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Units are proving less popular that detached houses despite cheaper prices according to RP Data’s latest report.
The proportion of units sold has dropped at a national and capital city level, according to RP Data’s property pulse. As of June 2012 units represent 28.1% of all sales across the country, compared to 29.5% in June 2007.
Canberra had the biggest drop in proportion of unit sales from 2007 to 2012, dropping from 49% to 42.8%.
RP Data’s Cameron Kusher puts the decrease in unit interest down to the availability of first home buyer grants and stamp duty concessions coupled with recent valls in home values which has improved affordability.
He says units tend not to decline in value as much as houses which gives buyers the opportunity to buy houses.
Across the nation, median unit prices are now just $25,000 cheaper than house prices. In capital cities, units are $53,000 cheaper.
Kusher also says one of the main reasons unit interest appears down is because of the rising number of off-the-plan sales which don’t appear in their statistics until they are settled.
On a capital city level, units are $48,000 cheaper than houses in Melbourne, while in Sydney and Canberra they are $110,000 cheaper.
Kusher says given the difference, it comes as no surprise that Sydney and Canberra have recorded the greatest proportion of unit sales over the past year at 42.5% and 42.8% respectively.
In Perth, where units are $71,000 cheaper than houses, units still only represent 18.4% of sales – the lowest proportion of any capital city.
Despite the drops in interest Kusher expects the popularity of units to increase.
“Over the coming years, we would expect that units are likely to grow in popularity. Although unit sales pale in comparison to house sales across the country, as developable land becomes scarce and more expensive to develop, property developers are likely to focus on higher density housing,” Kusher says.
“The community at large is also likely to demand more units, particularly in suburbs close to city centres or along transport corridors. This will likely be driven by lifestyle and affordability factors as well as town planning strategies.
“Demographic factors are also likely to contribute to greater demand for units with baby boomers looking to downsize from their large family homes into something smaller and more easily maintainable. Also, the ongoing demographic shift to single person households and smaller families is likely to result in further growth in unit demand.”
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Unit popularity down: RP Data

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If an online ad is offering a rental property at a quarter of what it would normally rent for and renters aren’t allowed to inspect, then it’s probably a scam.
One prospective Sydney renter stumbled onto an online scam on the classified ad site Gumtree.
She luckily had the guile to recognise the hallmarks of a scam as soon as the scammers emailed her back.
The renter, Kieryn, then proceeded to bait the scammer to draw as much information out as possible and glean how the scam worked.
The original ad was deleted not long after.
The ad offered a Surry Hills terrace at an enticing rental price.
Kieryn contacted the so-called owners, keen for the bargain, and was told the owners were overseas and just needed someone to move in as soon as possible.
Just pay the deposit and the Nobbs Street property is yours, the scammer told Kieryn.
“Kindly note that you advised to go and view the place from around the property as this is the only form of inspection at the moment due to our absence and the keys being with us here,” the scammers wrote.
“Two weeks rental deposit of $960 or a month rent of $1,920 is required to secure the place along with a refundable bond deposit of $1,920, which is also required as fee for damages according to the rental law and all payment will be made into our Australian bank account.”
The so-called landlord said they were overseas for three years in “the U.K to resume our new assignment, which is about the HIV/AIDS reaffirm program” and they want a renter to ensure the house is “kept alive in my absence”.
This is when Kieryn knew it was a scam. They were overseas, she couldn’t inspect the property, they wanted the deposit straight away and it seemed too cheap.
But just how much cheaper than market rates was it actually?
It turns out the scammers had lifted the details of the property from <a href="https://www.realestateview.com.au/Real-Estate/29-nobbs-street-surry-hills/Property-Details-rent-residential-4249509" target="_blank">a genuine listing on realestateVIEW.com.au</a> (pictured below).
<img src="/images/stories/2012/09/nobbs.jpg">
The original listing was a four-bedroom terrace that had an asking rent of $6,546 per month for the four-bedroom, two-level terrace.
To confirm her suspicions Kieryn decided to goad the scammer to see how far they would go.
“I forgot to mention we own a small dog… If this is a problem that’s OK we can send her to a shelter or have her put down. We just really love the house more than anything,” Kieryn wrote.
“Also is there a basement? Or somewhere that can be locked from the outside and is sound proof?
While normal landlords would recognise Kieryn as likely a dud tenant, the scammers were undeterred.
“We feel you are the ideal tenant we are looking for and have approved your rental request,” the scammers replied, clearly unfazed by her odd requests.
“We are fine with you bring your dog to the house, we consider your dog as part of you cherished belongings.
“There is a basement which we used as a store but we have since been moved out everything there so you will have access to it when you move in.”
The scammers then provided their bank details, an account at Suncorp Bank, and once more requested Kieryn pay the requested amount.
 
<hr class="system-pagebreak">
 
The exchanges went for a number of days, with Kieryn’s requests getting ever more bizarre.
“Is this basement big enough to hold say, a mattress and a few other items? For example a bucket, and a wooden box?”
The scammers persisted but eventually realised they were having their time wasted and severed all contact.
The true rental listing agent Antoni Hayek from Laing and Simmons Pyrmont says he was contacted by as many as five potential renters who had tracked down the original listing after smelling a rat.
“I’ve probably had about four or five enquiries from people asking the property but with information from the Gumtree ad."
Hayek says agents are limited in their response to scams like this.
“We sent emails to Gumtree asking them to get rid of the ad. We reported it as a scam to them.”
He recommends renters avoid sites like Gumtree when looking for a property.
“I love using Gumtree to buy stuff, but I just wouldn’t use it for something like this.”
“I’d make sure they’d met the owners and got some sort of ownership proof.”
He says renters should never pay for a property without inspecting first.
Hayek says while these scams are rare they have cropped up before.
For now, all agents can do is try and educate renters and report any scams when they hear about them, <a href="https://www.propertyobserver.com.au/news/perth-nigerian-scam-estate-agent-faces-disciplinary-action-for-lack-of-diligence-in-%24410000-sale/2012052854867" target="_blank">such as a recent rental scam in Perth</a> and a phishing scam <a href="https://www.propertyobserver.com.au/industry-news/re/max-global-online-phishing-and-rental-scams-spread-to-australia-with-pop-up-home-page-warning-for-consumers-to-be-vigilant/2012091856661" target="_blank">that targeted RE/MAX real estate agency</a>.
<a href="mailto:news@propertyobserver.com.au">Tell us if you have uncovered other rental scams.</a>
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No Nobb as Surry Hills, Sydney, online rental scammer uncovered

<html><body><table width="464" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="64">
Postcode
</td>
<td valign="bottom" nowrap width="92">
Suburb
</td>
<td valign="bottom" nowrap width="88">
Median Price
</td>
<td valign="bottom" nowrap width="87">
Median Rent per week
</td>
<td valign="bottom" nowrap width="133">
Median Rental Yield
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2912
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">GUNGAHLIN</a>
</td>
<td valign="bottom" nowrap width="88">
$334,000
</td>
<td valign="bottom" nowrap width="87">
$440
</td>
<td valign="bottom" nowrap width="133">
6.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2601
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">CITY</a>
</td>
<td valign="bottom" nowrap width="88">
$450,000
</td>
<td valign="bottom" nowrap width="87">
$578
</td>
<td valign="bottom" nowrap width="133">
6.7%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2612
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">BRADDON</a>
</td>
<td valign="bottom" nowrap width="88">
$424,000
</td>
<td valign="bottom" nowrap width="87">
$500
</td>
<td valign="bottom" nowrap width="133">
6.1%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2617
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">BRUCE</a>
</td>
<td valign="bottom" nowrap width="88">
$398,750
</td>
<td valign="bottom" nowrap width="87">
$465
</td>
<td valign="bottom" nowrap width="133">
6.1%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2902
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">KAMBAH</a>
</td>
<td valign="bottom" nowrap width="88">
$380,000
</td>
<td valign="bottom" nowrap width="87">
$440
</td>
<td valign="bottom" nowrap width="133">
6%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2612
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">TURNER</a>
</td>
<td valign="bottom" nowrap width="88">
$436,500
</td>
<td valign="bottom" nowrap width="87">
$498
</td>
<td valign="bottom" nowrap width="133">
5.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2913
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">PALMERSTON</a>
</td>
<td valign="bottom" nowrap width="88">
$380,000
</td>
<td valign="bottom" nowrap width="87">
$430
</td>
<td valign="bottom" nowrap width="133">
5.9%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2906
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">BANKS</a>
</td>
<td valign="bottom" nowrap width="88">
$375,000
</td>
<td valign="bottom" nowrap width="87">
$420
</td>
<td valign="bottom" nowrap width="133">
5.8%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2606
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">PHILLIP</a>
</td>
<td valign="bottom" nowrap width="88">
$429,000
</td>
<td valign="bottom" nowrap width="87">
$480
</td>
<td valign="bottom" nowrap width="133">
5.8%
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
2906
</td>
<td valign="bottom" nowrap width="92">
<a href="/news">GORDON</a>
</td>
<td valign="bottom" nowrap width="88">
$369,000
</td>
<td valign="bottom" nowrap width="87">
$413
</td>
<td valign="bottom" nowrap width="133">
5.8%
</td>
</tr>
</tbody></table></body></html>

The 10 Canberra suburbs with the highest yields: RP Data

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There are far fewer property investors in BRW’s Young Rich List than on the full Rich List, including older people, published earlier this year.
Eight of the members of BRW’s 100 Young Rich List have made the bulk of their money from property.
In the Rich List 200 published in May, some 55 of the members made their money from property.
Proportionally that’s three times as many property investors on the older list than the younger list.
The richest member of the young list who made his wealth from property is Shane Wilkinson, with an estimated worth of $72 million. Wilkinson started Pace Development Group in the mid-1990s.
The next is Paul Fridman, with an estimated worth of $65 million. Fridman says his apartment building company, Fridcorp, has “had a very good year”.
Jonathan Hallinan follows Fridman with an estimated worth of $63 million. The Melbourne-based developer has been operating in Brisbane, where it costs less to build and buy land. Hallinan says he keeps 20% of each project he builds.
Next up is Ronnie Elhaj at $55 million. The Cairo-born Elhaj has an equity stake and a marketing role in Perth house-building comapny Niche Living, which he established as Australian Property Alliance in the early 2000s.
The next property rich lister is Paul Fischmann, with an estimated worth of $39 million. Fischmann entered the hotel business 15 years ago, and his group 8Hotels now owns 14 boutique hotels, villas in Bali and Hepburn Springs in Victoria and apartments in Paris. He is due to open a new 90-room hotel in Sydney’s <a target="_blank" href="/news">Pyrmont </a>early next year.
Marcus Gilmore is next, with an estimated worth of $37 million. It’s his first time on the list. He is developing mining accommodation in the Pilbara.
Jay McAlister follows Gilmore with an estimated worth of $35 million. He owns a 50% stake in Queensland-based property developer Vantage Property Group.
Jason Di Iulio is the final property member of the Young Rich List, with an estimated worth of $25 million. He owns a network of property-related companies, including mortgage company Finance Mutual Australia and investment management business Assist Finance.
The BRW Young Rich List only includes people under the age of 40. The list excludes anyone who inherits most of their money.
A high number of athletes who made their wealth from sport but later invested in property are featured in the Young Rich List.
Basketballer Andrew Bogut, worth $40 million, has a number of investment properties.
Tennis star Lleyton Hewitt has invested much of his money into property including a home at Palm Beach, north of Sydney, and a penthouse in the Yve building on St Kilda Road, Melbourne.
And soccer player Mark Viduka, at $24 million, has property in Melbourne and Croatia.
Goalkeeper Mark Schwarzer, $20 million, has a healthy property portfolio in Sydney including an $11 million 1200 square metre harbour-front property.
Number one on the Young Rich List are technology entreupeneurs Mike Cannon-Brookes and Scott Farquhar at $480 million.
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Not many property tycoons in BRW Young Rich List

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The 1887 built Queenscliff Hotel on the western tip of Port Phillip bay has been listed for sale with all its antique furnishings in one line.
The heritage-listed hotel was designed by Melbourne architects Reed, Henderson &amp; Smart, the same architects responsible for the State Library of Victoria, Collins Street Baptist Church, Melbourne Trades Hall and a number of Melbourne university buildings.
It was built by NW Frogley in the English Queen Anne style for Martha Nugent and Joseph Goslin, wealthy local citizens at the time.
Heritage documents say the building is an extraordinary example of the architects’ work.
“The polygonal tower, with its coned roof and bellcast profile, and the Dutch gables, with steep slit openings, are of interest for their reflection of northern European Renaissance architecture, particularly from countries as such France and the Netherlands.”
Heritage documents celebrate the façade of the building for its “essentially intact exterior”.
“The Queenscliff Hotel is of social significance for its associations with wealthy Victorian society around the turn of the century, who regarded Queenscliff as a fashionable summer holiday resort, particularly as it was within easy reach of Melbourne after the opening of the Geelong-Queenscliff railway in 1879 and the introduction of paddle steamers to transfer passengers from Melbourne by sea.”
The 15-bedroom mansion has been run as a leisure property since it was built.
The current owners acquired the property about 10 years ago from restaurateur Patricia O’Donnell, sister of the now deceased Mietta O'Donnell, who ran the hotel as a fine dining hotel for a number of years.
<hr class="system-pagebreak">
The hotel was first restored for modern use in 1978, being converted from a run-down pub status to its heritage glory.
Queenscliff first became a significant tourist destination in the late 19th century with holiday-makers taking a two-hour paddle steamer journey from Melbourne. The influx continued with the 1879 opening of the Geelong railway line, which coincided with the construction of a number of luxury hotels including the Palace Hotel, the Baillieu Hotel and the Vue Grande Hotel.
Tourist numbers dwindled with the popularisation of cars and the cancellation of a daily rail service, but the 1980s was the start of a tourism revival for the town.
The 1,669-square-metre property been listed by Neil Laws and Damian Cayzer from Kerleys Coastal Real Estate in Point Lonsdale. They are seeking $4 million to $6 million for the 19th-century building.
Laws says there has been significant interest in the property including people who want to convert it into a residence.
“It’s not a massive building like some of the others in Queenscliff, so that would be doable,” Laws says.
There has also been interest in people running just the accommodation side of things who would sublease the restaurant business.
It includes a formal dining room, a conservatory restaurant, a boat bar, front and rear al fresco garden restaurants, a commercial kitchen, a turret room and a manager’s apartment.
It is zoned mixed use/business 1, which allows for a number of alternative uses.
The building is being offered with all plant and equipment, antique furniture, licences, permits and chattels.
Tenders close on Wednesday November 7.
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Historic Queenscliff Hotel listed, along with antique furnishings

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Melbourne-based home-building group Metricon Homes was Australia’s largest builder for the second year in a row, according to the HIA housing 100 report.
The big mover was Hotondo Homes, which jumped from position 20 to position eight on the list, with its number of home build starts increasing from 879 in the 2010-11 financial year to 1,463 in the 2011-12 financial year.
Metricon Homes started construction of 2,821 dwellings in the last financial year, all of which were detached houses in Victoria, NSW, Queensland or South Australia.
The company was followed by Alcock/Brown-Neaves Group, starting construction on 2,736 dwellings in WA and Victoria.
In third place was WA builder BGC Australia, which started 2,692 homes.
Australia’s largest multi-unit builder was Hickory Developments Pty Ltd for the third year running, with 2,163 starts. In overall rankings it moved up one place to number four.
The HIA report ranks the nation’s top 100 residential builders based on the number of homes started each year.
The report found the total number of starts by the top 100 builders fell by 7.3% to 48,130 their lowest level in 15 years.
“This result is consistent with the overall experience of the industry in 2011-12 where new home building conditions weakened considerably across Australia,” says HIA’s Dr Harley Dale.
The number of houses built by the largest 100 builders fell 11% from 40,138 to 35,909. The number of units built grew 4% from 11,720 to 12,221.
The largest 100 builders represented 35% of Australia’s housing starts in the 2011-12 financial year, up slightly from 33% in 2010-11, but below the historical average of 36%.
“The Housing 100 and the entire industry can deliver, and indeed Australia's residents have the requirement for, a considerably higher level of housing starts than has been evident over the last couple of years,” says Dale.
“Within an environment of subdued demand conditions, both unilateral and cooperative policy reform could generate a much healthier year for new home building in 2012-13.
"Sadly, evidence of the will to execute such policy action remains far slimmer than Australia requires,” Dale says.
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Metricon Australia's largest home builder for second year running: HIA

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CBRE has unveiled a $1 million program to fund research into sustainable development in commercial real estate.
The Real Green Research Challenge is a four-year program to develop solutions to the industry’s environmental challenges.
CBRE is accepting research proposals for the program, which was unveiled at The Climate Group’s Climate Week New York City.
“We’ve seen growing market awareness of commercial buildings’ impact on the environment,” says Bob Sulentic, CBRE’s president.
“This has inspired new thinking and innovation in sustainability research. However, people with good ideas often lack financial support and access to real-time market data and insight into building construction, occupancy and management that only a global firm like CBRE can provide.
“Our RGRC program will help to unleash innovation by connecting ideas with funding and with CBRE’s unparalleled information and people resources.”
Successful applicants will receive up to $250,000 for basic research and implementation, with initial funding in February 2013.
As well as financial support, projects will have access to CBRE’s global market data and resources.
The program is looking to fund productivity studies, large-scale predictive modeling, energy efficiency technologies, data management programs, diagnostic tools and market-wide availability.
The submission deadline is December 31. For information visit <a target="_blank" href="https://www.cbre.com/rgrc">www.cbre.com/rgrc</a>
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CBRE to fund sustainability research in commercial real estate

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Australia could be at risk of a future property bubble collapse as central banks across the world distort prices by printing money and interest rates head down, according to the newly appointed chairman of Swiss bank UBS, Axel Weber.

The former president of Germany’s central bank says historically low interest rates in the US, Europe and Japan have pushed up exchange rates in?countries like Australia, the Australian Financial Review reports.

“When you have major interest rate differ­entials, that is one of the arguments that usually causes currency movements and financial movements and puts pressure on exchange rates,” Weber told a Sydney audience.

“In order to avoid those pressures on exchange rates in the major developed economies, interest rates in those regions are all heading south.”

Weber was speaking to a private gathering in central Sydney to celebrate 75 years of UBS in Australia and 150 years globally.

Weber says any attempt by the Reserve Bank of Australia to bring down the value of the Australian dollar by intervening in foreign exchange markets could stoke inflation.

Weber says artificially low interest rates could create a property bubble, which would then burst when central banks stop printing money.

“One of the reasons why many people move into real estate is that funding of housing projects and real estate purchases have become more affordable in a zero interest rate environment,” Weber says.

“The risk is as international rates are normalised at some point ... that would lead to much less affordability and sustainability for those houses bought under the assumption that low interest rates are there for a long period of time.”

Weber was not country-specific when speaking about the bubble scenario. 

However, Weber says the US Federal Reserve’s latest program of quantitative easing could help strengthen property markets.

“I think the action the US central bank has taken with QE3 is more aligned with the underlying weakness in housing markets than Operation Twist or QE2 was,” he said.

“It will help house prices bottom out and that is something that has the potential for very targeted support for labour and for housing to strengthen.”
 
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Australia at possible risk of property bubble: UBS chairman

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Social media is often touted as among the most important marketing techniques of recent years, but many real estate agents are abandoning the platform.
Many agencies have stopped tweeting in recent months after lengthy periods of activity.
A recent survey by REIV found Twitter was little use in attracting clients.
“Online is … clearly having an impact, but that does not extend to social media,” <a target="_blank" href="https://www.propertyobserver.com.au/trends/social-media-has-practically-no-value-for-real-estate-agents-enzo-raimondo/2012092356740">says REIV chief Enzo Raimondo.</a>
“Social media, Facebook, LinkedIn and Twitter had practically no value, endorsed by only 1% to 3% of respondents.”
The REIV 2012 member poll surveyed 600 Victorian real estate agents.
“This reflects the fact that buyers and sellers are used to engaging with real estate online. They seek advertisements on real estate websites, such as realestateview.com.au, but are far less likely to come across a real estate agent’s Twitter account.”
“With regard to engaging with clients, social media has a long way to go until it is a familiar tool."
The survey found the most valuable tool for finding clients was word of mouth, followed by real estate portals and agent websites.
At the recent Inman Real Estate Connect conference in San Francisco, agents were advised not to use Twitter to spruik themselves but to be personable and build relationships.
"Agents who use social media well understand that it’s all building a relationship with a potential client, not focusing on the transaction,’’ Ray White’s Sam White told conference goers.
"Most people get the idea of getting a recommendation from a friend. This is just doing that on steroids, but you have to do it sensibly."
Real estate agency Bennison Mackinnon had run a somewhat active account Twitter account from July 2010 but stopped tweeting as of March this year.
Director and sales manager Andrew McCann says the company's social media use required greater engagement in the community than what had been doing in the past.
“We didn’t have the right strategy, it wasn’t a case of not getting results,” McCann says.
“We started tweeting our optimum results, but the reality is you need to be giving people better information than whether something has been listed or sold.
“It’s a community opportunity to communicate with people in our marketplace rather than just beating your own drum.”
He says social media shouldn’t be discounted as a useful tool, even if it doesn’t directly sell properties.
“It is interesting and it probably is true that agents aren’t really selling properties off Twitter or Facebook, but that doesn’t mean it’s not a useful tool.”
“We’re currently investing in a social media strategy which will use Facebook, Linkedin, Twitter and potentially other newer ones that might come out.”
Other dramatic endings to Twitter Property Observer found included Ray White Willoughby, which stopped tweeting in March after 1,828 tweets; DM Realty in Townsville, which stopped tweeting in July after 762 tweets; and Colliers Parrish, which stopped tweeting in December last year after 367 tweets.
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Social media not for all as agents abandon Twitter

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Agents are still to secure any sale of the three campuses of Mowbray College, the Melton school in administration with $18 million of debts.
Fitzroys Agent, David Bourke, says there has been strong interest from education providers during the expressions of interest campaign which ended on September 14.
Bourke is selling the three campuses, two in Caroline Springs and one in Melton, along with CBRE agents Scott Orchard and Clinton Ramm.
Bourke says potential buyers were looking at purchasing the campuses in one line and individually.
“A number of parties have been shortlisted and we will be progressing this interest to formalise the sale of the campuses over the coming weeks,” Bourke says.
The campuses were <a href="https://www.propertyobserver.com.au/news/mowbray-college-in-melbourne-s-west-listed-for-sale/2012081956040">listed for sale in August</a>.
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Mowbray College offers under consideration

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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