The Chapel Street Retail Association, has thrown its support behind a controversial 38-level apartment tower at the corner of Toorak Road and Chapel Street.

According to annualised figures published by the Real Estate Institute of Victoria, the leafy eastern suburb of Kew has topped the chart as Melbourne's best performing suburb, reporting a 44.8 per cent increase in median house price to $1.495 million.

ING Real Estate has confirmed it wants to sell its Southern Star Observation Wheel in Docklands.

At its meeting today, the Board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008.