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Rino Grollo sold most of his 24 redundant Mount Buller holdings at auction today.
More than $4 million of property sold under the hammer and in the minutes after the mass auction.
Some 17 sold at auction, two sold prior and five properties were passed in but three of sold immediately after.
Castran agent John Castran conducted the auction and says he and Rino were happy with the auction, which had 43 registered bidders.
<img src="/images/stories/2012/09/snowauction1.jpg">
"Rino's happy. There's plenty of new people to ride his ski lifts now," Castran says.
Castran says most of the buyers were leisure seekers rather than investors. He says most of the buyers were buying without borrowing any money.
The stand-out performer was the Stables Chalet, which sold for $980,000 after being marketed with $900,000-plus hopes.
The four-bedroom chalet was designed by architects Bruce Henderson and Provan Burdett. The property won awards at the state and national Master Builder Australia awards.
It is built from local stone and timber, and the new owner will be able to ski in and ski out from the Chamois ski run.
The property includes three bathrooms, open-plan kitchen, dining and living areas, a garage, stone benchtops, stainless steel appliances, laundry/drying rooms, a heated driveway and fireplace.
There were three bidders after the property was announced on the market at $900,000, including one late bidder on the phone.
After bids hit $900,000 they came in $5,000 increments then jumping $10,000 per bid to $970,000 when two bids to $980,000.
 
<hr class="system-pagebreak">
 
Bidder interest wasn’t matched with the Skyline Penthouse in the Chalet Hotel. It had been expected to sell for $900,000 but it passed in on a vendor bid of $800,000.
<img src="/images/stories/2012/09/snowauction2.jpg">
It did sell after auction though with Castran securing just shy of $1 million.
The recently renovated three-bedroom suite includes access to all the luxuries expected with a hotel.
Before auction, Castran relayed a message from Grollo saying, “Today is the day to buy because today is the day I’m selling”.
True to his word he was willing to come down in price on some properties, including the Kirstie Marshall Homestead, which sold for $137,000 despite his insistence $140,000 was the lowest he could accept.
Interest in the freehold small building block land offerings out of the ski slopes at Sawmill Settlement wasn’t as strong, with Castran working hard for every bid.
He said the <a target="_blank" href="/news">Mt Buller</a> lots were selling for almost the same amount that they cost to develop.
He even got to down to $1 bid to get it over the reserve price of $45,000 in two instances for blocks at the Sawmill Settlement location at the foot of the mountain.
Prices for the 12 St Anton apartments ranged from $120,000 to $205,000, having been marketed as likely to secure between $130,000 and $225,000.
Interest in the auction had been strong, with Castran inundated with 600 pre-auction inquiries. There were more than 100 at the auction.
Castran said the results showed the market was price-sensitive with the discretionary acquistions trading at about 20% below last year’s prices.
But he said he hadn’t seen $900-plus prices in?Mt Buller for two years.
Auction attendees at the city auction premises weople were ushered into the 19th-level board room by ski instructors in full garb. It's especially impressive given the weather topped 31 degrees in Melbourne.
Buyers were required to pay a 10% deposit up front with a 60-day settlement period. There was no GST payable, and furniture was included.
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awalsh-7Ub9EypybQ

Cashed-up skiers snare 22 of Grollo family Mt Buller snow auction offerings

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Low interest rates could lead to property bubbles in some markets according to the head of property at the The Future Fund.
Barry Brakey says low interest rates could lead to strong growth in property values which could lead then to property bubble scenarios.
Brakey’s comments at a Melbourne real estate forum, came after the Reserve Bank of Australia lowered interest rates by 25 basis points to 3.25%.
“We think that this financial repression, if you like, of interest rates around the world can lead to bubbles forming in different markets, and we want to be really careful that we’re on the right side of that,” Brakey says.
He was reported by The Australian as noting recent low interest rates was cause for some concern in Australia’s sovereign wealth fund.
He said Australia’s property investors should be wary of the inflation caused by a lot of capital waiting to be invested directly into the Australian property market.
Brakey says Australia’s property market is already attracting overseas investors and there are many waiting to invest. He says they are all looking to invest in core property but there is only a limited amount of high-quality property on offer.
“We’ve seen a flight to the core around the world,” Brakey says.
He says the Future Fund was concerned about the overvaluing of Australian property which was holding it back from investing more in Australia.
“What that means for us is that we lie to invest in Australia. WE have a third of our investments in Australia (and) would have more if we could but in the end we won’t give up investment returns”
The Future Fund is an independently managed investment fund established in 2006 into which the Australian Government deposits its budget surplus. It holds $4.95 billion in property around the world.
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Low interest rates could lead to property bubble: Future Fund

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Suncorp Bank has declined to confirm if police had been notified about a bank account possibly used in a Surry Hills rental scam that Property Observer reported on last Friday.
The scammer was <a target="_blank" href="https://www.propertyobserver.com.au/residential/no-nobb-as-surry-hills-sydney-online-rental-scammer-uncovered/2012092756861">trying to trick buyers into paying a deposit for a luxury Surry Hills terrace</a>.
The bank account the scammer wanted victims to deposit money into was held with Suncorp Bank under an account number that Property Observer supplied to Suncorp.
A Suncorp spokesperson said he could not comment on individual cases and could not confirm whether the police had been involved in this instance.
“We do know that in some online fraud/scamming cases, the account holders can often be victims themselves,” the spokesperson says.
Property Observer notes it is entirely possibly the account number is fake and part of the elaborate scam.
A prospective Sydney renter stumbled onto the online scam on the classified ad site Gumtree and emailed the poster about the property.
She luckily recognised the hallmarks of a scam as soon as the scammers emailed her back.
The renter, Kieryn, then baited the scammer to draw as much information out as possible and glean how the scam worked.
The original ad was deleted not long after when it was reported by the genuine listing agent of the property.
 
<hr class="system-pagebreak">
 
According to the ACC’s Scamwatch website, this sort of rental scam is a common trick.
“Scamwatch is warning prospective tenants to be wary when responding to rental properties advertised on the net where the 'owner' makes various excuses as to why you can't inspect the property but insists on an upfront payment for rent or deposit,” Scamwatch advises.
“Scammers will often use various shared accommodation sites to post these fake listings. They will go to great lengths to ensure that the offer looks genuine by including photos and real addresses of properties. However, photos and details of properties can be easily obtained on the internet.
“Once hooked, the scammer will request money, often via money transfer, or personal details upfront to 'secure' the rental property. Scamwatch warns consumers not to send money or provide personal details to people you don't know and trust.”
In the Surry Hills case, the scammers said they were in London and just needed someone to fill the vacancy. They were unable to allow Kieryn an inspection of the property and demanded an up-front payment to secure it.
Kieryn promised to pay on the agreement they meet a variety of conditions that no normal tenant would require. Where normal landlords would run, the scammers kept pushing Kieryn to pay money into their Suncorp account.
They scammers had taken details of a real rental listing from an online rental portal.
The agent who had listed the property was aware of the scam and had alerted Gumtree to remove the ad.
The scammers had listed the same property at a quarter of the price the real agent was asking.
Scamwatch says to watch for offers that are too good to be true, owners giving ongoing excuses as to why the property cannot be viewed, securing the property requiring an up-front fee via money transfer and prospective landlords living overseas.
The scam has been increasingly prominent overseas, with US scammers even changing the locks of listed houses to give fake inspections and then pocketing the deposits.
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Suncorp won't say if police have been notified over Surry Hills scammer account

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New home sales fell 5.3% in August 2012 to reach a 15-year low, according to the HIA new home sales report.
The survey of Australia’s largest home builders found a decline of 5.8% in the detached housing segment and a 2.5% decline in the multi-unit market.
HIA’s Dr Harley Dale says the results warrant future interest rate cuts.
Click to enlarge
<a href="/images/stories/2012/09/hiaoct3.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/hiaoct3thumb.gif"></a>
"New home sales for August are the latest in a string of soft new housing updates for this financial year, and that follows a very weak year for new home building in 2011-12,” Dale says.
“Indeed, following two consecutive years of decline in new housing starts over 2010-11 and 2011-12, and leading indicators pointing to weakness extending into 2012-13, policy settings in August 2012 were clearly inappropriate.
“A fresh round of interest rate cuts will help rebalance this situation, although financial institutions obviously need to play their role in cementing this outcome.”
He used to the results to call for lower taxes on the building industry.
“It remains the case, however, that rate cuts won’t single-handedly generate the new home building recovery Australia requires. Governments have an important role to play in driving reform measures to lower the excessive tax base faced by the sector."
“In 2012 that reform process remains too slow and in some quarters is virtually non-existent,” adds Dale.
On a city basis, the number of seasonally adjusted new detached house sales fell by 7% in New South Wales, 8.6% in Victoria, 2.9% in Queensland, 2.6% in South Australia, and 9.4% in Western Australia.
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HIA calls for interest rate cuts and lower taxes as new home sales reach 15-year low

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Construction has begun on Wet’n’Wild Sydney in the western suburb of Prospect.
Village Roadshow has started initial clearing works on the $115 million project, which is expected to deliver 300 construction jobs and 300 permanent jobs.
The 25-hectare site, opened by Premier Barry O’Farrell, will even include an inland surf beach when it opens in December next year.
The park will have 42 slides and attractions including a 150-metre surf pool, a 70-metre wave pool with three-metre swells, the world's tallest looping tube complex and a double SkyCoaster.
The project is expected to attract 900,000 visitors a year, with 20% of those coming from interstate and overseas, and is expected to generate $500 million for NSW in its first 10 years.
<img src="/images/stories/2012/09/wetnwild.jpg">
Village Roadshow is paying $7 million for upgrading roads around the site, which it will then lease from the government.
Wet’n’Wild Sydney will be the second water park built in Australia by Village Roadshow, joining the existing park in the Gold Coast. Village Roadshow has also built two waterparks in Phoenix and Hawaii in the United States.
Design firm The Buchan Group have been appointed to manage the master-planning, architecture, interior design, graphics and signage components for the project.
The Buchan Group’s Nathan Hones says the project offered a unique set challenges for the design team.
“The finished water park is expected to host up to 15,000 guests per day in the peak periods, so durability, maintenance and safety were key design elements,” Hones says.
“The finished product must cater for a range of demographics, from toddlers all the way to grandparents, and the team took this into consideration during the master-planning process.
“The design for Wet’n’Wild Sydney incorporates cutting edge technology in areas such as ticketing, food and beverage delivery, and marketing channels including online ticketing platforms and social media integration.
“Efficient use of water was a design priority, resulting in a range of sustainable initiatives including the use of rainwater and recycled storm-water for 90 per cent of the park’s irrigation, wash-down and toilets, and the use of the latest water filtration technology that requires less backwashing.”
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New Wet'n'Wild waterpark for Prospect in Sydney's west

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The former boss of Billabong, Matthew Perrin, has appeared in the Brisbane Magistrate’s Court on charges of defrauding the Commonwealth Bank of Australia of $13.5 million.
The court took Perrin's passport, potentially thwarting plans to marry his fiancée Belinda Otton in a Thailand wedding in December.
Police allege Perrin, 40, provided false documents and a guarantee relating to mortgages taken out on a Gold Coast home in 2008.
Perrin allegedly forged the signature of his now ex-wife, Nicole Bricknell.
Perrin was granted bail and though he argued he was not a flight risk, he had his passport confiscated.
Perrin’s lawyer, Peter Shields, indicated Perrin would plead not guilty.
His appearance in court comes after a three-year investigation by the Queensland Police’s corporate crime division.
The former millionaire and BRW Rich List regular wanted to go to Phuket to be married.
Magistrate Anne Thacker found there was no compelling reason for Perrin to leave and ordered he surrender his passport.
Perrin is now forbidden from contacting three witnesses, including his ex-wife.
The case goes back to court in November 26, and Perrin must stay at his Bundall address.
Perrin, the man who floated surfwear company Billabong, was once worth $150 million, but three defunct companies and a failed marriage later, he is is bankrupt and facing criminal charges.
Perrin lost most of his Billabong fortune in China in 2005, propping up a failing business. The GFC gave him an additional hit, and he filed for bankruptcy in March 2009.
After filing for bankruptcy, Perrin’s marriage to Nicole, the daughter of former bookmaker Laurie Bricknell, fell apart when it emerged Perrin had an affair with his current fiancee Belinda Otton.
Victoria Bricknell <a href="/news">listed the seven-bedroom property for sale in January</a> this year after a failed attempt by the Commonwealth Bank to repossess the home.
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Billabong's Matthew Perrin in court over alleged mortgage fraud

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<table border="0" cellspacing="0" cellpadding="0" width="459"><tbody>
<tr>
<td width="83">
Suburb
</td>
<td width="104">
Median price
</td>
<td width="111">
Median weekly rent
</td>
<td width="161">
Median rental yield
</td>
</tr>
<tr>
<td width="83">
<a href="/news">BLACKETT</a>
</td>
<td width="104">
$229,500
</td>
<td width="111">
$310
</td>
<td width="161">
7%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">WILLMOT</a>
</td>
<td width="104">
$224,250
</td>
<td width="111">
$300
</td>
<td width="161">
7%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">TREGEAR</a>
</td>
<td width="104">
$227,000
</td>
<td width="111">
$303
</td>
<td width="161">
6.9%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">LETHBRIDGE PARK</a>
</td>
<td width="104">
$229,500
</td>
<td width="111">
$300
</td>
<td width="161">
6.8%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">EMERTON</a>
</td>
<td width="104">
$251,500
</td>
<td width="111">
$328
</td>
<td width="161">
6.8%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">WHALAN</a>
</td>
<td width="104">
$247,250
</td>
<td width="111">
$320
</td>
<td width="161">
6.7%
</td>
</tr>
<tr>
<td width="83">
<a href="/news">BIDWILL</a>
</td>
<td width="104">
$250,000
</td>
<td width="111">
$310
</td>
<td width="161">
6.4%
</td>
</tr>
<tr>
<td valign="bottom" width="83" nowrap>
<a href="/news">HEBERSHAM</a>
</td>
<td valign="bottom" width="104" nowrap>
$270,000
</td>
<td width="111">
$330
</td>
<td valign="bottom" width="161" nowrap>
6.4%
</td>
</tr>
<tr>
<td valign="bottom" width="83" nowrap>
<a href="/news">SHALVEY</a>
</td>
<td valign="bottom" width="104" nowrap>
$257,974
</td>
<td valign="bottom" width="111" nowrap>
$320
</td>
<td valign="bottom" width="161" nowrap>
6.3%
</td>
</tr>
<tr>
<td valign="bottom" width="83" nowrap>
<a href="/news">DHARRUK</a>
</td>
<td valign="bottom" width="104" nowrap>
$293,426
</td>
<td valign="bottom" width="111" nowrap>
$340
</td>
<td valign="bottom" width="161" nowrap>
6.2%
</td>
</tr>
</tbody></table>
Source: <a href="https://www.myrp.com.au/" target="_blank">RP Data</a>
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The 10 suburbs with the highest house rental yields in Sydney: RP Data

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Quest Serviced Apartments has opened its $11 million complex in Whyalla despite the backdrop of the mining boom slowdown.
Quest Whyalla will have 56 studio, one-bedroom, two-bedroom and three-bedroom self-contained apartments.
Quest chairman Paul Constantinou says the Whyalla opening comes as direct response to the region’s “tenacious” growth.
“Whyalla is thriving, fuelled by long-term development of the resource industry, which has, in turn, brought significant investment in local infrastructure.
"This growth is continuing to stimulate demand for functional and flexible corporate accommodation – a demand that we make it our business to respond to,” Constantinou says.
Franchisee Jennifer McDonnell says there has been an increasing demand for self-contained accommodation in Whyalla.
The 4.5-star property is one of eight new Quest Serviced Apartment properties opening in the 2012-13 financial year.
Quest, which is also set to open at Sydney Olympic Park next month, has 140 complexes across Australia, Fiji and New Zealand, spread across central business districts, suburban and regional areas with proximity to head offices, business centres and key tourist destinations.
Sydney Olympic Park complex is set amid offices and business parks. Elsewhere is NSW, there is also a site at Shellharbour judged to be set to benefit from the growth in Wollongong as well as the new Stockland development at Shellharbour.
In Melbourne Quest have targeted country regions such as Bendigo along with Docklands aimed at visitors who don't want to pay the high five-star-hotel prices.
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a>
 
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Founded in 1988 by Paul Constantinou with one hotel in Fitzroy, the group offers apartments for short or longer stays, complete with kitchens and laundries.
Investors can buy strata units with building management run by franchisees, who must adhere to Quest management standards.
The Wyyalla town recently attracted attention after federal opposition leader Tony Abbott suggested the carbon tax would destroy the town, which triggered a comical response from Labor hovernment minister <a href="https://www.youtube.com/watch?v=L1pEt7bgY2U" target="_blank">Craig Emerson.</a>
Although BHP’s expansion plans are on hold, mining company Arrium has reopened its Iron Baron Mine, in a move that state Mineral Resources and Energy Minister Tom Koutsantonis says is a sign of the rejuvenation of South Australia.
Closed in the early 1990s, the mine near Whyalla was officially reopened on September 18 this year.
The reopening is due to create about 100 jobs and to support businesses in the area.
Arrium Mining chief executive Greg Waters says Iron Baron is just one part of its larger South Australian investment program, which includes its Middleback Ranges projects, Southern Iron operations near Coober Pedy, and its ongoing Whyalla port expansion.
The Federal Minister for Regional Australia, Simon Crean, South Australian Manufacturing and Trade Minister Tom Koutsantonis and president of the Local Government Association Kym McHugh recently signed an agreement to work together on promotion of the upper Spencer Gulf region to mining companies.
Whyalla is the leading South Australia area where it’s <a href="/news">cheaper to buy than rent</a>.
Rents in Whyalla had grown 10.7% to $310 per week in the five years to May 2012. Median rents are now at $350, according to RP Data.
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a>
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Expansionary Quest triggers new $11 million Whyalla apartment complex

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A Campbellfield brothel has passed in on a bid of $2.8 million today.
Owner Donna Murdoch had been hoping to sell the unique property for more than $3 million.
<img src="/images/stories/2012/09/brothel.jpg" width="470">
The Hot Spot strip club and 5 of Hearts brothel in Truck City Drive is being marketed by John Castran from John H Castran Pty Ltd.
<img src="/images/stories/2012/09/brothel3.jpg" width="470">
Castran was in the middle of negotiations when he spoke to Property Observer, and he expects to sell the property very soon.
True to his word, he invited dancing girls to the auction.
The bids came from two buyers.
<img src="/images/stories/2012/09/brothel2.jpg" width="470">
It opened at $2.6 million then the second bidder raised it to $2.7 million before the original bidder took it $2.8 million.
Interest came from an unnamed Melbourne group.
<img src="/images/stories/2012/09/brothel5.jpg" width="470">
The three-in-one venue includes a bar, a strip club and a brothel.
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Campbellfield brothel fails to perform at auction and passed in at $2.8 million

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Two spaces in Sydney’s Newtown development Flourmill Studios have been listed for sale with an eye towards buyers who have self-managed super funds.
<img src="/images/stories/2012/09/flourmill.jpg">
Rooms <a href="https://www.realestateview.com.au/Real-Estate/301-3-gladstone-street-newtown/Property-Details-buy-commercial-4310937" target="_blank">301 </a>and <a href="https://www.realestateview.com.au/Real-Estate/206-3-gladstone-street-newtown/Property-Details-buy-commercial-4310931" target="_blank">206 </a>at 3 Gladstone Street (pictured above) are being sold by Eric Lundberg from DB Property Surry Hills.
Both properties are currently leased and have a net yield of around 7%. Room 303 has an asking price of around $280,000, while 206 is asking $380,000.
The building was the winner of the Marrickville Council award for adaptive use of a heritage building.
The building is mainly tenanted or owner-occupied by creative industries. Room 206 is tenanted by a film editing company, and 303 is a talent agency.
Both leases are ending reasonably soon, which Lundberg says is beneficial for self-managed super fund buyers who could avoid paying GST on properties with an ongoing concern.
Lundberg sold all the current 47 stratas in the building, which was converted in 2007.
The building was originally called the Federal Flourmills and was designed by Sydney architects Nixon and Allen, according to the Baker and Confectioners’ Journal in 1907.
At its peak, the mill was a 24-hour operation milling three types of wheat.
The mill closed down in 1984 and was sold by Allied Mills Pty Ltd and converted to artists’ workshops.
Over the next 20 years the mill was occupied by painters, sculptors, musicians, stained glass makers, dancers and other creative types.
The adjacent silos were subdivided from the site in 2002 and converted to residential apartments.
The building was developed by Podcorp and designed by architects Allen Jack + Cottier.
The conversion preserved the original timber columns and beams, loading-bay doors, historic fire doors and the remnants of the drive shafts, wheels and belts that once powered the mill.
Lundberg says the yields on the studios are bolstered by strong capital growth given the scarcity of properties like these.
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Two creative studios in inner-west Newtown listed with an eye to self-managed super fund buyers

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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