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SOUTHBANK | 87-105 Queens Bridge Street | 51L | 171m | Residential

Riddlz's picture
#1

Fender Katsalidis design

Melbourne City council is recommending approval

http://www.melbourne.vic.gov.au/about-council/committees-meetings/meetin...

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Adrian's picture

Looks a high quality design and the podium appears to interact with the street level. I like it.

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Bilby's picture

It's interesting that foreign investment continues to fuel this boom, even though the evidence seems to suggest that off-the-plan apartments are failing to deliver short-medium term capital gains: https://www.domain.com.au/news/offtheplan-buyers-seeing-losses-and-lackl...
Which is all the more remarkable given the price boom we have been going through. Are these apartments delivering above average rental returns, or are investors simply making less of a return compared with locals who can purchase older style properties?

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SYmlb's picture

Agree Adrian, this is a decent outcome for Southbank.

Doesn't need to be any taller, the street level interaction with the laneway and podium are more important, especially at this end of town.

Looks like a winner to me.

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3000's picture

I don't mind this. The podium is something nice for a change.

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Michael Berquez's picture

Looks great from that pic...here's hoping we don't have to worry about it's back (blank wall?????) end....

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theboynoodle's picture

It's interesting that foreign investment continues to fuel this boom, even though the evidence seems to suggest that off-the-plan apartments are failing to deliver short-medium term capital gains: https://www.domain.com.au/news/offtheplan-buyers-seeing-losses-and-lackl... (link is external)
Which is all the more remarkable given the price boom we have been going through. Are these apartments delivering above average rental returns, or are investors simply making less of a return compared with locals who can purchase older style properties?

Established units are going to be biased towards established areas, so we'd expect them to do better. It would be interesting to see how established compare to off-plan within suburbs. That tells us whether people are overpaying for off-plan, or new developments are simply less desirable when it comes to resale. I expect both of those things are in play.

The list of worst performing suburbs is interesting. Carlton suggests an issue with valuation of student accommodation. Prahran is a surprise but could be skewed if there's only a small volume of transactions. I looked at units there and there wasn't much available on the secondary market.. but off-plan was expensive (prices were 20% higher than Fitzroy on a per sqm basis).

It's worth remembering that many offshore buyers are primarily looking for a safe store of wealth.. safer than at home.. so they're not going to be comparing their returns to the standards we might here. If, for example, you're worried that your local currency is going to drop 20% over five years, then losing 10% on a unit.. if it's the best you can get.. is an acceptable outcome.

Lastly.. consider the stamp duty concession. People think that this is a benefit to the buyer. It is not. The price of new units is inflated by the stamp duty saving. So if you buy with a stamp duty concession then your unit is worth that much less to anyone you might sell it to. It's a terrible tax and, given few people understand the incidence of it, a terrible concession. For this purpose, it delivers a loss in the sale price even though the true value of the unit.. being the total amount a buyer will pay.. hasn't actually changed.

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Development & Planning

Thursday, August 17, 2017 - 12:00
The City of Melbourne's Future (Planning) Committee this week resolved to issue conditional approval for a 10-storey building at 1071-1081 Hoddle Street in East Melbourne. The building would rise to a height of 31.54m and accommodate 26 apartments on a triangular shaped site with a total area of 311 sqm.

Policy, Culture & Opinion

Wednesday, August 9, 2017 - 12:00
Carolyn Whitzman , University of Melbourne Liveability is an increasingly important goal of Australian planning policy. And creating cities where residents can get to most of the services they need within 20 to 30 minutes has been proposed, at both federal and state level, as a key liveability-related mechanism.

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Visual Melbourne

Thursday, August 10, 2017 - 12:00
Part Three follows on from the Part One: Yarra's Edge and Part Two: Victoria Harbour. The focus of today's piece will be NewQuay and Harbour Town, the northern most precincts within Docklands. NewQuay NewQuay was the first precinct to open way back in 2003 and has probably evolved the most.

Transport & Design

Thursday, August 17, 2017 - 07:15
CBRE in recent weeks has begun marketing a development site at 118 City Road in Southbank which has been branded as 'Flagship'. The 6,191sqm site is currently home to a BMW dealership and showroom, and has significant potential to add to what is set to become on of the densest city blocks in Melbourne, boasting towers of 200m through to over 300m.

Sustainability & Environment

Thursday, July 20, 2017 - 12:00
The greening of Southbank is a step closer to reality following the endorsement of the draft concept plan for Southbank Boulevard and Dodds Street by the Future Melbourne Committee on Tuesday, 18 July, 2017.