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Yachtsman and sailing journalist Rob Mundle is selling his resort-style apartment in Main Beach, Queensland.
The north-facing <a href="/news">Main Beach</a> townhouse-style apartment is set over three levels and comes with a rooftop entertaining terrace with 360-degree views, master bedroom with balcony and ensuite, under-cover security parking, and resort facilities.
McGrath agent Duncan Longmore is looking to sell the property for more than $500,000 at its October 28 auction.
Mundle bought <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-main-beach-qld-4217/167139" target="_blank">the property </a>for $500,000 in 2003.
Total outgoings for the property are $7,705 per year.
The apartment is in a boutique block of 16 apartments known as Woodroffe Place. A neighbouring apartment, listed at $380,000, rents for $380 per week.
The last sale in the building was in 2009 when unit six sold for $410,000.
And in 2008 a unit in the building sold for $445,000.
Mundle is the author of Bligh, Fatal Storm, Bond, Sir James Hardy and Ocean Warriors.
He is often referred to as the voice of sailing.
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awalsh-7Ub9EypybQ

Sailor and writer Rob Mundle lists resort-style Main Beach apartment

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Corio in Geelong has the strongest yields for units for all regional postcodes in Victoria, according to RP Data figures.
With a median price of $155,000 and median rental figure of $240 per week, RP Data suggests the suburb has a yield of 8.05% for units.
Looking at what’s currently available it seems the yields aren’t quite as high as RP Data figures suggest though.
<a href="https://www.realestate.com.au/property-unit-vic-corio-110599481">Unit 7 at 51-53 Merlin Crescent</a> is listed for sale at $165,000-$175,000. The last asking rent for the property was $220 per week in February this year, giving a yield of 6.54% if it sells for the upper bracket.
And <a href="https://www.realestate.com.au/property-unit-vic-corio-109715241">unit 1 at 82 Hendy Street</a> has been listed for sale at $189,000 to $199,000. Its last asking rent was $240 per week in July this year giving a yield of 6.27% if it sells for the upper bracket.
The suburb is followed by Ballarat Central, with yields of 6.88%, according to RP Data. It has a median price of $170,000 for units and a median rent of $225 per week.
Third is Mildura in north western Victoria, with unit yields of 6.66%. The median unit price is $148,000 and the median rent is $190 per week.
The top 15 rural postcodes with the highest yields for units are as follows.
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<td width="116" height="20">Suburb</td>
<td width="64">Postcode</td>
<td width="88">Median Price</td>
<td width="86">Median Rent</td>
<td width="64">Yield</td>
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<td height="20">Corio</td>
<td align="right">3214</td>
<td align="right">155000</td>
<td align="right">240</td>
<td align="right">8.05</td>
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<td height="20">Ballarat Central</td>
<td align="right">3350</td>
<td align="right">170000</td>
<td align="right">225</td>
<td align="right">6.88</td>
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<td height="20">Mildura</td>
<td align="right">3500</td>
<td align="right">148000</td>
<td align="right">190</td>
<td align="right">6.66</td>
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<td height="20">Cobram</td>
<td align="right">3664</td>
<td align="right">155000</td>
<td align="right">188</td>
<td align="right">6.31</td>
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<td height="20">East Geelong</td>
<td align="right">3219</td>
<td align="right">232000</td>
<td align="right">280</td>
<td align="right">6.28</td>
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<td height="20">Tatura</td>
<td align="right">3616</td>
<td align="right">167000</td>
<td align="right">195</td>
<td align="right">6.07</td>
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<td height="20">Melton</td>
<td align="right">3337</td>
<td align="right">224000</td>
<td align="right">260</td>
<td align="right">6.05</td>
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<td height="20">Norlane</td>
<td align="right">3214</td>
<td align="right">212000</td>
<td align="right">245</td>
<td align="right">6.01</td>
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<td height="20">Eaglehawk</td>
<td align="right">3556</td>
<td align="right">218000</td>
<td align="right">250</td>
<td align="right">5.98</td>
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<td height="20">Bendigo</td>
<td align="right">3550</td>
<td align="right">210000</td>
<td align="right">240</td>
<td align="right">5.94</td>
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<td height="20">Kangaroo Flat</td>
<td align="right">3555</td>
<td align="right">207000</td>
<td align="right">235</td>
<td align="right">5.91</td>
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<td height="20">Morwell</td>
<td align="right">3840</td>
<td align="right">141000</td>
<td align="right">160</td>
<td align="right">5.91</td>
</tr>
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<td height="20">Yarrawonga</td>
<td align="right">3730</td>
<td align="right">210000</td>
<td align="right">235</td>
<td align="right">5.82</td>
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<td height="20">Mooroopna</td>
<td align="right">3616</td>
<td align="right">168000</td>
<td align="right">188</td>
<td align="right">5.8</td>
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Corio tops list of 15 rural Victorian localities with highest unit yields

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A one-time notorious Kings Cross drug den sold at auction yesterday for $1.25 million, less than half what it traded for in 2002.

The 1995 Royal Commission that examined the drug trade investigated the Darlinghurst Road premises, formerly called Lasers.

In its heyday, drug seekers would head to the toilets in the premises, where they would pass money through a 30-centimetre by 30-centimetre hole in the ceiling and the drugs would would be passed back.

The drug joint was earning up to $20,000 a day, and the bouncers carried guns.  The den relied on police tip-offs before drug raids.
The nightclub closed before the vendor bought the property.
The building was sold under mortgagee instructions.
It was owned by a Burwood-based Chinese investor who had bought it from Thanae Investments Pty Ltd for $2.75 million in 2002 with a lucrative lease.

The streetfront space had been leased by the NSW state government's Health Administration Corporation, on behalf of K2, the health administration corporation. K2, the Kirketon Road Centre, which provided a needle syringe service, health and social welfare advice, assessment and referral to drug treatment.
In 2011 the needle exchange moved to Victoria Street in Potts Point, leaving the vendor without his key occupant. 
The Kirketon Road Centre signed the lease in 2001, paying $113,564 plus GST per year. The centre also paid 35% of the outgoings, which were set at $41,000 per year.

Rent reviews took place each year, and the rent was raised by CPI plus 1%. 

Agent Miron Solomons says the rent from that tenant was much higher than usual given the nature of the business.

Colliers agent Matthew Meynell says the rent reached a net of $210,000 per year for the property before the tenant moved out.

The only tenant in the building at sale date was an internet café, which was on an unofficial agreement with the vendor and paying a relatively low figure for the space.

It was bought by a national pharmaceutical chain, which plans to install a shop front on the ground floor, an internet café on the first floor and to convert the upper levels into short-term accommodation.
 
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The property on Darlinghurst Road has lapsed approval for a boarding house and was being sold as a mortgagee sale by PPB Advisory. 

The five-storey building has a lower ground floor and first-floor retail, while the top three levels have lapsed development application approval for a five-bedroom boarding house with potential to convert them into residential apartments.

The building is potentially being offered as vacant possession or with a licence agreement for the first-floor retail area.

"There's huge residential demand in the area. Subject to council approval there is a conversion to residential down the track and an upgrade of the retail space," Solomons says.

In its current state the building is essentially unlettable. 

"You couldn't inhabit most of the building in its current state. Upstairs is really stripped out and a raw shell. It needs capital to improve it," Solomons says.

Meynell says the vendor simply didn’t have to liquidity to develop the property into a boarding house.

The property has current yearly outgoings of $18,405 of council rates, $1,081 of water rates and $37,705 of land tax.

It comes with an eight-metre frontage to Darlinghurst Road and rear access via Kellett Way.

It comes on 176 square metres and has net lettable area of 500 square metres.

Marketing for the property says most hotels in Kings Cross run at 90% occupancy rates while the residential apartment vacancy runs below 2%.

The property is zoned mixed-use 10, which allows for allow a mixture of compatible land uses in appropriate circumstances, such as residential, retail, commercial, light industrial and industrial development.

The marketing for the property was previously occupied as a night club, with no mention of its more salacious history. 

The 113-square-metre second floor is currently configured as a one-bedroom and studio apartment with laundry.

The 80-square-metre third floor is currently configured as three studio apartments.

The 57-square-metre fourth floor currently configured as two studio apartments.

None of the apartments have actually been completed, and they have not undergone separation of service.

Comparable sales include 48 Darlinghurst Road, a retail plus budget accommodation site on 171 square metres that sold for $3.85 million in 2011; 70A Darlinghurst Road, a retail and nightclub venue on 279 square metres that sold for $6 million in 2009; and 49 Darlinghurst Road, basement, ground and first-floor retail shop on 272 square metres that sold for $3.6 million in 2009.

Solomons says retails in the area range from $1,000 to $2,000 per square metre per year, office rents range from $400 to $600 per square metre. One-bedroom apartments rent anwhere from $350 per week to $800 per week.

He says he wasn't bowled over with interest at the auction, though there are always some bites at mortgagee sales.

The plans for the property were designed in 2009 by architects Antonius and Associates.

The site is not a heritage item but is located within the Heritage Conservation Area CA19-Elizabeth Bay Conservation Area and the Streetscape Area HS4-Darlinghurst Road.

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Former Kings Cross drug den sells to pharmacy chain following K2 tenancy departure

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Two Ballarat suburbs have experienced the strongest median house price growth in Victoria in the last quarter, according to Real Estate Institute of Victoria statistics.
Median house prices in Sebastopol, on the south side of the Goldfields city, increased 16.2% in the September quarter, while prices in Alfredton, on the west side, increased 15% over the quarter, according to the REIV September quarter property update.
They were the two star performers in the city, where median house prices increased 1.8% over the quarter.
The best-performing Melbourne suburbs over the quarter were Thornbury and Yarraville, where the quarterly change was 11.4% and 8.8% respectively.
Both Ballarat suburbs showed strong annual growth, suggesting it’s possibly a longer-term trend.
Median house prices are up 10.9% over the year in Sebastopol and 10% in Alfredton, according to the REIV.
The median house price in Sebastopol is now $254,000, while Alfredton is at $385,000.
Despite the headline price growth, not all listings reviewed by Property Observer matched the bullish data.
A 688-square-metre property (pictured below) at <a href="https://www.realestateview.com.au/Real-Estate/12-bridge-street-sebastopol/Property-Details-buy-residential-4456669" target="_blank">12 Bridge Street, Sebastopol,</a> is a three-bedroom home listed for sale at $265,000. It’s currently tenanted at $340 per week, earning a gross yield of 6.67%.
<img width="470" src="/images/stories/2012/10/bridgest.jpg">
But RP Data shows the property has been on the market for more than one year with the asking price steadily decreasing from $320,000.
The 703-square-metre property at <a href="https://www.realestateview.com.au/Real-Estate/149-albert-street-sebastopol/Property-Details-buy-residential-4376947" target="_blank">149 Albert Street</a> (pictured below) is a three-bedroom house listed for sale at $260,000. RP Data shows it was last offered for sale in 2009 at $240,000.
<img width="470" src="/images/stories/2012/10/albertst149.jpg">
 
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In Alfredton, the four-bedroom home at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/1-belltower-avenue-alfredton/Property-Details-buy-residential-4491351">1 Belltower Avenue</a> (pictured below) is being offered for sale at $380,000. RP Data shows it was last offered in 2010 with an asking price of $360,000 to $380,000.
<img width="470" src="/images/stories/2012/10/belltower.jpg">
And the three-bedroom home at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/15-robertson-drive-alfredton/Property-Details-buy-residential-4005293">15 Robertson Drive</a> (pictured below) on 941 square metres is being offered for sale at $375,000 to $385,000. It has been on the market since may with an initial asking price of $375,000 to $405,000.
<img width="470" src="/images/stories/2012/10/robertsondr.jpg">
The median price in the whole of Ballarat is $285,000, up 1.9% over the year.
The median house price in three suburbs in Ballarat went down in price over the quarter – Redan went down 5.6%, Mount Clear went down 7.7% and Delacombe dropped 4.7%.
Property Observer notes there were fewer than 30 sales in Alfredton over the quarter.
<a target="_blank" href="/news">Sebastopol </a>is reportedly named after Sevastopol in the Ukraine, an important battle site during the Crimean War.
According to ABS the suburb has a population of 9,399 with 4,299 private dwellings.
<a target="_blank" href="/news">Alfredton </a>is a major part of Ballarat's growth corridor with a number of new housing estates.
The suburb has a population of 7,195, according to ABS, with 2,653 private dwellings.
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Ballarat suburbs Sebastopol and Alfredton have strongest house price growth in Victoria in September quarter: REIV

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All three school campuses of the former Mowbray College around Melbourne have sold for educational use.
Werribee-based Heathdale Christian College bought the Patterson Campus in Melton for an undisclosed sum. The site will reopen in 2014 as a kinder to year 4 school.
Intaj Khan, chief executive of The Western Institute of Technology, bought the Caroline Springs town centre campus for $6.7 million. His company will offer courses in building and construction at the site from November.
And Grace Children's Services bought the Brookside campus in Caroline Springs for $3.3 million. The company plans to run an preschool there and lease the remaining buildings to other schools.
The sales come four months after Mowbray College went into liquidation, after it was revealed the school had $18 million of outstanding debts.
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All three Mowbray College campuses sell to education institutions

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Grand Designs Australia will return tonight for a third season on Foxtel’s The LifeStyle Channel.
Architect Peter Maddison will be looking at the Mansfield home of farmer couple Pamela and Stuart.
The couple hope to incorporate an “indoor-outdoor lifestyle” to their new home, which leaves Maddison worried they are trying to bring Melbourne to Mansfield.
The couple formerly lived in a one-bedroom home requiring visitors to sleep under the stars, a tradition they wish to continue in some fashion.
In <a href="https://www.lifestyle.com.au/granddesigns/" target="_blank">another upcoming episode</a> the spotlight will be on the construction of another couple’s Balnarring home on a rural block.
The couple plan to build a grand home complete with a swimming pool and a wine cellar but run into difficulty with poor ground conditions.
Maddison notes the packing sand has effectively turned into quicksand, as foundation works set the project behind two months.
Shot over the past 12 months with 160 shooting days for Maddison, the Australian program charts the projects undertaken by self-builders – from the initial blueprints to the long and predictably arduous building of the property and the final moving in.
“Grand Designs Australia season three sees some incredible designs built with exotic materials, proving there is no one answer when it comes to selection or style,” says Maddison.
“All the brave home owners are searching for the right answer, and I've enjoyed trying to find the truth in each.”
The fourth episode looks at a couple in Warburton who bought a former water reservoir. They had planned on building a house cantilevered over the water until their feng shui expert advised against it. They have the site blessed by a Buddhist monk.
Over the course of the episode the couple start to doubt the veracity of the feng shui consultant's level of expertise.
Most of the episodes focus on rural constructions with other episodes in Byron Bay, Barossa Valley and Ocean View. There is one episode in Hampton and one episode in Annandale.
The show is based on the successful British series hosted by Kevin McCloud. His show is currently screening its 12th season.
<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-lessons-from-the-block-and-other-property-reality-television-shows">For lessons property investors can learn from property reality TV shows, download our free eBook.</a>
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Grand Designs Australia returns for a third season

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Sentiment in the property industry has dropped in resource states and picked up in the others, according to ANZ’s latest industry confidence survey.
Sentiment fell across the country for the second consecutive quarter from 106 points to 102 for the December quarter, though ACT, Victoria, NSW and Tasmania have improved, according to the latest Property Council of Australia-ANZ property industry confidence survey.
Click to enlarge
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The survey polled more than 3,500 property and construction professionals from all states and territories for their forward-looking views.
The survey found the biggest mining states suffered the biggest declines, with NT, Queensland and WA posting the largest falls in sentiment.
NT dropped from 151 to 130 on the index, Queensland dropped from 113 to 96 and WA dropped from 136 to 120, with SA also declining slightly.
Queensland was the only state to shift from positive to negative sentiment over the quarter.
Despite falling confidence in resource states, the survey found most respondents did not think the mining boom was over.
Some 68% of respondents did not think the mining boom was over, and 27% believed their business’ performance would be reliant on the mining sector.
 
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The survey found expectations for forward work have increased in Victoria and NSW, with respondents there having more faith in their own states than in the national economy.
The outlook for office space and retail sales in NSW and Victoria has also improved.
The survey found sentiment in the residential market has risen from 93 to 101, the first time in the survey’s five quarter history the sentiment has been positive. Sentiment for residential capital values rose in all states and territories, except for NT. It found housing construction expectations have also risen.
Confidence in funding projects has improved according to the survey, though staffing level expectations have fallen from 104 to 102 on the index.
The office market had the strongest investment potential over the next 12 months according to respondents, followed up residential, industrial, retirement living, shopping centres and then leisure/hotel/tourism property.
Property Council chief executive Peter Verwer says Australia’s largest property markets – NSW and Victoria – showed some encouraging signs.
“Respondents in these states have more faith in their local economy than the national economy, and expectations for forward work have improved,” Verwer says.
“Furthermore, although sentiment for debt funding availability is still negative, the shift in outlook here bodes well for future development.”
ANZ chief economist Warren Hogan says the survey shows a net balance of 13% of respondents believe economic growth will weaken over the next 12 months, up from 9% last quarter.
“We expect economic activity will remain relatively soft in the short term as Australia transitions to slower real income growth, with the terms of trade returning to pre-crisis levels,” Hogan says.
“Nonetheless, the medium term domestic economic outlook remains solid and will continue to be underpinned by strong growth in business investment.”
Hogan says though house prices remain soft in most Australian capital cities, prices have shown tentative signs of reaching a floor following recent RBA rate cuts.
“May and June RBA rate cuts are expected to be further supported by the October rate cut,” Hogan says.
“Residential auction activity has increased and auction clearance rates are at the highest level since 2010.”
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Property industry confidence down in mining boom states but up in non-resource states: PCA-ANZ

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One of the tightly held warehouse conversions in Sydney's Surry Hill has been listed for sale.
The property has been listed by <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Surry-Hills/?adid=2009994573">BresicWhitney</a> agents Shannan Whitney and William Phillips in conjuction with <a target="_blank" href="https://www.richardselliot.com.au/buying/11-13-phelps-street-surry-hills">Richards Elliot</a> agents Jerry Toller and Simon Hohnen. The agents are looking for $2.5 million plus for the property.
It last sold in 1991 for $270,000 to the current owners who converted into a gallery and residence.
The building is a former rubber stamp factory now known as the Stamp Factory and Gallery.
The early 1990s conversion was designed by architects Mark Hurcum and Nick Turner who have since worked on a number of large commercial, office and residential projects including the redevelopment of Campbell’s Stores in The Rocks and the planned 19-31 Pitt Street Sydney.
The three bedroom residence on 240 square metres comes with two street frontages. It consists of a warehouse fronting Phelps Street and a terrace fronting Arthur Street.
The marketing for the property celebrates the floating paved entry with water features, the central stone and steel kitchen the artist studio which has its own entry, the classically industrial high ceilings, and the privacy of its central courtyard.
The architects for the project say the brief was for the adaptive re-use of a rubber stamp factory into a private residence and art studio.
They say it was inspired by the client’s requirement for ‘Stonehenge-like’ use of light.
“Recycling much of the original fabric the old building was opened up to create a dynamic series of internal and external spaces,” the architects website says.
"This property was originally a stamp factory, which was still operational when last sold 1991," says BresicWhitney agent William Phillips.
<div style="margin: 0;"></div>
<div style="margin: 0;">"Via hearsay we understand it was a park/vacant land at the turn of the 20th century &amp; had been an industrial site for many years after that.</div>
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<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;">"The major conversion, i.e. the conversion to residential/commercial was approved in 1991 &amp; the actual building (residence and gallery) was completed in 1992.</div>
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<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;">"The original conversion won an architectural award (Daily Telegraph Architectural Awards) in 1993. This saw it featured on TV and in many publications: Vogue, Belle etc and from this notoriety it was often used for filming television advertising etc up until and now after its 2008 refurbishment.</div>
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<div style="margin: 0;"></div>
<div style="margin: 0;">Surry Hills was recently named as one of the most stylish neighbourhoods in the world by Complex magazine.</div>
Nearby, <a href="https://www.propertyobserver.com.au/new-south-wales/surry-hills-millionaires-show-a-flair-for-pricey-warehouse-conversions/2012022653560">Neville Miles sold his Surry Hills warehouse</a> in February this year for a record setting $5.71 million.
That 247 square metre warehouse dates back to the 1870s and was renovated by Hare + Klein.
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Former stamp factory conversion listed in Surry Hills

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Residential vacancies have slipped in every state capital except Brisbane and Darwin over September, according to SQM Research.
Hobart experienced the biggest proportional drop in vacancy rates, slipping from 2.7% in August with 730 vacancies to 2.3% in September with 632 vacancies.
Sydney's vacancy rate dropped slightly, from 1.8% at 9,773 vacancies in August to 1.7% in September at 9,296 vacancies.
Melbourne slipped ever so slightly from 11,702 vacancies to 11,649 vacancies, leaving the vacancy rate of 2.8% unchanged.
Canberra dropped from 1.2% with 590 vacancies to 1.1% with 538 vacancies.
Vacancies in Brisbane rose slightly from 4,003 vacancies in August to 4,231 vacancies in September, leaving the vacancy rate unchanged at 1.5%.
Darwin and Perth both recorded low vacancy rates as usual, at 0.5% and 0.6% respectively.
In Perth vacancies dropped from 1,177 to 1,063, and in Darwin vacancies rose slightly from 114 vacancies to 131 vacancies.
Melbourne’s vacancy rate was closest to the 3% figure SQM considers to be the equilibrium figure for residential figures.
Across the nation vacancies slipped from 50,774 to 49,664 leaving the vacancy rate unchanged at 1.8%.
SQM director Louis Christopher says the status quo remains unchanged across Australia.
“Residential rental vacancy rates remain in favour of landlords as has been the case for a number of years now. Going forward I see no material change to this current trend until there is a material increasing in housing completion levels. Currently there is no evidence that such an event is about to occur,” Christopher says.
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Residential vacancy rates fall in every capital except Brisbane and Darwin in September: SQM Research

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Gungahlin in the outer north of Canberra is the ACT suburb with the highest rental yield for units, according to information provided by RP Data.
The suburb has a median rental yield of 6.85% with a median weekly rent of $440 and a median price of $334,000.
Canberra city is the number two, with a median rental yield of 6.67%, a median weekly rent of $577.5 and a median price of $450,000.
Five of the suburbs have yields above 6%.
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<td width="64" height="20">Postcode</td>
<td width="92">Suburb</td>
<td width="88">Median Price</td>
<td width="86">Median Rent</td>
<td width="133">Median Rental Yield</td>
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<tr height="20">
<td height="20" align="right">2912</td>
<td><a href="/news">GUNGAHLIN</a></td>
<td align="right">$334,000</td>
<td align="right">$440</td>
<td align="right">6.85%</td>
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<td height="20" align="right">2601</td>
<td><a href="/news">CITY</a></td>
<td align="right">$450,000</td>
<td align="right">$578</td>
<td align="right">6.67%</td>
</tr>
<tr height="20">
<td height="20" align="right">2612</td>
<td><a href="/news">BRADDON</a></td>
<td align="right">$424,000</td>
<td align="right">$500</td>
<td align="right">6.13%</td>
</tr>
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<td height="20" align="right">2617</td>
<td><a href="/news">BRUCE</a></td>
<td align="right">$398,750</td>
<td align="right">$465</td>
<td align="right">6.06%</td>
</tr>
<tr height="20">
<td height="20" align="right">2902</td>
<td><a href="/news">KAMBAH</a></td>
<td align="right">$380,000</td>
<td align="right">$440</td>
<td align="right">6.02%</td>
</tr>
<tr height="20">
<td height="20" align="right">2612</td>
<td><a href="/news">TURNER</a></td>
<td align="right">$436,500</td>
<td align="right">$498</td>
<td align="right">5.93%</td>
</tr>
<tr height="20">
<td height="20" align="right">2913</td>
<td><a href="/news">PALMERSTON</a></td>
<td align="right">$380,000</td>
<td align="right">$430</td>
<td align="right">5.88%</td>
</tr>
<tr height="20">
<td height="20" align="right">2906</td>
<td><a href="/news">BANKS</a></td>
<td align="right">$375,000</td>
<td align="right">$420</td>
<td align="right">5.82%</td>
</tr>
<tr height="20">
<td height="20" align="right">2606</td>
<td><a href="/news">PHILLIP</a></td>
<td align="right">$429,000</td>
<td align="right">$480</td>
<td align="right">5.82%</td>
</tr>
<tr height="20">
<td height="20" align="right">2906</td>
<td><a href="/news">GORDON</a></td>
<td align="right">$369,000</td>
<td align="right">$413</td>
<td align="right">5.81%</td>
</tr>
</tbody>
</table>
Source:<a href="https://www.myrp.com.au/" target="_blank"> RP Data</a> 
</body></html>

Gungahlin tops list of 10 ACT suburbs with highest unit rental yields: RP Data

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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