serviced by a huge Westfield – and takes just 25 minutes to get to Sydney’s Central station.
Attracting big name developers, such as <a href="/expert-insights/buying/slab-to-be-set-on-highest-residential-tower-in-parramatta-v-by-crown-today">Crown Group with their recent V by Crown development</a>, and many offshore developers taking their first steps into the Sydney market, it’s a behemoth.
The bullish growth-orientated council in July 2010 released a report called <a href="/news">Parramatta – Australia’s next CBD</a>, and many would agree that four years on they’ve achieved that aim or are close to it.
In fact, turning to their property prices a clear picture of growth emerges. In January 2010, <a href="/news">RP Data recorded the median house price at $544,000</a> and the median unit price at $350,000. Those medians have now risen to $712,500 and $471,125 respectively. This is indicative of both increasing demand and willingness to buy in Parramatta, and high standard developments bringing prestige apartments to the market. Median weekly advertised rent sits at $460 for a house and $440 for an apartment.
It’s not even done yet – with several more billions of dollars to be poured into developing Parramatta, and the tallest residential tower in Australia slated for the city.
This wasn’t a surprise hotspot. While some were suspicious of the area 10 years ago, the last five years have seen many buying in, suggesting that it’s a worthwhile place to consider and many a property industry pundit has recommended it to their nearest and dearest in the past.
Yet, with prices becoming too high for the majority of investors, understandably, this has many turning elsewhere for opportunities – particularly as growth has already occurred and discussions of Sydney’s slowdown are being heard.
At the Sydney Home Buyer and Property Investor show, Property Queensland Pty Ltd had the slogan ‘Ipswich – Brisbane’s Parramatta’ on their stand, boasting strong yields and opportunities for investors.
<img src="/images/2014/07/21/home-show-july-21-two.jpg" alt="">
Taking it to the data first, <a href="/news">RP Data currently puts Ipswich’s median house price at $309,000</a>. In 2010, this was $332,000. The data for units is statistically unreliable (across the statistical area of Ipswich, the latest available data from the Australian Bureau of Statistics notes that less than 2.5% of the dwellings are apartments).
It’s worth remembering the floods that ravaged the area in 2011, and are likely behind some of the subdued prices. Median weekly advertised rent sits at $280.
Todd Hunter, director and buyer’s agent for Cronulla, Sydney agency wHeregroup, has been buying in Ipswich for several years.
This property (pictured below) was purchased by Hunter for a client in 2012. It was bought at $274,000, settling in September of that year, and is currently rented at $340 per week – or 6.45% rental yield.
<img src="/images/2014/07/23/P1180862.JPG" alt="">
Unsurprisingly, he’s keen on the area for his clients as it fits his investing model – below $300,000, high yielding properties in his discovered growth areas.
“Ipswich offers the ability for those who live there to work in the Ipswich CBD as well as the new developing Springfield Lakes Business Park,” he explained to Property Observer.
“Now with the new train line opened in Springfield and Springfield Lakes, this will attract those access to travel into the are for work.”
Yet he concedes it’s not as big as Parramatta, despite both attracting more businesses caring for lifestyle, as well as business and corporate-type industries.
“NEC is one company that sees the benefits of what the area has to offer. And with Orion shopping centre across the road, it allows those working there to enjoy the benefits of having nice places to enjoy their lunch and shopping,” he explains.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
But can Ipswich really be equated to Parramatta?
Property Queensland Pty Ltd managing director Graeme Shiels provided Property Observer with the following points as to why he considers Ipswich equitable to Parramatta.
<ul>
<li>Their CBDs are both "cities within their city" 
</li>
<li>They are both in the western suburbs 
</li>
<li>Decades ago, those who lived in Sydney's western suburbs were known as "westies" and lived in low-priced properties 
</li>
<li>Parramatta CBD then emerged to what it is now and some dwelling are well over the $1m mark 
</li>
<li>Ipswich CBD has commenced this emergence with new buildings going up and is the hub of this region which is about half the km2 of the ACT 
</li>
<li>The Qld govt is transferring thousands of public servants from Brisbane to the Ipswich CBD 
</li>
<li>North Ipswich now has the equivalent of a Westfield regional shopping centre 
</li>
<li>Amberley has the RAAF's biggest air base in Australia 
</li>
<li>A 188 hectare aerospace business park commences construction this year next to the RAAF base, to become the biggest maintenance facility in Australia</li>
</ul>
He also believes that the distance from Parramatta to Sydney, and that from Ipswich to Brisbane, is crucial – he provided the image below expressing this.
<img src="/images/2014/07/23/IpswichOverlaidOnSydney%20L.jpg" alt="">
Shiels' research, which he notes has been his ongoing project for 10 years, also cites well-known property commentator Michael Matusik, as does the Ipswich council.
In 2003, Matusik's 'The Matusik Snapshot' said: "Ipswich has the capacity to be the Parramatta of SEQld ... has large tracts of relatively cheap land and now, with a pro-active local council and state government incentives, Ipswich looks set to deliver."
Ipswich's potential has clearly been on the radar of many for some time - despite 2003's Parramatta being vastly removed from that we see today. 
However, Ipswich was recently seeing many people making a loss. <a href="/expert-insights/buying/losses-seen-in-all-brisbane-regions-for-march-quarter-with-ipswich-the-biggest-loser">RP Data’s Pain and Gain report saw no Brisbane municipalities escape losses</a>, and in fact Ipswich saw the most loss making sales – with 19.2% of those sold in the March quarter doing so at a loss. The median loss was recorded at $21,000. Painful numbers indeed.
And yet, from previous research, it <a href="/news/qld/suburb-spotlight-ipswich-picks-up">does seem the area is picking up</a>.
Observer <a href="/news/qld/ipswich-dominates-brisbane-property-market-and-is-poised-for-strong-growth-terry-ryder">Terry Ryder has also put his thoughts to the area</a>, some two years ago, suggesting growth would be strong.
“The Ipswich corridor is well-known around Australia as a growth region. It became popular with investors in the mid-noughties for its cheap prices and above-average yields, and prices rose strongly in the five years to 2010,” he explained in 2012.
“Big infrastructure developments like the $2.8 billion upgrade of the Ipswich Motorway (officially opened in May) and the $1.5 billion rail link to the Springfield master-planned community are adding to the area’s appeal, as is the ongoing emergence of major jobs nodes, such as the commercial components of Springfield, big industrial estates like Citiswich and the expanding RAAF Base at Amberley, just outside Ipswich,” he said.
Taking the debate to Twitter, it saw some warning of floods in the region. Certainly something to avoid, and <a href="https://www.ipswichplanning.com.au/flood-map-information" target="_blank">easily done using these Council flood maps</a>. It's also notable that there's a distinct lack of higher density dwellings than seen in Parramatta - something that has recently come to define Sydney's second CBD.
So does it offer potentially good investment prospects? If you buy well, it does seem to offer lower priced, higher yielding prospects.
But is it able to be equated to Parramatta just yet? The jury is out.
{module Do you think Ipswich has the potential to be Brisbane's Parramatta?}
Picture courtesy of Wikimedia Commons/Clarebear/ <a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
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Is Ipswich the next Parramatta?

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Mentone is one of the Melbourne's more affordable bayside suburbs. But is it a good option for investors?
Bordered by <a href="/news">Black Rock</a>, <a href="/news">Parkdale</a>, <a href="/news">Cheltenham</a> and <a href="/news">Mordialloc</a>, <a href="/news">Mentone</a> is a large suburb located in Melbourne's south-east.
In 2012, Mentone had a population of 12,458, according to the Australian Bureau of Statistics. The average monthly mortgage payment in 2011 was $2,171.
The majority of the suburb's homes are occupied by families, rather than lone occupants or house-sharers; in 2011, 64% of Mentone homes were family-occupied. Of the suburb's 3,104 families, 1,371 with children under 15 and/or dependent students. The high proportion of families in Mentone is unsurprising, given some of the key drivers of demand in the suburb. Jason C Swift, director of Hodges Real Estate Mentone, says residents are attracted to the suburb's schools. "The area boasts a number of good public and private schools including Kilbreda College, St Bede’s College, Mentone Grammar School, Mentone Girl’s Grammar School and Mentone Girl’s Secondary College – providing families with children a great reason to reside in the area," says Swift. Schools remain a key concern for many buyers, <a href="/expert-insights/buying/suburb-spotlight-does-sandringham-s-lifestyle-market-stack-up-for-investors">as in the nearby Sandringham</a>.
According to Swift, lifestyle factors and local amenities are also a key quality for the suburb.
"Mentone offers a great beach lifestyle with many leisure activities at its residents’ front doorsteps. It is home to a number of sporting associations including a lifesaving club, cricket club, football club, tennis club and lawn bowls club," says Swift.
"For shopping enthusiasts, Mentone has a number of retail strips including Como Parade West and Balcombe Road. Surrounding side streets offer restaurants, cafes, supermarkets, bakeries, home-wares and book shops, and the strip alongside the Nepean Highway is home to many large furniture retailers, car dealerships and hardware stores. Furthermore, Mentone is situated close to Southland, one of Victoria’s largest shopping malls."
{plotalot id="20"}
Float cursor over the graph to view each segment.
Located 21 kilometres from Melbourne's CBD, Mentone is still relatively well serviced by public transport and roads, Swift explains.
"Transport options for the commute from Mentone into Melbourne’s CBD are good, with both a reliable train line and easily accessible road links."
The Mentone railway station is serviced by the Frankston line and falls in Metro's Zone 2, meaning ticket prices are substantially more for Mentone residents than they are for those in Bentleigh, five stations closer to the city. A train trip into the city will take Mentone residents around 40 minutes.
 
This article continues on the next page.
<hr class="system-pagebreak">
 
According to Swift, the suburb offers a diverse mix of properties for investors.
"A wealth of choice is available when it comes to property in Mentone and a wide range of architectural styles span the area including Victorian homes, Edwardian properties, 1940s to 1970s architecture and an array of contemporary style homes," says Swift.
RP Data records the suburb's median house price for June at $1,138,800. However, it's unclear whether this is a monthly fluctuation due to a few high value home sales in the suburb - in May, the median house price was $885,000. The median unit price for June was $289,500. In May, it was $505,000.
Given the suburb's size and the variety of homes on offer, Swift says buyers should be careful about the Mentone properties they consider.
"When looking to purchase in Mentone, it pays to be wary of properties that are close to the Nepean Highway or too close to Mentone’s train line. Mentone is a large suburb with great variation in property values so prospective buyers will do well to fully research the street or area of Mentone that they are looking to purchase in," he says.
"For example there can be a notable price differentiation between properties located on either side of the Nepean Highway."
This <a href="https://www.realestate.com.au/property-house-vic-mentone-116997327" target="_blank">three bedroom home</a> on a 779 square metre plot on the beach side of the Nepean Highway sold last month for $1,170,000.
<img src="/images/2014/07/16/mentone1.jpg" alt="">
<a href="https://www.realestate.com.au/property-house-vic-mentone-116945347" target="_blank">Another three bedroom home</a> with a smaller plot (566 square metres) but a more substantial house sold for $800,000 last month. It's located on the other side of the Nepean Highway.
<img src="/images/2014/07/16/mentone2.jpg" alt="">
Swift says the suburb's bayside appeal attracts interest among buyers.
"As with many other suburbs along the bay, there is a high demand for property in the area, with an impressive average of 52 people looking at each property compared to the state average of 22 people per property," he says.
Despite the suburb's appeal to owner-occupier families, the suburb's rental market shouldn't be overlooked.
"For those looking to invest in Mentone, there is potential to realise great capital growth on properties located in the suburb," says Swift.
"Renters represent 29% of the market and are attracted by the area’s excellent transport links and schools. Rental properties typically fetch an average of $500 per week for a house and $340 per week for a unit. Both houses and units in Mentone tend to experience good capital growth, with annual price increases for homes averaging 5% and 8% on units," he explains.
"For the astute property buyer, Mentone has a significant amount to offer including a good village lifestyle, great transport links, attractive schools and beautiful beachside living," says Swift.
Feature photo courtesy of Wikimedia.
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Suburb spotlight: Mentone's family appeal

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GUEST OBSERVATION
The Melbourne Cricket Club (MCC) recently drew attention to East Melbourne when two of its National Trust recognised properties <a href="/news/melbourne-cricket-club-foundation-sells-jolimont-heritage-homes">were sold at auction for several million dollars apiece</a>.
It reinforced <a href="/news">East Melbourne</a>’s reputation as an exclusive hamlet. But do you really have to be a millionaire to acquire a slice of this luxury market?
On one hand, it is undoubtedly one of Melbourne’s more affluent suburbs, second only to <a href="/news">Toorak</a> on price for detached dwellings at $2,242,500 (REIV – March 2014 quarter) with values underpinned by arguably the most expensive land in Victoria. So it’s no surprise that many investors dismiss East Melbourne as the exclusive domain of high-rolling property punters.
But once you understand a little more about the suburb, you’ll realize there are investment opportunities for the more modestly-endowed investor.
Just two kilometres from the CBD and surrounded by some of the city’s most esteemed shopping and entertainment precincts, this suburb that found favour with Melbourne’s gentry in the 1800s is home to iconic buildings like Parliament House and St Patrick’s Cathedral, as well as the Fitzroy and Treasury Gardens.
Today, East Melbourne’s blend of modern high-density development, distinguished historical architecture, leafy green parklands and well-established infrastructure, make it a distinctive inner city haven for Melbourne’s discerning corporate tenants.
East Melbourne’s most prominent landmark is of course the hallowed Melbourne Cricket Ground (MCG), located in the Jolimont precinct alongside Yarra Park. Here streets lined with detached, semi-detached and terraced period homes all speak to the area’s rich heritage.
Those recently sold Georgian fronted and Victorian, Jolimont Terrace residences had been in the hands of the MCC for decades. Number 26 is an office conversion while No. 28 (reportedly built in 1865 for John Munro Bruce, father of former PM Stanley Melbourne Bruce) has been tenanted as a private four-bedroom residence.
So is East Melbourne just a millionaire’s market?
The answer lies in part with what some considered a sullying of the suburb’s blue ribbon reputation in the 1960s and 1970s, when a number of nineteenth century mansions were demolished or converted in favour of higher density housing to accommodate the city’s growing population. Concurrently, many imposing local residences built for Melbourne’s aristocracy have since been developed into apartments, in which a growing influx of career motivated “thirty-somethings” reside.
While this changing-of-the-property-guards was not without controversy, it provides today’s investors some more affordable buying opportunities.
According to the REIV, East Melbourne’s median unit price as at March 2014 was an accessible $532,250.
An investment all-rounder
East Melbourne’s owner-occupier and tenant markets are tightly held, affording investors minimal vacancy rates and consistent rental yields, as well as confidence in the area’s long-term capacity to provide sustainable growth.
This investment stronghold will benefit further from Melbourne’s latest population growth spurt, which saw a mini-boom in the vicinity of 10.% for Melbourne City and a respectable 1.5% for East Melbourne, according to the ABS Regional Population Growth 2012-13. 
53% of those who call East Melbourne home are tenants. The area’s disproportionately low number of families, compared with professional singles and couples – the average household is only 1.8 persons (ABS) – is to be expected given that flats make up 70% of all local dwellings.
Investors would do well to consider the acquisition of a spacious, well-appointed one-bedroom apartment that benefits from the right fusion of character architectural features and mod cons, as well as a proven track record of long-term growth.
A lack of developable land and the local council’s dedication to maintaining East Melbourne’s historically significant character, means investors can enter the market during this quieter phase with confidence in its future prospects as a tightly held, blue-chip suburb where quality apartment stock is ripe for the picking.
<div>
East Melbourne at a glance
<ul>
<li>
Municipality – Melbourne City
</li>
<li>
Population – 4,904
</li>
<li>
Median age – 36 years
</li>
<li>
Median household size – 1.8 persons
</li>
<li>
Median house price – $2,242,500
</li>
<li>
Median unit price – $532,250
</li>
<li>
Average household income (weekly) - $1,989
</li>
<li>
Average weekly rent - $415
</li>
<li>
Average rental yield (gross) – 4.25%
</li>
<li>
Amenities – Multiple public transport options, nearby major road arterials, public parks, sporting, entertainment and shopping precincts, numerous professional medical suites, restaurants and cafes and the Mercy Private Hospital.
</li>
</ul>
</div>
Source: ABS, RP Data, REIV 
Paul Nugent is a director of <a href="https://www.wakelin.com.au/" target="_blank">Wakelin Property Advisory</a>, an independent firm specialising in acquiring residential property for investors. You can contact Wakelin on <a href="https://twitter.com/WakelinProperty" target="_blank">Twitter</a>. 
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po-LsXgBTHBmX

East Melbourne: Not just a suburb for high-rolling property punters

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Cessnock, in New South Wales’ Hunter Region, is a town 52 kilometres west of Newcastle.
According to the Australian Bureau of Statistics, the area had 50,840 residents as of 2011, with 20,901 homes. The area’s median weekly household income is $1,042, with median monthly mortgage repayments of $1,517.
Like other mining towns in the area, Cessnock has seen its primary industry, coal, largely move north. Other primary industries in the area include the wine industry, which in the Hunter Valley employs over 7,000 people, according to the Cessnock local government.
Tourism is another big industry for Cessnock, with the local government estimating that the Hunter Region’s wine tourism industry is worth $521 million, with subsequent investment and spending worth around $227 million. Finder.com.au <a href="/expert-insights/investing/the-top-10-holiday-hotspots-finder-com-au">listed Cessnock at the top</a> of its investment holiday hotspots list for houses this year, after the city showed the highest yield for houses of any of Tripadvisor's Top 10 Traveller's Choice Best Destinations in AUstralia. 
Facing a downturn in employment due to changes in the coal industry, the Cessnock local government is focussing on long-term, sustainable businesses to limit the area’s exposure to volatile industries.
Infrastructure investments, particularly transport links to nearby employment hubs like Newcastle, are hoped to attract businesses and residents to Cessnock. However, those infrastructure investments will come at a price, with Cessnock council rates to rise <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-06-04/resident-angry-over-rate-rise/5498710" target="_blank">9.55% permanently from 1 July</a>.
Some residents have taken a strong stance against other resource industries entering the area, with many, including the local government, refusing to support coal seam gas related activities in the region.
According to a 2013 study commissioned by the Valuer General of New South Wales, in New South Wales areas where coal seam gas mining occurred, there was no evidence of an impact on property prices. However, the report also stated that the poor availability of data limited the study’s conclusions.
The report also stated that “anecdotal evidence indicated that in some areas negative perceptions of CSG led to a reduction in the number of potential purchasers and an increase in the time taken to sell properties.”
Property Observer spoke to Australian Property Monitors’ senior economist, Andrew Wilson, about the area <a href="/news/nsw/suburb-spotlight-cessnock-over-2014">late last year</a>. He said the area had seen 4% price growth in the past year. 
“Given that there’s some dollar recovery in the resources sector, Cessnock will continue to be a reasonable performer into 2014,” he told Property Observer. <a href="/news/nsw/suburb-spotlight-cessnock-over-2014"></a>
Jurd Real Estate principal Alan Jurd said in November that the downturn in the mining sector had “taken the zing off [the property market] a little.” He also told Property Observer that vacancies were up, after a period of unsustainable rents.
He now says that the effects of the resources downturn on the rental market have started to filter through to the investment market.
“There was a bubble in the rental market, which wasn’t real,” says Jurd.
“There were some properties that were really inflated.
“A new four bedroom, double garage, 250 square metre home: at the peak of the market, you could get $500 or $600 for that. Four years ago, it was $400 a week.”
According to Jurd, now that the mining industry has moved on, as have work crews from the Hunter Expressway, vacancies are up.
A <a href="https://www.realestate.com.au/property-house-nsw-cessnock-413443651" target="_blank">new four bedroom home</a> at Cessnock’s Stonebridge Golf Estate, pictured below, is now available to rent for $400 per week.
<img src="/images/2014/06/26/cess.jpg" alt="">
Jurd says that some investors were lured in during the rental bubble by property spruikers, who advertised inflated yields. But he says that the area is a sound investment for those with realistic long term expectations.
According to Jurd, the new Hunter Expressway may deliver demand from Newcastle residents.
“The driving time to Newcastle is so much faster,” he says. “So we’re getting some interested from that area, which we never really had before.”
The median house price for the Hunter region is $268,000. For Cessnock, the median house price is $258,000.
 Feature picture courtesy of Ian Armstrong/<a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/2.0" target="_blank">Creative Commons</a>.
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