<p>ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;</p>

<p>The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.</p>

<p>The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.</p>

<p>&nbsp;</p>

<p><img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" /></p>

<p>&nbsp;</p>

<p>There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.</p>

<p>Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.</p>

<p>Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.</p>

<p>A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.</p>

<p>“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.</p>

<p><img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" /></p>

<p>The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.</p>

<p>Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.</p>

<p>Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.</p>

<p>Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.</p>


Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

<p>Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.</p>

<p>The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5481]</p>

<p>The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.</p>

<p>Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.</p>

<p>"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5479]</p>

<p>The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;</p>

<p>The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.</p>

<p>“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5485]</p>

<p>Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;</p>

<p>Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.</p>

<p>The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;</p>

<p>A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5488]</p>

<p>BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;</p>

<p>Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.</p>

<p>Williams said the team spent over a year searching for the ideal site before securing this location.</p>

<p>"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”</p>

<p>The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.</p>

<p>Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.</p>

<p>[smartcode_project_cta:default project_id=136432]</p>


BANKSII sales launch in booming East Brisbane apartment market

<p>The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.</p>

<p>Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.</p>

<p>Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.</p>

<p>The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.</p>

<p>To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.</p>

<p>Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.</p>

<p>The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.</p>

<p>The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.</p>

<p>Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.</p>

<p>The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
<p>Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.</p>

<p>They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.</p>

<p>The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.</p>
</section>

<section data-element_type="section" data-id="534a164">
<p>Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;</p>

<p>Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.</p>

<p>“Melbourne is regaining momentum,"&nbsp;Stevens said.</p>

<p>"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.</p>

<p>“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."</p>

<p><img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" /></p>

<p>Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.</p>

<p>Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.</p>

<p>“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”</p>

<p>Kokoda Property will now progress concept design ahead of a future planning process.</p>
</section>


Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

<p data-end="445" data-start="321">Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.</p>

<p data-end="675" data-start="447">In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.</p>

<p data-end="772" data-start="677">“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.</p>

<p data-end="901" data-start="774">"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."</p>

<p data-end="973" data-start="903">[smartcode_project:default project_id=108747 project_image_fid=193023]</p>

<p data-end="1158" data-start="975">Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.</p>

<p data-end="1397" data-start="1160">Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.</p>

<p data-end="1469" data-start="1399">[smartcode_project:default project_id=108747 project_image_fid=284864]</p>

<p data-end="1786" data-start="1471">Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.</p>

<p data-end="1952" data-start="1788">Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.</p>

<p data-end="2008" data-start="1954">"This is paramount in the current market," Pezet says.</p>

<p data-end="2279" data-start="2010">Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.</p>

<p data-end="2351" data-start="2281">[smartcode_project:default project_id=108747 project_image_fid=190743]</p>

<p data-end="2428" data-start="2353">One of the biggest drawcards to Lagoon has been the size of the apartments.</p>

<p data-end="2567" data-start="2430">"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.</p>

<p data-end="2850" data-start="2569">"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."</p>

<p data-end="2907" data-start="2852">Lagoon is set to complete construction in mid-2026.</p>

<p data-end="2958" data-start="2909">[smartcode_project_cta:default project_id=108747]</p>


Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Vacant Land

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<p> </p>
<p><span>Over the 2014-15 financial year vacant land selling prices have continued to rise across the combined capital cities. Meanwhile, vacant land prices have actually fallen over the year in regional markets.</span></p>
<p> </p>
<div>
<p>Data based on settled sales over the 2014-15 financial years shows that vacant land selling prices have increased by 6.0% across the combined capital cities. While capital city land prices are increasing, across the combined regional markets land prices have fallen by -3.4% over the year.</p>
<p>As at June 2015, the median selling price of vacant land was recorded at $258,543 across the combined capital cities and $156,500 across the combined regional markets. Median land prices in regional areas of the country are now -39% lower than those in capital cities, the widest differential since August 1990. Over the 25 years to June 2015, median vacant land prices have increased by 417% (6.8%pa) across the combined capital cities and by 422% (6.8%pa) across the combined regional areas.</p>
</div>
<p><span style="line-height: 1.3em;"> </span></p>
<div>
<p><a href="/images/2015/09/21/2015-09-21--median-vacant-land-prices.png" target="_blank">Click to enlarge</a></p>
<h3>Median vacant land prices over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--median-vacant-land-prices.png" alt=""></p>
</div>
<p>While prices have fairly consistently risen, there has been a consistent trend towards smaller lot sizes. Although you pay a lot more for land you get a lot less for your money. Of those vacant land lots sold over the year to June 2015, the median lot size was 452sqm across the combined capital cities and 810sqm across the combined regional markets.</p>
<p>The median lot size has been reasonably stable across the combined capital cities over the past twelve months, whereas it has actually risen by 8.3% over the past year across regional markets. The median lot size for capital city vacant land has seemingly hit a trough having been relatively stable over the past 2 years. Meanwhile lot sizes have trended higher over the past year in regional areas.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-median-vacant-lot-sizes.png" target="_blank">Click to enlarge</a></p>
<h3>Median vacant land lot sizes over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-median-vacant-lot-sizes.png" alt=""></p>
<p>With higher prices and fairly steady land areas, the rate per square metre of land has continued to rise over the past year across the combined capital cities while it has fallen in regional markets. At the end of June 2015 the rate per square metre was recorded at $557 across the combined capital cities and $170/sqm across the combined regional markets.</p>
<p>Chart 3 shows that the differential in the rate per square metre between capital city and regional residential vacant land is significant. This is a function of the high cost of vacant land in capital cities and the relatively small lot sizes. To put this in perspective, 25 years ago the rate/sqm for capital city vacant land was $66 and the typical lot size was 750sqm. Today capital city land costs $557/sqm and is only 450sqm on average. While a 750sqm lot in a capital city cost $50,000 25 years ago, today it would cost $417,800.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-median-rate-per-sqm.png" target="_blank">Click to enlarge</a></p>
<h3>Median rate per square metre for vacant land over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-median-rate-per-sqm.png" alt=""></p>
<p>When looking at individual capital cities, vacant land prices are much higher than all other capital cities in Sydney. The cost of vacant land has risen sharply over the past year in Sydney, Melbourne and Perth over the past year. Typical lot sizes have actually risen across most cities over the past year but have generally fallen over the past decade. On a rate per square metre basis, vacant land in Sydney and Perth is much more expensive than all other capital cities. The rate per square metre has generally risen over the past year.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-capital-city-vacant-land.png" target="_blank">Click to enlarge</a></p>
<h3>Capital city vacant land statistics - June 2015*</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-capital-city-vacant-land.png" alt=""></p>
<p><em>Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.</em></p>
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ckusher-ujnxiKuFQs

Capital city land prices just keep on rising: Cameron Kusher

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<p>The Gold Coast City Council has purchased a vacant 85 ha block of land in Yatala for $12.8 million with plans to convert it into sports and recreation fields.</p>
<p>The substantial landholding is located at 396 Stanmore Road and was owned by the Enkelmann family since the 1800s, when they relocated into the region as one of the early European settlers.</p>
<p>It was taken to market via an Expression of Interest campaign through Colliers International on behalf of Joe Welch of Hickey Lawyers, as the executors of the deceased estate.</p>
<p>Daniel Coburn, Director of Industrial at Colliers International who marketed the property said the campaign generated interest from a range of developers and occupiers considering the land was zoned future low impact industry, is on the periphery of Yatala Enterprise Area and surrounded by rural and residential properties.</p>
<p>“The unique selling points of this cleared land parcel is that it had 1.3km of road frontage and as well as 900m Albert River frontage in the northern Gold Coast corridor which is one of the fastest growing regions in Australia in terms of population growth,” Mr Coburn said.</p>
<p>The proceeds of the sale will be used in a charitable foundation to benefit local charities and in memory of the Enkelmann family.</p>
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j.ballantyne1990-6AQqhLzZaK

Gold Coast City Council bought vacant 85 ha Yatala block for $12.8 million

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<p>Despite a slowdown in vacant land sales volume in 2018, the weighted average price for vacant land improved to $276,959, reflecting a 5% increase from the corresponding 2017 calendar year, according to latest Ray White's SEQ Vacant Land report.</p>
<p>Ray White Special Projects QLD agent Mark Creevey said the undersupplied development corridors including Brisbane City, Moreton Bay and Gold Coast witnessed the strongest price growth among the 10 local authorities from the year prior.</p>
<p>“The 2018 calendar year exhibited a clear slowdown in vacant land sales activity for the majority of the 10 local authorities that make up South East Queensland, with a total of 8,733 vacant lots sold, reflecting a 33.64% fall from the 2017 calendar year,” he said.</p>
<p>“The fall in sales activity is primarily considered a result of macro prudential regulation in the financial markets.</p>
<p>“This remains the single largest factor influencing the market at present, with buyers stifled by reduced borrowing capacity, resulting from lower gearing requirements and greater scrutiny over serviceability by banks.</p>
<p>“We expect price growth through major growth corridors to remain a trend into the second half of 2019, as a result of thinning supply, the recent Federal Election result, the relaxation of regulations applied by APRA to the lending institutions and recent interest rate cuts.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/seq%201%20.jpg" alt=""><br>Ray White Special Projects QLD Executive Director Tony Williams said quality land supply remained the key challenge for South East Queensland in the short-to-medium term, with 2018 lot approvals down 22.26% on the year prior.</p>
<p>“Notable reductions in future supply pipelines were observed for the Gold Coast, which saw lot approvals down 46%, Logan City down 47.55% and Moreton Bay seeing a drop of 33.95%,” he said.</p>
<p>“The Redland Bay region exhibited strong results across the board with an increase in vacant lot sales of 7.02%, while experiencing price growth of 14.10% for the year.</p>
<p>“Future supply again appears to be the key challenge to the continued growth for the region, with lot approvals down 37.75% for the year.</p>
<p>“Notwithstanding the recent reduction in land sales volumes, we’re confident in the general outlook for the land market in SEQ.</p>
<p>“Enquiry levels from locals and increasing numbers of interstate and even overseas groups are strong, with limited opportunities at present to acquire sites which offer scale, access to infrastructure, approvals or even a clear planning pathway to an approval.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/seq%202.jpg" alt=""></p>
<p>Ray White Special Projects QLD Executive Director Matthew Fritzsche said he anticipated a number of factors would continue to underpin the SEQ land market in the medium term.</p>
<p>“More affordable median land values between SEQ and southern markets still provides significant upside for southern buyers investing in SEQ,” he said.</p>
<p>“While continued population growth in SEQ is positive, it’s still well below peak numbers experienced in the early to mid-2000’s, highlighting the potential for further increases.</p>
<p>“Delivery and investment in major infrastructure projects such as Queen's Wharf, Cross River Rail, Brisbane Metro, Brisbane Live, Brisbane Airport second runway and the potential SEQ 2032 Olympic Bid, will be key factors.</p>
<p>Click <a href="https://www.propertyobserver.com.au/images/2019/7/9/seq%203.jpg" target="_blank">here</a> to enlarge.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/seq%203.jpg" alt=""></p>
<p> </p>
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Price growth in South East Queensland land market continues

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<p><span>The NSW Valuer General has released the latest official land values.</span></p>
<p>Residential land values increased by 4.4% over the year.</p>
<p><span>There had been a 14.1 per cent rise in the previous year.</span></p>
<p>The land values are for the value of the land only, as at 1 July 2018.</p>
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<p><span>One of the biggest increase was in Ku-Ring-Gai local government area where residential land values increased by 22.5% with very strong increases in land values for mixed use properties along the Pacific Highway (45.8%).</span></p>
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<p><span>Residential land values increased in the Lane Cove local government area by 17.4%, due to demand for housing near public transport, main roads and the business centres of North Sydney, Chatswood and Macquarie Park.</span></p>
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</div>
<p>Acting Valuer General Michael Parker said the land values are made by independent contract valuers following the analysis of over 46,000 sales. </p>
<p>Residential land values in the Sydney Central region recorded an increase of 2.1%, the so-called Sydney East region increased by 3.2% and the Sydney West region had a 3.8% increase.</p>
<p><a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a></p>
<p>Decreases were recorded in the Georges River suburbs (-3.3%).</p>
<p><span>Rural NSW land values increased overall by 14.3% due to continued demand and firm commodity prices. </span></p>
<p><span>Most locations recorded strong increases despite the continuing dry conditions, the department noted.</span></p>
<p><span>The land values reflect the property market at 1 July 2018. Land values do not include the value of a home or other structures.</span></p>
<p><span>Mr Parker encouraged the public to visit valuergeneral.nsw.gov.au for more information on land values and the valuation system.</span></p>
<p><span>“The latest land values for all properties in NSW are available on our website along with</span><span>information on trends, medians and typical land values for ea</span><span>ch local government area,” </span><span>Mr Parker said.</span></p>
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<p><span>The Sydney East region saw its </span>strongest increases in the local government areas of North Sydney and Mosman, which showed 14.4% and 11.2% increases respectively.</p>
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<p><span>The Blue Mountains local government area had an increase of 16.6%. The Hills Shire (0.7%) and Fairfield (1.5%) local government areas had steady residential land values.</span></p>
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Ku-Ring-Gai and Lane Cove show strongest gains as NSW residential land values up 4.4% over the year

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<div>New data from SEQ confirms Brisbane’s residential house and land market performed strongly over 2017.</div>
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<div>Land prices are up more than 11 per cent, the Ray White Special Projects' latest SEQ Vacant Land Market Report indicated.</div>
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<div>It reports 10 major Local Government Areas responding to firming conditions with supply of vacant lots showing a sharp 31.82 per cent rise in Brisbane in the year to December 2017.</div>
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<div>Ray White Commercial head of research Vanessa Rader found a nine per cent spike in lot approvals which shows developers’ expectations of firming future demand.</div>
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<br>Ray White Special Projects Qld executive director Mark Creevey expects to see price growth continue to firm largely in south-east Queensland due to the lack of available land for development and developers focused on owner occupied product.</div>
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<div>“Given there’s been a marginal lift of three per cent in the number of projects from last year it would appear that the significant increase has been derived from established estates delivering further supply to cater for demand,” Mr Creevey said.</div>
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<div>In south east Queensland there were 18,867 lots approved in 2017, down 16 per cent on 2016 but there were 15,691 lots registered which is a 5.97 per cent increase.</div>
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<div>The weighted average vacant land price in south east Queensland lifted 2.37 per cent in 2017 to $262,534.</div>
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<div>Brisbane City Council has the highest jumps from last year with a 9.13 per cent increase in registered lots to 2,894 in 2017 and an 11.35 per cent jump in the median land price to $412,000, with a 435sqm lot being the median size.</div>
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<div>House and land package sales fell 18.44 per cent to 566 sales but prices jumped 6.91 per cent to $735,000, demonstrating the continued requirement for increased supply in the Brisbane region.</div>
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<div>“Sales slipped backwards in 2017 but DA approvals and prices keep rising which bodes well for the future - with a 31.82 per cent spike in lot registrations,” Mr Creevey said.</div>
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<div>Ray White Special Projects Qld executive director Tony Williams said the inability of the LGA to deliver approvals in prime development corridors including Caboolture West, Warner and Morayfield resulted in a dramatic drop in lot approvals by more than 50 per cent.</div>
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<div>“If this is not addressed it could potentially have future supply and price implications,” Mr Williams said.</div>
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<div>“The number of lots registered has shown a solid increase of 32.38 per cent however this increase is from 11 per cent less projects than the previous year, pointing toward diminishing future supply unless key areas are unlocked.</div>
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<div>“The Moreton Bay LGA has demonstrated a flat performance over the past 12 months with the majority of indicators showing a downward trend somewhat defying the market sentiment and demand in this region."</div>
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<div>“The Moreton Bay LGA has traditionally been a popular development corridor offering significant supply across SEQld however has experienced a decline in vacant land settlements (down 4.45 per cent) as well as the median land price which reflects $251,000 (down 1.57 per cent).”</div>
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<div>On the Gold Coast, house and land package sales fell 35.71 per cent to 261 sales in 2017, with the median price rising 3.48 per cent to $505,000. The median lot size is 455sq m with a median vacant land price up 7.54 per cent to $271,000.</div>
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<div>Ray White Special Projects Qld director Matthew Fritzsche said the Gold Coast LGA land market had shown robust results over the last few years.</div>
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<div>“The volume of vacant land sales has however shown significant reductions although it has not dampened the median price across the region. Lot values have seen sizeable gains over the past 12 months after the prior few years had recorded minimal growth which was keeping affordability in check, the decrease in average lot size being a contributing factor,” Mr Fritzsche said.</div>
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<div>“The true growth on a $ per sqm basis has been consistently positive (albeit at a slower rate) and shows encouraging signs for the market. The fall in lot approvals on the back of limited availability of greenfield land is helping push prices upward.</div>
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<div>“Other indicators such as the house and land packages value increase emphasises the ongoing demand for housing in this location, which is expected to remain similar for the rest of 2018.”</div>
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<div>The Ipswich City Council region saw a 3.31 per cent slide in lot registrations, and it’s median vacant land price slipped 3.28 per cent to $191,500. House and land package prices remained steady at $385,000, and the median lot size in Ipswich was 443sq m.</div>
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<div>Mr Creevey anticipates that both values and volumes would remain similar over 2018 as an equilibrium was found between new supply and demand.</div>
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<div>“Demand for land and house and land product in the Ipswich LGA over the 2017 calendar year remained strong with only a slight variance down from 2016 in respect to median values and sales volumes,” Mr Creevey said.</div>
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<div>“The median value for land has reduced slightly we which expect to be a result of increased competition with a number of new estates having commenced in 2017. Volumes remain significantly higher than the longer term 5 and 10 year average.</div>
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<div>“Median values are only 5.69 per cent higher than the 10 year average while the rate per sqm is 20 per cent higher due to diminishing lots sizes which highlights the importance of maintaining affordability as a key selling point in this region.”</div>
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<div>The median lot size in Logan is 421sq m, with a steady median price for vacant of $220,500 with a healthy 5.3 per cent bump in lots registered to 1,690.</div>
<div>Mr Fritzsche anticipated rates of sale to remain strong throughout 2018 with some vacant land price growth.</div>
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<div>“Rates of sale improved by approximately five per cent over this same period and are well up on the long term averages, however value levels remain fairly static. The results for the Logan City LGA show a strong increase in lot approvals over the 12 month period to calendar end 2017,” Mr Fritzsche said.</div>
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<div>“This is a reflection of a number of large master-planned communities coming online in the region, together with a number of smaller more fragmented projects being undertaken by small to medium private developers / builders.”</div>
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<div>Ray White Special Projects Qld Associate Director Andrew Burke said there was a 39 per cent fall in lot approvals to 1662 lots on the Sunshine Coast, while the number of projects rose by 17 per cent to 88.</div>
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<div>The median vacant land price rose 5.69 per cent to $269,500 and the median price of a house and land package rose 4.4 per cent to $522,000.</div>
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<div>“We anticipate further increase in demand in this location due to ongoing business confidence and continued population growth,” Mr Burke said.</div>
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<div>“Infrastructure projects such as the University Hospital, the Sunshine Coast airport expansion, Maroochydore City Centre upgrade and the mooted light rail from Maroochydore to Caloundra (Stage 1 and 2) continue to transition to a highly valuable and sustainable economy. “</div>
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SEQ house and land market remains strong

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<p>A vacant New Farm block of land with one of the best views in Brisbane has fetched $11.3 million in a deal secured through Place Projects.</p>
<p>The site cost $255,000 some 32 years ago in 1986.</p>
<p><em>The Courier-Mail</em> reports the buyer of <a href="https://www.realestate.com.au/sold/property-residential+land-qld-new+farm-202138222" target="_blank">33 Moray Street</a> is expected to build Brisbane’s most expensive family home on the site.</p>
<p>The property had been on the market for over a year.</p>
<p>It reflected about $10,000 through Place Projects agent Syd ­Walker.</p>
<p>The vacant block looks across the river towards the city skyline with views over the iconic Story Bridge. </p>
<p>"<span>This property has been on the watch list of countless developers over the years," the marketing said.</span></p>
<p><span>The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.</span></p>
<p><span>Gibson designed some of Brisbane’s most well-known civic buildings including the Queensland Cultural Centre at South Bank.</span></p>
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Vacant New Farm building block fetches $11.3 milion

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<p>Sydney Roosters star and keen property developer James Tedesco has sold a vacant land parcel he hasn't touched for five years.</p>
<p><a href="https://www.realestate.com.au/property-residential+land-nsw-spring+farm-202095282" target="_blank">The Spring Farm block</a> does now come with approval for a double storey home with attached granny flat.</p>
<p>Tedesco will have nearly doubled his money if it sold at the top end of the $649,000 to $699,000 price guide when offered by My Property Consultants Shannon McDonnell, who found a buyer in just 12 days.</p>
<p>Tedesco paid $348,000 in 2013 when he was at the Tigers.</p>
<p>There are plans for a four bedroom main home with three living areas, media room, study and alfresco, while the granny flat has one bedroom.</p>
<p>The 25 year old fullback, who has said he is loving his time at the Roosters, has been developing property for the last few years.</p>
<p>He has a four townhouse project at Lurnea, each two storeys overlooking a lake, as well as a home at Menangle Park. </p>
<p>Tedesco joined the Roosters this year after spending five years with Wests Tigers where he started his career.</p>
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Roosters star James Tedesco sells vacant Spring Farm block 

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<p>Residential land costs in key markets have reached a new high, says HIA senior economist Shane Garrett.</p>
<p>Vacant land in Sydney is now over $1,000 per sqm.</p>
<p>“Today’s HIA-CoreLogic Residential Land Report indicates that the median lot price nationally increased to $256,683, an increase of 8.5 per cent on a year earlier," Garrett said.</p>
<p>“Across Australia, land turnover is down about 9 per cent on a year ago.</p>
<p>“The speed at which land price is increasing is a concern as it compounds the housing affordability problem.</p>
<p>The results are contained in the latest edition of the HIA-CoreLogic Residential Land Report.</p>
<p><span style="font-size: 12.16px;"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/24/Landsales.jpg" alt=""></span></p>
<p>Garrrett suggested land supply policy has to be central to making real and sustainable progress on housing affordability.</p>
<p>"This requires improved outcomes with respect to financing of housing infrastructure, monitoring and timely reporting on land release and speeding up zoning and subdivision process,” he said.</p>
<p>CoreLogic’s commercial research analyst Eliza Owen says record high lot prices over the past five quarters are likely to have contributed to worsening affordability and influenced the unprecedented level of high density residential development that is currently under construction.</p>
<p>“As the Australian economy shifts from residential to non-residential construction, demand for vacant residential land may shift in location and scope," Owen said.</p>
<p>"New and prospective infrastructure developments such as the inland freight rail and Badgerys Creek Airport will open up new employment and development opportunities further from the metropolitan regions which may stimulate demand for housing in areas with a more affordable price tag."</p>
<p>Over the year to June 2017, price pressures in the market for residential land were most intense in Melbourne where the median price increased by 19.6 per cent over the previous 12 months.</p>
<p>The pace of land price growth was also strong in Sydney (+9.8 per cent) and Adelaide (+8.0 per cent) over the same period.</p>
<p>Land price gains were more modest in Perth (+5.0 per cent) and Brisbane (+0.1 per cent) over the same period.</p>
<p>Hobart was the only capital city to experience a reduction in the median land price over the year to June 2017 (-15.8 per cent).</p>
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New Sydney land costs top $1,000 per square metre

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<p><span>GUEST OBSERVER</span></p>
<p><span>The announcement </span>by NSW Planning Minister Rob Stokes that plans have been made for Wilton New Town and that the boundaries of the Greater Macarthur Priority Growth Area are to be extended is good news for managing Sydney’s growth.</p>
<p><span>Sydney’s growth needs new greenfield development as well as inner-city urban renewal.</span></p>
<p><span>A number of Urban </span><span>Taskforce members are developing sites in the </span><span>Wilton and Macarthur areas and they will be encouraged by the government’s announcement of the expanded growth area.</span></p>
<p><span>The go</span><span>-ahead for Wilton New Town will give a focus to development in the area and ensure that jobs are able to be located in the region. The extension of the growth area boundaries to include the land release </span><span>areas of Menangle Park and Mt Gilead will ensure an ongoing supply of new housing sites.</span></p>
<p><span>Care will need to be taken about the cost of </span><span>levies that contribute to the funding of infrastructure to ensure that the levy costs do not over inflate the cost of new homes. Clearly contributions will be needed towards necessary infrastructure but Government also has a role to ensure timely delivery of this </span><span>infrastructure.</span></p>
<p><span>As </span><span>Sydney grows from a city of 5 million to 8 million over the next 40 years the boom in inner city apartment buildings must be balanced by medium density dwellings and by houses built on green field sites like the Greater Macar</span><span>thur Priority Growth Area.</span></p>
<p><em>Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.</em></p>
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