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A historic Parramatta bank has sold for $7.1 million to a Hong Kong-based investor.
The landmark Westpac Bank site in Church Street was first taken up by Bank of NSW in 1874.
<a target="_blank" href="https://www.propertyobserver.com.au/retail/historic-westpac-parramatta-bank-listed-with-%2475-million-plus-hopes/2012072055674">The imposing sandstone building</a> on the site was built in 1938.
Agent Simon Staddon from Burgess Rawson Sydney says the sale is very strong given the nature of the lease.
“The price directly reflected the lease terms, which was to June 2015 plus option periods,” Staddon says.
“Investors can be nervous of option periods. That’s not to say the bank will move out, they probably won’t.
“If it was a new 10-year lease the yield would be a lot higher.”
The site is 100% leased to current tenant Westpac, which emerged from Bank of NSW in 1982.
The site earns a net income of $536,000 per annum plus GST. There are 2.5 years left on the lease with two five-year options.
“I’m of the opinion it was a very a good sale,” Staddon says.
The façade of the two-storey interwar stripped classical building is dominated by large ashlar sandstone columns, flanking timber four-panelled double doors.
Prior to and during its early life as a bank, the site was also operating as the Australian Arms Hotel.
After leasing for some years, the Bank of NSW acquired the two-storey inn, altered it and used it until 1938, when it was demolished and the current premises were built.
The land was originally granted to Governor Lachlan Macquarie’s superintendent of public works, Richard Rouse, in 1823. He built the Australian Arms Hotel in 1838.
The new building was designed by Spanish architectural firm Cosh and Dods, also responsible for Edwards Dunlop Building in Brisbane, Daily Telegraph Building in Sydney and St Brigid's Catholic Church at Red Hill.
The site now includes an adjacent three-storey modern building, bringing the total area to 1,275 square metres and includes on-site parking for up to nine cars.
Parramatta was established in 1788 and is the oldest inland European settlement in Australia.
The town was founded after the first fleet settlers built farms there to support the 1,000 convicts, soldiers and administrators. The site was the furthest navigable point on the Parramatta river, and the soil was deemed significantly better than that around Sydney Cove.
Growth in the area was minimal until the 1850s, when development was aided by the construction of a railway line. Then rapid expansion continued through the late 1800s, with Parramatta becoming a commercial hub for the western Sydney area.
Some of the most significant development in the city happened during the post-war years with industrial growth, immigration and the establishment of public housing estates.
The town is home to many of Australia's earliest colonial buildings, with more heritage-listed buildings in than Sydney's historic Rocks quarter.
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awalsh-7Ub9EypybQ

Historic Parramatta bank sells for $7.1 million

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An agricultural school in Tardun, 140 kilometres east of Geraldton, with 12,275 hectares of farmland has been listed for sale.
The Christian Brothers Agricultural School Tardun closed in 2009.
The property comes with school buildings and infrastructure along with a 12,275-hectare farm consisting of cropping and livestock country.
The school buildings consist of a two-storey administration and residential accommodation building, along with St Mary’s Convent and Chapel.
The design of the school buildings was influenced by priest and architect John Cyril Hawes, whose works are prominent within the mid-west region.
There is also a range of general purpose and specialised classrooms, free-standing houses and residential accommodation, and service infrastructure.
The farm attached to the school was used by the students as part of their education, mainly focusing on cropping and sheep farming.
Half of the property is cleared and arable with the other half consisting of grazing areas, laneways, building surrounds and open space, shade, fence lines, dams, catchments and waterways, including the upper reaches of the Irwin River.
Part of the farm is currently leased at $115,000 per year. It’s a short-term lease to a local farmer who will farm it for just one season.
The area is has been the subject of investment by Australian and overseas investors, with iron ore, gold and other minerals found nearby.
Selling agents Jock Drummon from Landmark Harcourts and Damian Molony and Victor Sankey from McGees are marketing the property with various purchasing angles.
Possible ideas for the property include mining accommodation, personnel and heavy machinery training centre, community service centre, tourism accommodation or adventure outpost, camp or educational activities.
On a land basis, without the improvements, Sankey says the property could sell for above $3 million, but he says it’s very difficult to gauge a price.
“It is really difficult to say with this one. It’s got such different value to different potential users,” Sankey says.
“I’d say above $3 million, but the aggregate value with all the improvements is worth a lot more than that.”
He says there is potential mining interest in the property.
The Christian Brothers' Agricultural School was a Catholic secondary school with residential facilities for up to 90 students.
The 80 year-old school was predominantly a boarding school.
According to the school’s website, the hectare farm produced grain, mainly wheat, and carried nearly 7,000 sheep, 100 pigs and 53 shorthorn cattle.
Pigs were used to help augment the diet and the financial income of the farm.
The school was run by Edmund Rice Education Australia. At the time Edmund Rice executive director Wayne Tinsey said the school was operating at a loss, but that was not the reason behind the closure.
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Christian Brothers WA agricultural school with 12,000 hectares of land and mining potential listed

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Lend Lease’s timber Docklands development Forté has topped out after just 16 weeks, making it the tallest timber residential building in the world.
Construction started in the first week of June, with levels rapidly added.
Windows and insulation are now being installed. Construction of the building is expected to be completed in mid-October.
The building is constructed from cross-laminated timber, which Lend Lease say has a structural strength similar to concrete and steel.
“Concrete and steel buildings are carbon intensive but timber, as well as being renewable, has the advantage of storing carbon. Timbers used are also sourced from certified sustainably managed forests,” says Lend Lease’s Murray Coleman.
“With the structure being built entirely from CLT, Forté will reduce CO2 equivalent emissions by more than 1,400 tonnes when compared to concrete and steel – the equivalent of removing 345 cars from our roads.”
<img src="/images/stories/2012/09/fortesept71.jpg">
There will be 23 apartments in the 32-metre, 10-storey building, priced from $430,000 to $795,000.
Construction of the building is meant to quieter, more efficient, faster and safer than construction with more traditional materials.
Property Observer visited the site, where work continued despite strong winds.
Lend Lease has started marketing for the campaign but is still in the registration of interest stage.
 
<img src="/images/stories/2012/06/fortesite3.jpg" alt="fortesite3" width="470" height="313">
Forté's progress as of June 8
 
<img src="/images/stories/2012/06/fortejune3.jpg" alt="fortejune3" width="470" height="313">
Forté's progress as of June 29
 
<img src="/images/stories/2012/07/july13forte/_mg_5006.jpg" alt="_mg_5006" width="470" height="313">
Forté's progress as of July 13
<img src="/images/stories/2012/08/forteaug173.jpg">
Forté's progress as of August 20
<img src="/images/stories/2012/09/fortesept7.jpg">
Forté's progress as of September 7
 
{module Would you buy an apartment in a timber building?}
 
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Docklands tower Forté now the tallest timber residential building in the world as it tops out at 10 storeys

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A 110-hectare barramundi, cattle and lychee farm is listed for auction in far north Queensland’s Mount Molloy, 60 kilometres inland from Cairns.
The farm comes with 10 aquaculture ponds, which yield up to one tonne of barramundi per week.
<img src="/images/stories/2012/09/barramundi.jpg">
The farm also has 700 lychee trees under irrigation and 80 hectares of fattening paddocks.
After operating as a farm for five years the farm is being sold as part of a deceased estate.
It has three kilometres of river frontage from the Rifle Creek, which gives the property perennial water supply. The property comes with unrestricted access to the creek.
It comes equipped with a farm shed with a concrete hardstand, generator room and cooling facilities, worker accommodation and a large diesel generator which automatically cuts in if the power is interrupted.
It also comes with a gazebo and barbeque overlooking the ponds.
Included in the sale is a list of plant and equipment including a late-model Landcruiser, six-metre container, New Holland backhoe, pond aerators, finglerings cages, forklift, water tant and a 4x4 Kubota all-terrain vehicle.
It’s being sold by Tony Roberts of Colliers International.
“The property offers a great opportunity to escape the rat race, live amongst beautiful surroundings and be a part of an exciting, expanding aquaculture industry," he says.
“This is a tight-run operation which can be operated by a family or an owner with three or four staff (seasonal). The aquaculture has room for expansion.”
Water from the river is fed through into to the dam which then feeds the ponds and is also used to irrigate the lychee orchard.
The auction has been put off, with paperwork being required by the beneficiaries of the will.
Roberts says he has had strong interest from around Australia.
“We’ve had 14 registered inquiries interested in bidding,” Roberts says.
He says with properties like this it’s hard to gauge a sale price.
“Because of the situation as a deceased estate, it’s not like walking into a fish farm that’s up and running.”
“It’s in a holding pattern. It’s got fish on it, but you’d have to restock.”
He says it’s not the biggest barramundi farm in the region, but there is room to install a few more ponds.
“And you diversify with redclaw [crayfish].”
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Barramundi, cattle and lychee farm fishing for new buyer in Mount Molloy, Queensland

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There could be a severe shortage of housing stock in Perth over the next 20 years as the population grows faster than the city's supply of residential land, according to a report by Knight Frank.
A further 280,000 dwellings will be required over the next 20 years, but developers’ stock of lots with conditional approval is just 43,000, according to the Knight Frank englobo land report.
Australian Bureau of Statistics suggest an average annual population growth of 1.85% in the greater Perth region over the next 20 years, pushing the population up 727,000 to 2.49 million people by 2031.
<img src="/images/stories/2012/09/kfsept6.gif">
Source: Knight Frank
Knight Frank director John Corbett says there is an increasing gap between englobo land parcels (undeveloped land zoned for closer settlement growth with potential for subdivision) reaching the market and the demand for housing, with the median price for residential land up more than 10% over the last 12 months.
“The availability and development of englobo land has slowed in recent years and will lead to increased prices and significantly increased rents in established residential properties,” Corbett says.
“The many factors that have restricted residential land releases don’t appear to be abating. A tightening of credit and a softening in sentiment because of economic uncertainty in Europe are holding back the market, however, pressure is building for prices to increase”.
He says the current demand for housing lots is putting increasing pressure on government and developers with northern and southern suburbs such as Yanchep, Baldivis and Byford continually expanding to meet demand.
Baldivis, Yanchep and Byford are the top three suburbs for conditional approved lots, with 7,834 proposed lots between them.
The report says the supply of new land for residential development in WA is constrained by variations between councils on developer contributions; a constrained sand supply; environmental considerations and approvals; rising price and time costs associated with infrastructure; and access to reliable water supplies.
There is up to five years worth of potential future land supply with the current stock of lots, the report finds.
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Perth could face severe land shortage in next 20 years: Knight Frank

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The NSW government could tax investment property owners who will benefit from its newly unveiled 20-year transport upgrade.
The $100 billion, 20-year draft transport master plan includes new motorways, new rail links, an underground harbour rail crossing in Sydney, and other infrastructure, public transport  and service upgrades.
Among the locations with mooted transport infrastructure improvements are the eastern suburbs light rail, Leppington in the south-west growth centre with a new rail link, Parramatta with motorway upgrades, Rouse Hill in the north-west growth centre with a new rail link from Chatswood, Sydney CBD upgrades and Dee Why, with new bus rapid transport.
Click to enlarge
<a href="/images/stories/2012/09/transport.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/transportthumb.jpg"></a>
The report puts forward plans to partially fund the massive upgrade by levying property owners who might benefit from any upgrades.
“The development of new transport infrastructure positively influences the appeal of new neighbourhoods and communities as a result of improved transport access – regardless of whether property development takes place before or after the creation of the transport links,” the report says.
While no solid numbers are put forward, the report cites examples from other countries where transport upgrades have been financed by taxing land- owners.
“Many countries, such as Hong Kong, Singapore, Japan and the United States, have introduced measures to capture a share of the additional value to nearby properties, including developer contributions and targeted levies. We have reviewed such options and identified those with the greatest potential for application in NSW.”
The report cites Chicago’s tax increment financing (TIF) scheme as a possible model for financing the scheme.
Popular in the US, TIF schemes use projected future tax gains to subsidise infrastructure that when built will lead to those gains. The new infrastructure pushes up real estate prices around the area.
Chicago runs 130 TIF districts, which earned the city US$500 million in 2006.
It applies to both commercial and residential properties.
The report also references developer contributions in the UK where charges vary with the scale of a development.
Another option raised is transport levies such as those imposed in Sunshine Coast and in France. Residents of the Sunshine Coast paid an annual $20 fee per property to help pay for infrastructure upgrades.
The report also recommends commercial developments alongside public transport infrastructure to pay for the upgrades.
“The sale of these commercial rights, or the lease income over time, can help to reduce the cost of the transport asset.”
“Southern Cross Station in Melbourne is one such example, where a PPP [public-private partnership] project and the sale of the adjacent retail and office development sites partially offset the Victorian Government’s total project costs.”
Premier Barry O’Farrell and Transport Minister Gladys Berejiklian have not committed to any of the recommendations except the $8.5 billion north-west rail link in Sydney and the harbour crossing.
Other financing methods raised in the report include distance-based tolls for roads and congestion charges.
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NSW government could tax property owners set to gain from transport upgrades

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Dhaka in Bangladesh is the least liveable city in the world, according to The Economist. It’s not quite as unstable as some of the others in the list, but it’s dragged down by its astonishingly low healthcare and infrastructure rankings.
Property Observer has looked at the cities ranked <a target="_blank" href="https://www.propertyobserver.com.au/international/what-property-investors-can-buy-in-the-least-livable-cities-in-the-world-six-to-10/2012082756216">six through 10</a>, plus number  <a target="_blank" href="https://www.propertyobserver.com.au/international/chinese-investment-and-mining-driving-property-prices-but-port-moresby-papua-new-guinea-world-s-second-least-liveable-city/2012090256363">two, Port Moresby, Papua New Guinea</a>, <a href="https://www.propertyobserver.com.au/international/property-in-lagos-nigeria-could-be-boosted-by-an-oil-boom-but-threat-of-violence-is-high/2012083056316" target="_blank">three, Lagos, Nigeria</a>, <a href="https://www.propertyobserver.com.au/international/harare-has-poor-healthcare-and-political-violence-but-property-is-relatively-inexpensive/2012082956292" target="_blank">four, Harare, Zimbabwe</a> and five, <a target="_blank" href="https://www.propertyobserver.com.au/international/what-property-investment-is-like-in-algiers-one-of-the-world-s-least-liveable-cities/2012082856272">Algiers, Algeria.</a>
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/08/liveable.gif" rel="shadowbox"><img src="/images/stories/2012/08/liveablethumb.gif"></a>
The Economist Intelligence Unit’s Liveability Survey assesses the locations around the world that provide the best or the worst living conditions.
The survey doesn’t include the absolute worst of the worst, just cities or business centres that people might feasibly want to live in or visit. So it does not include cities like Kabul in Afghanistan or Baghdad in Iraq, both in the grip of conflict.
Conflict is generally found to be the primary reason for the position of the bottom ranked cities.
“Threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and  recreational activities,” the report says.
Africa and Asia are home to all 13 cities in the bottom tier, with violence from crime, civil insurgency, terrorism or war playing a strong role in keeping them at the bottom of the pack.
The Dhaka metropolitan area had a population of nearly 13 million people in 2008 and is the ninth largest city in the world. With increasing amounts of foreign investments in the city and a greater volume of commerce and trade, the city is one of the fastest-growing cities in the world.
The report finds the various threats to stability are either "uncomfortable" or "undesirable", though the threat of military conflict is "tolerable". The various healthcare indicators are either "intolerable" or "undesirable", though there is a "tolerable" level of private healthcare. The climate is "uncomfortable", as are the levels of cultural hardship and availability of consumer goods. The Economist even finds the food and drink to be "uncomfortable".
Private education is "tolerable", but the road and public transport networks are "intolerable". Utilities are "tolerable" at best. And tellingly, the availability of good-quality housing is undesirable. So what does that mean on the ground?
A <a href="https://www.rehab-bd.org/new_Comprehensive_Study_On_The_Real_Estate_Sector_Of_Bangladesh.pdf" target="_blank">July study</a> by the Real Estate and Housing Association of Bangladesh found house and land prices in Dhaka have been rapidly rising since 2000.
For apartments the cheapest place to buy is in Mohammadpur, with a 2010 median price of $832 per square metre. The most expensive is in Baridhara at $3,700 per square metre. For land, Badda is the cheapest area, at $772 per square metre, while Baridhara is again the most expensive at $10,292 per square metre in 2010.
The figures don’t take into account black-market purchases.
“A good amount of undocumented money has been utilised in acquiring land, apartments, buildings, shops etc. in past few years,” the report says.
On one Bangladeshi property listing site, a three-bedroom, 247-square-metre apartment in Baridhara is being sold for approximately $558,400.
<img src="/images/stories/2012/08/dhaka1.jpg">
Nearby a three-bedroom, 278-square-metre apartment is being sold for approximately $977,852.
<img src="/images/stories/2012/08/dhaka2.jpg">
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Buying property in Dhaka, Bangladesh, the least liveable city in the world

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Port Moresby in Papua New Guinea is the second least liveable city in the world, according to The Economist magazine. The magazine says stability is very low, healthcare poor and infrastructure lacking, though its education levels aren’t atrocious nor is its culture and environment rating the lowest.
It ranks 139th out of the magazine's list of the world's 140 most liveable cities (<a target="_blank" href="https://www.propertyobserver.com.au/international/melbourne-surpasses-vancouver-as-worlds-most-liveable-city-as-sydney-drops-to-seventh/2012081456033">Melbourne is ranked first, with Sydney seventh</a>).
Property Observer has looked at the cities ranked <a href="https://www.propertyobserver.com.au/international/what-property-investors-can-buy-in-the-least-livable-cities-in-the-world-six-to-10/2012082756216" target="_blank">six through 10</a>, plus number <a href="https://www.propertyobserver.com.au/international/buying-property-in-dhaka-bangladesh-the-least-liveable-city-in-the-world/2012090356226" target="_blank">one, Dhaka, Bangladesh</a>, <a target="_blank" href="https://www.propertyobserver.com.au/international/property-in-lagos-nigeria-could-be-boosted-by-an-oil-boom-but-threat-of-violence-is-high/2012083056316">three, Lagos, Nigeria</a>, <a href="https://www.propertyobserver.com.au/international/harare-has-poor-healthcare-and-political-violence-but-property-is-relatively-inexpensive/2012082956292" target="_blank">four, Harare, Zimbabwe, </a>and <a href="https://www.propertyobserver.com.au/international/what-property-investment-is-like-in-algiers-one-of-the-world-s-least-liveable-cities/2012082856272" target="_blank">five, Algiers, Algeria</a>.
Strong growth in the mining sector in Papua New Guinea has led to an influx in foreign investment in the country, especially from Chinese interests.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/08/liveable.gif" title="Click to enlarge"><img src="/images/stories/2012/08/liveablethumb.gif"></a>
The Economist Intelligence Unit’s Liveability Survey assesses the locations around the world that provide the best or the worst living conditions.
The survey doesn’t include the absolute worst of the worst, just cities or business centres that people might feasibly want to live in or visit. So it does not include cities like Kabul in Afghanistan or Baghdad in Iraq, both in the grip of conflict.
Conflict is generally found to be the primary reason for the position of the bottom ranked cities.
“Threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and  recreational activities,” the report says.
Australia’s Smart Traveller website, published by the Department of Foreign Affairs and Trade, advises that Papua New Guinea is in the grip of civil unrest and political tension, especially following the release of election results, which it says could fuel potentially violent, armed confrontations.
The site warns that ethnic disputes continue to flare up around the country and can quickly escalate into violent clashes.
“The clashes not only create danger within the immediate area but also promote a general atmosphere of lawlessness, with an associated increase in opportunistic crime,” the site says.
“Car-jacking is an ever-present threat, particularly in Port Moresby and Lae. Car doors should be locked with windows up at all times, and caution should be taken when travelling after dark. In the evening or at night, we recommend you travel in a convoy.”
Travellers are also warned about potential kidnappings and a heightened risk of robbery and attack even at well attended shopping centres in Port Moresby.
So what happens if you get posted to a gold mine in Papua and you end up having to buy a property?
Perhaps because it’s a former Australian territory there seems to be a number of Australian-based real estate agents in the city.
The recently approved liquefied natural gas project has sent property prices soaring, according to 2011 reports, and local agent Andrew Henry from Century 21 agrees.
“The market has changed since 2011, there’s a lot of new buildings, new houses new apartments, all this has happened in the last couple of years.”
He says the median price for houses is around $670,000 and for apartments it’s around $200,000.
He says the security situation in the country is much better than it has been in the past.
“In security terms it’s good, not nearly as bad as before. Before it was a bit scary and it was hard to move around. But at this stage there’s more freedom of movement, you can go wherever you want to go.”
Henry says there’s an increasing number of foreigners buying in Port Moresby as more and more projects are improved and expects the price to go up.
In Korobosea, in the inner-north of Port Moresby, Century 21 is <a target="_blank" href="https://www.century21.com.pg/brochures/C21%20S6352.pdf">selling a three-bedroom colonial-style home for $1.1 million</a> (pictured below). It comes with a large backyard and a Hills hoist to remind you of home.
<img src="/images/stories/2012/08/portmoresby.jpg">
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Chinese investment and mining driving property prices but Port Moresby, Papua New Guinea, world's second least liveable city

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The London Tavern in Port Melbourne has been listed for auction with hopes in the low to mid-$3 millions.
<img src="/images/stories/2012/08/thelondon.jpg">
It’s being sold as vacant possession after the operators of the pub moved out a few weeks ago.
It comes on 330 square metres of land and goes to auction on September 21.
The pub is on the corner of Beach Street, with a 20-metre frontage, and Princes Street, with an 18.3 metre frontage.
Agent Joseph Carbone from Vinci Carbone Property says the property isn’t covered by any heritage restrictions.
He says the site is a prime development site.
"Sites like are very rare. It's extremely rare to get a freehold of this nature," Carbone says.
 Carbone says they are selling the hotel freehold with plant and equipment.
The 640-square-metre building comes with a liquour licence.
It is zoned mixed use. Carbone says interest in the site could come from potential owner-occupiers, home renovators or more likely developers.
"It is also surrounded by numerous successful residential developments more particularly adjoins the highly regarded residential suburb of Beacon Cove," he writes.
Plant includes items like equipment, kitchen appliances, four kegs of beer, furniture and security equipment.
The pub is being sold by a private local investor.
The site was the subject of a case in the Supreme Court of Victoria last year, with a former tenant seeking relief against forfeiture after failing to pay rent.
The former tenant was in breach of lease in a number of ways, mostly stemming from not paying rent.
He moved out and new tenants took over in December 2011, but have since vacated.
It's been 3AW’s pub, with the suggestion the view from the first floor dining area is one of Melbourne’s assets.
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Port Melbourne pub The London listed for auction

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A mortgage broker in Nelson Bay, the most mortgage delinquent suburb in Australia, agrees the blame on its unenviable record rests with impulsive holidaymakers.
A recent report by Fitch Ratings found<a target="_blank" href="/news"> the NSW Hunter region town has a delinquency rate of 7.8% for mortgages more than 30 days in arrears</a> – five times the national average of 1.6%.
Local broker Ben Eick of Hunter Home Loans Solutions in Nelson Bay says the local residents aren’t to blame for the rate,<a target="_parent" href="/news"> echoing comments by local agents to Property Observer last week.</a>
 “My understanding is that the properties are bought basically from people coming up here on holiday, liking the area, seeing an apartment or unit that looks fantastic,” he told Australian Broker Online.
 He says holidaymakers bought a slew of properties in 2005 and 2006 gambling on prices going up.
 “[They thought] these places would keep appreciating … and of course what they’ve done since then is depreciate. And that’s where they’ve come unstuck.”
 Eick says changes in the rental market have made it harder for investors to rent the property out for most of the year.
 “The rental market up here isn’t especially strong, as opposed to other areas that are driven by the mining industry further up the valley.”
 “It can have a direct effect on whether they can pay their mortgage,” he says.
Local agents say the problem is due to people out of town letting their mortgage slip. They say the rate has also been driven up by a series of unit developments which have gone into receivership.
“There are a number of developments throughout the area which were highly geared and commenced or completed construction too late to benefit from the last boom, and the loan value is so high that the borrowers have experienced higher-than-average days on market to achieve a suitable sale,” agent Daniel O'Meara says.
The Fitch report blamed the high delinquency rate on “stagnation in the local housing market, which led to an accumulation of arrears in the 90+ day bucket”.
“The stagnation in the local housing market has increased the time required for foreclosed properties to sell, leading to an accumulation of arrears in the 90+ day bucket (4.57% as of March 2012).
“Furthermore, properties that are in arrears tend to be high-value properties, where the mortgage balance is on average almost three times the average loan balance in Nelson Bay,” says Fitch.
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Nelson Bay mortgage arrears due to starry-eyed holidaying buyers: local broker

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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