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A Singaporean-based developer plans on building 1,000 apartments on the site of Melbourne’s former Carlton &amp; United Breweries where a wall collapse killed three people last week.
Chip Eng Seng’s high-rise development will be built on a 2,927-square-metre block on the southwest corner of the site, incorporating a two-storey, heritage-listed bluestone building.
It will include a street level retail space, a number of podium levels of secure parking and two levels of basement car parking, according to information released on the Singapore Stock Exchange this week.
It recently bought the parcel of land from Grocon for $32 million.
The purchase is subject to review by the Foreign Investment Review Board.
The company recently posted record profits of SIN$81 million for the year ending December 31 2012.
It has been quite active in the Melbourne market, with its local arm CEL last year selling out its 338-unit MacKenzie Street development, 33M, and construction due to start on its <a href="https://www.propertyobserver.com.au/victoria/melbourne-cbds-tallest-residential-tower-crown-tussle/2013022858541">$170 million 71-storey development, Tower Melbourne, at 150 Queen Street</a> in the middle of the year.
CEL bought the MacKenzie street block for $20.2 million in 2010 and the Queen Street development for $25.5 million in 2011.
The MacKenzie Street development sold out in eight months. Construction of the 555-unit Tower Melbourne is due to finish in 2016.
Tower Melbourne was the <a href="https://www.propertyobserver.com.au/developments/singapore-developer-cheeky-for-selling-unapproved-melbourne-cbd-high-rise-project-off-the-plan-lord-mayor/2012101657194">subject of some controversy</a> with the developers marketing properties before it had received development approval.
The wall collapse last week, which some parties blamed on excessive signage, was on Grocon’s part of the CUB site. The site has remained undeveloped for almost 30 years with Grocon’s $800 million development, Swanston Square, struggling to get off the ground.
Building was due to begin in July last year.
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Singaporean developer to build tower at Melbourne's CUB site

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Australian economists mostly agree that the Reserve Bank of Australia’s decision to <a href="/news">leave the cash rate on hold at 3% yesterday</a> likely signifies the end of any further rate cuts this year.
They tend to agree too that while the easing phase has come to an end, any cash rate increases are unlikely to happen again soon.
Commsec’s Craig James says, “With home prices and share prices lifting and global risks dissipating, the Reserve Bank would also be loath to keep super low interest rates in place too long”.
But he adds it’s too early for the RBA to be flagging potential rate hikes either later this year or early next year.
He says the easing bias is still appropriate both to highlight the risks that still exist in the global economy and to sustain momentum in the domestic economy.
Commsec expects the RBA will keep rates unchanged for the next six months and says there is a very small chance it will cut the rate again but this is becoming increasingly unlikely.
“If the Reserve Bank was to cut rates in the next few months it would likely be prompted by fresh global turmoil, especially combined with evidence of weaker US and Chinese growth, low domestic inflation and a high Australian dollar,” James says.
“An interest rate hike would only be contemplated if there were solid evidence of stronger US and Chinese economic growth, firmer domestic growth, greater confidence of a lift in investment outside the mining sector and greater upside risks for Australian inflation.”
HSBC chief economist Paul Bloxham described yesterday's rate-hold as “tactically dovish”.
He says given the high Australian dollar, it’s prudent for the RBA to be dovish, but that it doesn’t necessarily mean it will follow through with further cuts.
“With demand already picking up in the interest-rate sensitive sectors of the economy, we remain of the view that the easing phase is done,” Bloxham said
He offered no prediction of how long until the next cash rate increase.
ANZ said the easing bias is increasingly tactical with it increasingly unlikely that they will cut rates again.
ANZ expects the RBA will maintain its bias towards further easing if the non-mining economy does not pick more strongly but it probably won’t cut rates further.
“While we still view a rate cut mid-year as a distinct possibility, in part because this will follow the next read on businesses’ capital expenditure intentions, the chances of a cut occurring appear to have diminished. Nevertheless, we see little risk of a rate rise this year as some are predicting.”
 
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Economists agree RBA easing cycle may be over but increases to the cash rate not imminent

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The New Jersey house where Bruce Springsteen wrote his breakthrough album Born to Run has been listed for sale.
The Boss, who has just completed his tour of Australia, rented the cottage in the 1970s and wrote the album from 1974 to 1975.
<a href="https://www.susanmclaughlin.com/address.php?property_ID=149" target="_blank">The asking price is US$349,000</a>, which could be tempting for those looking to re-live the glory days of Bruce Springsteen.
The vendors of the house (pictured below) are hoping the buyer doesn’t take a wrecking ball to the property and are keen to see it preserved as a piece of rock'n'roll memorabilia.
<img alt="springsteenapril3one" height="338" width="470" src="/images/stories/2013/04/springsteenapril3one.jpg">
The Boss spoke about living in the house in the documentary Wings for Wheels: The making of Born to Run. In the documentary, Bruce returns to the house and reminisces about it.
He says it’s the first house he ever lived in by himself.
You can watch the clip where he talks about the property here.
The five-bedroom, one-bathroom property covers 77 square metres and is just 200 metres from the beach.
Presumably, Springsteen sometimes wandered down to the beach to gaze over the sun rising over the Atlantic Ocean to see the light of day.
<img alt="springsteenapril3two" height="320" width="300" src="/images/stories/2013/04/springsteenapril3two.jpg">
It has a front porch, a small fenced yard and a patio, but no secret garden. It is zoned commercial-residential so buyers could turn it into anything from a <a target="_blank" href="?option=com_googlesearch_cse&amp;q=restaurant">restaurant</a> to a four-storey office building.
Springsteen says he played piano in one of the front rooms while composing the album.
Potential buyers are also offered the option of buying a one third share of the property. There are currently three owners of the property with two willing to share a third ownership.
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Ultimate rock'n'roll souvenir: Bruce Springsteen's former home listed

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Knight Frank has created a special sales team specifically targeting wealthy Chinese investors following the introduction of the significant investment visa (SIV)
The head of the team, Dominic Ong, says the 888 visa - colloquially called the "Golden Ticket" visa -favours Chinese investors.
“Although the rules of the SIV specifically exclude direct investment in real estate, SIV applicants are allowed to invest in an unlisted managed fund that holds Australian direct property assets and/or a trading business/ company,” Ong says.
Investors can invest $5 million in approved investments for four years and be eligible for permanent residency.
No SIVs have been issued by the Department of Immigration since the program was launched at the end of November last year.
A spokesperson for the department told Property Observer last month that, 287 expressions of interest had been processed, with 131 invitations to apply issued by late February.
Interest has been concentrated on investments in NSW, Queensland and Victoria.
There are no English speaking requirements, but applicants must stay in Australia for at least 160 days within those four years and the applicant, spouse and dependent family members can live in Australia immediately after approval.
The Knight Frank team includes Chinese born agents and people with experience dealing with Asian investment.
Ong says the creation of division is imperative for Knight Frank with the massive spending power of the Chinese and the increasing presence of China’s wealthy individuals and funds in the Australia commercial market.
“With the recent Sydney purchases of the Sydney Water Board site ($100 million), 231 Elizabeth Street ($201 million), 1 York Street ($117 million), 10 Barrack Street ($62.5 million), 333 Kent Street ($48 million), 80 Alfred Street ($49 million) and the Palazzo Versace Hotel in Queensland ($68.5 million), Chinese investors are becoming even more prominent on our local shores,” Ong says.
He predicts Chinese spending overseas is increasing and won’t peak for another five years.
“During my recent visit to Shanghai and Beijing, we are seeing Chinese investors increasingly looking to diversify their portfolios and they view Australia as a safe haven and a long term investment destination,” Ong says.
“We are currently working with some 20 groups of Chinese investors sourcing office towers and shopping centres to hotel investment and land development projects.”
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Knight Frank launches significant investor visa team ahead of Chinese investment influx

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The Melbourne property market looks softer compared with other capital city markets, the Reserve Bank of Australia has noted in its March 2013 Financial Stability Review.
The report found Melbourne could be prone to an oversupply of stock.
“Although housing loan arrears rates are currently low across most parts of Victoria, the outlook for the Melbourne property market appears to be softer than for other large cities and some banks have signalled that they will be alert to any signs of deterioration in asset performance,” says the RBA.
“The current stock of land for sale is at a high level and building approvals data point to increases in the stock of housing, and potential oversupply, in some parts of Melbourne, particularly the inner-city apartment market.
“This is on top of previous strong supply of detached housing in the outer suburbs. The increase in the stock of housing is consistent with Melbourne dwelling prices declining further and recovering less of their earlier decline than prices in most other capital cities have done.” 
According to Residex, Melbourne recorded a modest 0.28% rise in house prices during February. It puts the median house value at $556,500 now, unchanged from a year ago.
For units, Residex found median prices increased 0.62% over February to $426,000, up just 0.51% over the year. Rents have remained unchanged over the year.
And according to RP Data the Melbourne market has been going nowhere for the last 12 months with house prices up just o.58% over the year.
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Melbourne property market softer than other capital cities: RBA

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A quirky art deco building in <a href="/news">Malvern</a>, in Melbourne’s inner south-east, has passed in at auction and remains on the market.
The building, currently the site of an obstetrics and gynaecology clinic, has been held in the same hands for the last 30 years.
Kliger Wood agent Nick Breheny expected the property to sell for more than $1.5 million. It passed in on a vendor bid of $1.55 million.
The two storey brick structure on 214 square metres even features its own clock tower.
As well as possible rental potential the building has a small advertising sign that currently brings in $1900 per year.
Breheny says <a href="https://www.realcommercial.com.au/property-retail-vic-malvern-500629143" target="_blank">the building</a> will most likely be bought by a potential owner-occupier or as an investment for consideration for mixed use conversion.
Co-agent Lou Montalti says it’s hard to gauge a rental yield as it most suits an owner occupier.
It comes with a 5.6 metre street frontage and is currently licensed for medical occupancy.
The property has is set up with a ground floor reception, two consulting rooms and toilet amenities.
On the first level there are four more consulting rooms and a kitchen and toilets.
“There are a number of options for this prominent building ranging from refurbishment and redevelopment with the permits secured, to leasing it out as the permit for use as medical consulting rooms remains in place,” Breheny says.
“This property enjoys a key location on the western side of Wattletree Road close to the Glenferrie Road corner with the immediate area providing an array of prominent retail, services and popular food outlets.”
Inside, the building features a striking spiral staircase.
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Quirky Malvern art deco medical building still on the market with $1.5 million plus hopes

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Plans for the $2.5 billion redevelopment of Darling Harbour have been unveiled by the NSW state government.
Plans lodged reveal a vast network of public spaces including a convention centre, a grass-covered exhibition centre and a theatre. The project will also include new public gardens, 1,400 apartments, a 2,000-person ballroom and a new 680-metre tree-lined boulevard.
The Darling Harbour Sydney International Convention Exhibition and Entertainment precinct is now open for public exhibition by the NSW Planning and Infrastructure department’s major projects division.
Eventually the project, being built by <a target="_blank" href="/companies/lend-lease">Lend Lease</a>, will include an 900-room international hotel but plans have yet to be lodged.
The 33-metre-high terraced convention centre (pictured below) will provide 40,000 square metres of exhibition space and a 5,000-square-metre outdoor deck.
<img alt="darlingmarch27one" height="226" width="470" src="/images/stories/2013/03/darlingmarch27one.jpg">
Lend Lease describes the project as a “distinctly Sydney experience”, with architect Ken Maher from Hassell enhancing Sydney’s public spaces through water engagement, green spaces, children’s playground and activities, pedestrian connections and cycle networks.
Chief Executive Officer of Darling Harbour Live, Malcolm Macintyre, says the project will reinvigorate the precinct, reconnecting the area north to south and east to west.
“Our design approach has been to ensure we don’t have an isolated precinct within the city but one that knits the city together through its activation, scale and density, and importantly provides more public space and parkland,” Macintyre says.
“It will add more public space, a new residential neighbourhood at the heart of the city, and new links to the surrounding neighbourhoods.”
<img alt="darlingmarch27two" height="311" width="470" src="/images/stories/2013/03/darlingmarch27two.jpg">
 
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The convention centre is expected to be finished by 2016, with the current convention centre, built in the 1980s, staying open until 2015.
Deputy premier Andrew Stoner told News Ltd the development would deliver $5 billion to the economy, providing 3700 construction jobs and ongoing employment for 4000 people.
"It is just 450m away from Central and 700m from Town Hall stations, yet the precinct has always felt as though as it was disconnected from its <a href="/news">Haymarket</a>, <a href="/news">Ultimo</a> and <a href="/news">Pyrmont</a> neighbours," he told News Ltd.
"The masterplan creates strong pedestrian links with the north-south boulevard and five new east-west pedestrian connections through the precinct.
"It aligns the light rail stops with entrances to the new facilities to improve pedestrian flow."
The plans will extend Tumbalong Park by 3000 square metres to 11,000 square metres and will include an outdoor event space for 25,000 people.
<img alt="darlingmarch27three" height="315" width="470" src="/images/stories/2013/03/darlingmarch27three.jpg">
The 20-hectare site for the project is bounded by the light rail line to the west, Harbourside shopping centre and Cockle Bay to the north, Darling Quarter, the Chinese Garden and Harbour Street to the east, and Hay Street to the south.
Haymarket, the residential and commercial precinct to the South, includes building envelopes between six and 40 storeys across six plots.
The neighbourhood is due to be completed from 2016 through to 2023 by Lend Lease in a separate development, will include 1400 apartments, with accommodation for 1000 students, and possibly a library.
The plans are on exhibition at the <a href="https://majorprojects.planning.nsw.gov.au/index.pl?action=view_job&amp;job_id=5752" target="_blank">Planning website</a> until May 10.
 
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Sydney's Darling Harbour redevelopment plans unveiled

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A high-rise project in Perth remains in limbo after a planning commission delayed ruling on possible height limits.
Developers Golden Group hope to build a series of skyscrapers up to 53-storeys high on the <a target="_blank" href="/news">Belmont</a> Park Racecourse site, on the Great Eastern Highway, but the West Australian Planning Commission was reportedly set to cap the height at 30 storeys.
But the commission recently asked for further information from the state architect and the City of Perth before making a decision, according to the minutes of a meeting.
A planning officer had recommended that the commission endorse the plan subject to conditions including a reduction of the maximum building height to 30 storeys.
<a target="_blank" href="/news">Perth’s</a> tallest building is Central Park on St George’s Terrace at 51 storeys.
<a target="_blank" href="https://www.goldengroup.com.au/developments/perth-developments/perth-race-course">Golden Group’s plans</a> include 4,500 new dwellings, 31,000 square metres of retail space and 60,000 square metres of office space all on 22 hectares.
The $3.5 billion plans were designed by architect firm Foster + Partners.
The project design consists mainly of residential towers between four and 13 storeys tall with a few taller towers up to 53 storeys high.
A spokesperson from Golden Group was unwilling to talk about the project but confirmed the group was waiting on the commission's ruling.
Golden Group managing director Andrew Sugiaputra had previously said that according to the state government’s 2031 document, more than 320,000 dwellings were needed to cater for Perth’s growth, with 47% provided by infill development in the metropolitan areas.
“Extensive public consultation had been undertaken by our team and relevant stakeholders have provided support for our development in its current form,” Sugiaputra told The West Australian.
Sean Morrison, chairman of Future Perth, a development advocacy group in WA, said any height limits imposed would be an outrage.
“It seems to me that some bureaucrats have plucked this 30-storey limit out of the air to try and maintain the Perth CBD’s phallic bragging rights,” he told The West Australian.
“We don’t have caps on urban sprawl so why should we have caps on inner city residential developments?”
The site is three kilometres east of the Perth CBD, just over the Swan River.
The state government is spending $140 million rebuilding the nearby train station which also service Burswood Casino.
The site, in <a href="/news">Burswood</a>, is currently one of the two major horse racing venues in Perth.
The median unit price in Burswood is $697,500 according to RP Data, dropping 5.4% over the past year.  The median asking rent is $380 per week, giving a gross indicative yield of 2.8%
The median house price is $789,000, increasing 11.3% over the past year. The median asking rent for houses is $1,050 per week, giving a yield of 6.9%.
Premier Collin Barnett had hoped to use the site to build a new 60,000 seat stadium, but has shifted plans to south of the Graham Farmer freeway.
Any height limits would be in stark contrast to the direction Melbourne is taking, with state planning minister <a target="_blank" href="https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915">Matthew Guy recently approving the tallest building in the southern hemisphere</a>.
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Perth skyscraper plans in limbo as height ruling delayed

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{qtube vid:=7xHweZamJjU&amp;feature}
This week on Purchase or Pass we analyse a potential property and talk about the pros and cons before making judgement on whether it will make a good investment.
This week we have <a href="https://www.domain.com.au/Property/?adid=2010270309" target="_blank">a two-bedroom and one-bathroom unit</a> in a small block of nine, directly opposite the beach, about 11kms from the Sydney CBD. All you have to do is cross the street. The unit has a lock-up garage and there’s an opportunity to park a second car on the driveway in front although this is not officially on the title. The unit is on the first storey of a three storey walk up and gets $650 a week in rent. The major grey area from an investment perspective is that it’s a company title, although there have been discussions to changed it to strata title.
Chris Gray: John, I guess the first thing to try and identify is what is company title? Most people just think of <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/friday-march-15-ear-purchase-of-pass-a-coogee-apartment-with-high-strata-fees/2013031259840">strata</a> title but there’s still quite a few company titled properties out there, aren’t there?
John Edwards: If you have an interest in a unit that is strata titled you have got an interest in your own unit and you can do pretty much whatever you like to it within the rules of the body corporate that governs the block of units that your unit is in. However if you have a company title you own a share in a company which owns the building or the block of units. The consequence of that is that you don’t have any great say in what you can with your unit at all. In fact you are at the behest of the directors of the board that governs that particular company title so that might mean for example they don’t like the tenant that you’re about to put in your unit or they might say they don’t like tenants at all. So there are some negative issues. However, if you can buy a company titled block of units, and buy the whole lot and then convert it to strata title you’re going to make some serious money.
Chris Gray: That’s the thing. It could easily change it by 10% or maybe even 20% if you’re lucky.
John Edwards: It’s probably more likely that you’d get 10% to 20% rather than 0% to 10%.
Chris Gray: I guess one of the main issues is with the company title properties, because generally it was an old way of doing things, it’s typically the really old owners that are actually 60 or 70 that are actually on the board of directors so for new youngsters coming in they quite often don’t like the youngsters, they don’t like the renters. So they’re the kind of people that might be blockading you and there’s nothing you can do.
John Edwards: But strategically what you might like to do is to find a company title which is predominantly owned by these older people and live in it as long as you can. You probably don’t have a life expectancy less than theirs.
Chris Gray: Wait for them to die?
John Edwards: You could progressively pick them all up and you will make a lot of money in the process of renovation and rejuvenation and the conversion to strata title. And these old blocks are usually very good for conversion.
Chris Gray: Specifically this block they’ve actually been talking, because you can do a strata check or a company title check, and there’s actually discussions about converting it. Obviously there’s no guarantee but as long as you can afford to hold on then you can get the bank finance which may only be 70% rather than 80% or 90%, so if you’ve got the cash you can hold on then maybe it’s a great opportunity.
John Edwards: You are making a good point there. The bank financing of these blocks is more difficult than what it is if it wasn’t company title. So there are some things.
Chris Gray: Obviously it’s right opposite the beach, there’s some fantastic views that we’ve seen. How would you analyse getting something 55 square metres, which is pretty small but right opposite the ocean, versus going something a block back but maybe having 70 square metres.
John Edwards: Well the view is worth more than going a block back, let me put it that way. The smaller floor area I don’t think is particularly relevant in all of this because at the end of the day the people who are going rent this out and pay you decent rent are more interested in the beach. They’re not interested in staying at home and reading a book.
Chris Gray: Exactly. So purchase or pass for you?
John Edwards: I purchase.
Chris Gray: Now this unit isn’t for everyone. It’s company title can be restrictive, however if you’ve got a long term focus and have the ability to put down more money as a deposit then I think this could be a cracking property with never to be built out views. I love unique properties such as this and if they convert to strata title it will be even greater so I’m definitely going for a purchase as well.
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Purchase or Pass? Company title unit opposite the beach in Sydney with John Edwards

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Mudgee has confirmed its hotspot status with house prices increasing 17.22% over the year ending January 2013, the biggest price growth of all regional New South Wales areas, according to Residex.
The median house price in the area is now $299,500, with prices increasing 9.46% per year over the last 10 years. Prices increased 1.99% for the year ending January 2012.
Rents increased 16.13% over the last year to $360, giving yields of 6.28%.
And sales figures increased 15.09% to 497 sales.
It’s the second time Mudgee has hit the headlines recently, after <a href="https://www.propertyobserver.com.au/new-south-wales/mudgee-leads-list-of-10-top-performing-nsw-housing-markets-with-prices-up-744-residex/2012092556782" target="_blank">being declared the top-performing NSW housing market in September last year</a>.
<a href="/news">The historic area</a> is in the central west of New South Wales, 270 kilometres north-west of Sydney.
As a wine growing district with more than 40 wineries, the town attracts holiday makers and has a well-established hospitality sector.
The gold rush town has kept many of its heritage buildings with a number of historical buildings on the state heritage list.
It also benefits from nearby mining activities with six nearby resources projects tipped to open in the next three to five years.
Click to enlarge
<a href="/images/stories/2013/03/mudgeemarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/mudgeemarch22thumb.gif"></a>
“We’re in the fortunate position where we have quite a bit of mining nearby but not on our doorstep so we have the economic benefits but not the cosmetic problems with mining,” local agent Bruce McGregor from Raine &amp; Horne told Property Observer.
“We have a strong history of investment. We’re fortunate to have pushed first-home buying 25 years ago and once you start that it flows and flows. Our investment in new homes has been driven by outside investors to some extent. The benefits of depreciation on a new home and government assistance has appealed to people from outside our area.
He says most of the vacant rental properties on the market right now are furnished serviced properties which cater to cyclical contract workers on nearby mine sites. He says their rental books show a vacancy rate at around 3%.
 
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A two bedroom home at <a href="https://www.realestate.com.au/property-house-nsw-mudgee-113126271" target="_blank">8 Gladstone Street</a> (pictured below) on 727 square metres has just sold for around $255,000. It last sold for $73,500 in 2001, according to RP Data.
<img alt="mudgeemarch22one" height="349" width="470" src="/images/stories/2013/03/mudgeemarch22one.jpg">
Agent Scott Fittler from Raine &amp; Horne Mudgee says the property could rent for $320 $340 per week, giving a potential gross rental yield of 6.93%.
And a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-mudgee-113306311" target="_blank">162 Denison Street</a> (pictured below) on 1,036 square metres is listed for $375,000. It last sold for $317,000 in 2010 according to RP Data.
<img alt="mudgeemarch22two" height="351" width="470" src="/images/stories/2013/03/mudgeemarch22two.jpg">
Agent Chandelle Woods from Professionals Mudgee says the property has a rental potential of $395 per week, giving a potential gross rental yield of 5.48%.
Meanwhile, the Blue Mountains had a bad year, with house prices dropping 2.14% in the year to January 2013, the biggest drop in regional New South Wales. They fell 0.2% in the previous year. Rents have stayed flat while sales numbers dropped 3.47%.
But long term statistics have confirmed the New South Wales Central Coast as the worst performing rural housing market in Australia over the last 10 years.
House prices grew just 1.6% per year on average over the last decade, growing just 0.31% in the year ending January 2013.
 
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Mudgee continues run as NSW regional hotspot

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Alistair Walsh

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