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<img src="/images/stories/2012/06/church.jpg" width="470">
The former 1860-built Bible Christian Church in Gore Street, Fitzroy (pictured above), sold at its weekend auction for $3.41 million.
The bluestone building was once used as a furniture factory after its ceased operating as a tabernacle. It comes with tall brick-embellished Georgian windows and a 1911-added Greek Revival-style façade.
The building was converted 10 years ago into a three-bedroom, two-bathroom house with a six-car garage.
It features an ornately carved and suitably religious front door and an original banner in the lounge-room proclaiming “Holiness becomes thy house”.
The Bible Christian Church was a Methodist denomination founded by William O’Bryan, a Wesleyan Methodist local preacher in 1815 in North Cornwall. Its mission in Australia was established in 1850.
 Storage of the wine should be no issue with the house’s large wine cellar and basement workshop.
The marble kitchen has a butler's pantry, and two sets of French doors open to an east-facing paved terrace. The two bedrooms are on the same level, separated by a bathroom. Upstairs is storage space with the possibility to convert into another bedroom.
Sarah Case from RT Edgar had the listing in conjunction with Nelson Alexander agent Arch Staver, who were looking for buyer interest around $3 million, which was its reserve. There were three bidders.
It was among the 57% clearance rate in Melbourne, which was up on the 53% clearance rate of the prior weekend and the same weekend last year, according to the Real Estate Institute of Victoria.
Sydney’s agents secured a 57.2% weekend clearance rate, according to Australian Property Monitors.
<img src="/images/stories/2012/06/stalbanschurch.jpg" width="470">
If you missed out on that church you needn’t worry – Property Observer has found some other church offerings in Sydney and Melbourne.
The property at 1231 St Albans Road in St Albans is a 1918-built Anglican church (pictured above). St Jude's is now a one-bedroom loft conversion. The dainty home has the original stained glass windows, pew hymn board and high cathedral ceilings. Ian Clarke from Belle Property Pymble is looking for $438,000 for the house. Lovely.
<img src="/images/stories/2012/06/somervillechurch.jpg" width="470">
The property at 9 Grant Road, Somerville (pictured above), was a church from 1855-1988. St John’s was a Presbyterian church and is being sold with a full history including photos from its long tradition. It’s now a four-bedroom open plan home, with three single-room bungalows. Chrissy Kouvaras from Harcourts Frankston is selling the house and is looking for offers in excess of $400,000.
<img src="/images/stories/2012/06/boroniachurch.jpg" width="470">
An old Templar church is up for sale at 3 Wadi Street, Boronia (pictured above). The property has been converted into a three-bedroom home complete with the original bell tower and a not-so-original bowling alley. The former congregation area now serves as an open-plan office and living room. Oliver Hammacher from hockingstuart Boronia is looking for $680,000 to $740,000 for the house.
 
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Or if you’ve got the energy to do a conversion yourself, there are these unconverted churches up for grabs.
<img src="/images/stories/2012/06/malvernchurch.jpg">
The property at 12-14 Spring Road Malvern is an 1880-built Wesleyan Methodist Church. The heritage-listed building sits on 798 square metres of land and comes with the classic pitched slate roof, leadlight windows and polychromatic bricks. It’s being sold by a developer who built apartments to the south and east. Jock Langley from Abercromby's Real Estate is looking to sell for $2.5 million plus, with expressions of interest ending August 7.
<img src="/images/stories/2012/06/gladstonechurch.jpg">
Or for something bigger, 23a Gladstone Street Moonee Ponds is a 1,050-square-metre church (pictured above) currently run by an Australian Christian Churches group. Luciano Deodato from Brad Teal Real Estate Essendon says the 100-year-old former Catholic Church is currently under offer. The agents had been chasing $1.9 to $2.2 million.
<img src="/images/stories/2012/06/comboynechurch.jpg">
And for something further out, 1-3 Thone Street, Comboyne (pictured above) is a 1917-built Roman Catholic church. The 2,251-square-metre church has been the gathering place for the Comboyne Parishioners since the early 1900s. Kevin Debreceny from Kevin Debreceny Port Macquarie is selling the still-operational church at auction on July 21 for $250,000 to $265,000.
<img src="/images/stories/2012/06/daylesfordchurch.jpg">
And Daylesford, a town full of churches, has an offering for the enthusiastic renovator. The property at 19a Camp Street (pictured above) is a 1903-built Presbyterian Church called St Andrews. The 2,347-square-metre property comes with many original features including stained glass windows, a spire, ceiling roses, cathedral ceilings, floorboards and even a rare Austrian church organ, one of only two in the world. In fact the organ is the only heritage-listed part of the building. Purchasers will be banned from selling the organ but do have the option of gifting it to another church. Agent Aaron Gay is looking for offers above $950,000.
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Former Bible Christian Church fetches celestial $3.41 million at Fitzroy auction

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Hobart’s Museum of Old and New Art has won the people’s choice award at the Australian Institute of Architects’ 2012 Tasmanian Architecture Awards.
Designed by Fender Katsalidis, MONA also won the Alan C Walker Award for Public Architecture.
The museum is carved into a peninsula of Hobart’s Moorilla wine estate and features interconnecting chambers that eschews a programmed circulation strategy for individual journeys of discovery.
“MONA is a place of mystery, exploration and wonder – unconventional, unpredictable, where the visitor can feel comfortably lost amongst extraordinary art,” the jury noted.
The museum was started by eccentric millionaire and professional gambler David Walsh in 2011. It’s the largest privately funded museum in Australia. The gallery represents the whims of Walsh, who says the museum acts as a subversive Disneyland.
Visitors arrive to the sex- and death-themed museum via a ferry service, which docks near the grand entrance. Entry leads down into the subterranean chambers, where the journey begins.
Nonda Katsalidis and Walsh became friends after Walsh moved into the penthouse designed by Katsalidis in Melbourne.
“He is the greatest architect in the world for my purposes, in terms of what I wanted to do,” Walsh told Australian Design Review.
“He doesn’t build the same building over and over again.”
In total, 23 prizes and commendations were awarded at the ceremony.
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Hobart’s Museum of Old and New Art wins people’s choice award for Tasmanian architecture

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The vendor of 8 Yarra Bank Court in Abbotsford has signed the house up to a Twitter account in an attempt to harness social media to sell the property.
Every day or so the house tweets another sweet comment about how things are going in the area and what a joy it is to live there. A recent tweet was "Spectacular view of the moon rise from the bedroom balcony at Yarra Bank CRT tonight", and another read "So wet cold and miserable outside. So warm and toasty from inside with the central heating on. Perfect day at YBC."
After joining Twitter 21 days ago the account already has 272 followers.
<img src="/images/stories/2012/06/housetwitter.jpg">
The campaign is part of a growing social media trend in Australia, recently started by Northcote resident Kurt Opray. He reckons his house sold for $135,000 above his reserve price after signing the house up to Twitter and YouTube and starting a blog. It all generated publicity on old media, via print and television coverage.
Opray has since started a business offering the same service to vendors. Other houses he has currently signed up for Twitter and blogs include a three-bedroom house in Beaumaris, a four-bedroom house in Sandhurst Golf Club and a three-bedroom house in Mildura.
He generally charges around $4,000 for each campaign, with a large focus on reaching an audience interested in buying property. In an interview with Alan Kohler for Qantas in-flight radio, he said his aim was use twitter to entice people to the area. He suggests to make it very conversational giving people a feel for what it's like living in the house.
"The fellow who ended up buying the house said he did spend some time looking through the blog the day before the auction, which is fabulous."
"You have to understand how to get the right followers [on Twitter]."
"There's ways to use Twitter to find people who have an interest in something you're purveying."
He advocates the use of social media on top of an agent's usual marketing campaign.
Since the media storm surrounding his sale it seems more and more vendors are running custom Twitter accounts, and it seems the trend may sometimes assist – South Morang's 10 Mirrabucca Street sold late last month after just three weeks on the market.
 
Houses with Twitter accounts
95 Todd Ave Yeppoon, Queensland <a href="https://twitter.com/#!/@95ToddAve" target="_blank">@95ToddAve</a> 140 followers
29 Pacific Boulevard Beaumaris, Victoria, <a href="https://twitter.com/#!/@BeaumarisHouse" target="_blank">@BeaumarisHouse</a> 0 followers
22 Quarterdeck Road, Sandhurst, Victoria <a href="https://twitter.com/#!/@sandhursthouse" target="_blank">@sandhursthouse</a> 17 followers
32 Cale Street Como, WA, <a href="https://twitter.com/#!/@ComoHouse4Sale" target="_blank">@ComoHouse4Sale</a> 67 followers
56 Rose Avenue Glen Waverly, Victoria, <a href="https://twitter.com/#!/@GlennyHouse" target="_blank">@GlennyHouse</a> 126 followers
5/67 Canadian Bay Road, Mount Eliza, Victoria <a href="https://twitter.com/#!/@MountElizaUnit" target="_blank">@MountElizaUnit</a> 286 followers
31 Nara Road Mitcham, Victoria, <a href="https://twitter.com/#!/@31NaraRoad" target="_blank">@31NaraRoad</a> 171 followers
10 Landon Place, Sheffield, Tasmania <a href="https://twitter.com/#!/@TasHouse4Sale" target="_blank">@TasHouse4Sale</a> 10 followers
19 Karnu Drive,Ninderry, Sunshine Coast, Queensland <a href="https://twitter.com/#!/@NinderryHouse" target="_blank">@NinderryHouse</a> 80 followers
15 Clearview Pde, Hazelbrook, NSW, <a href="https://twitter.com/#!/@Hazelbrook4Sale" target="_blank">@Hazelbrook4Sale</a> 86 followers
8 Yarra Bank Court, Abbotsford, Victoria <a href="https://twitter.com/#!/@YarraBankCourt" target="_blank">@YarraBankCourt</a>
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Three bedrooms, two car spots and 140 characters: Houses with their own Twitter accounts

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Three square metres is all it takes to run a hotdog shop, apparently.
Possibly Melbourne’s smallest retail food store, Dognation squeezes into its tiny alleyway nook like a sausage into a bun.
The owner of the morsel-sized shop, Seong-Lee Ang, thinks it’s the smallest food shop in the city.
“Our leasing agents said they have never heard of anything as small as three square metres for a food shop,” says Ang.
He says demand is high for small unique spaces like the one he has and places are hard to find.
<img src="/images/stories/2012/06/dognation2.jpg">
“We get a lot of people who would be dying to take the space we’ve got because it’s one of those iconic things for Melbourne. Especially for little laneways, they’re always in really high demand.”
Ang pays a higher than usual price per square metre but ultimately pays very little given the size.
“On a square metre basis we pay probably double the going rate. But compared to the total annual rent of other shops it’s not much.”
Leasing agent Andrew Hewett from Fitzroys says the shop was originally leased for $4000 a square metre with two years ago with 4% annual increases.  
The novelty of such a small shop is part of the draw for consumers, Ang says.
“The talking point of us being in such a tiny spot has been a really big thing, besides the product itself,” he says.
“It is a big factor to us to say what is our productivity out of such a small space, and there are definite advantages from a cost point of view.”
Ang seems attracted to strange locations and plans to open another branch inside an espresso bar on Southbank next month.
“We’re doing a store within a store concept. Using space within a different shop and creating a small brand within a brand. We are essentially a lunch trade only, so we can take advantage of the lunch hours within the other shops.
“It’s a private arrangement, it’s not an official sublet. We’ve got a connection with the owners of the espresso bar, it’s an internal arrangement.”
But it’s not the only tiny shop in Melbourne though. On the way back from visiting Dognation, Property Observer popped into Switchboard for a quick coffee.
Owner Joe Sayers says the kitchen area for the coffee shop is just 1.8 square metres, but there’s enough room for a coffee machine and two staff. The former cigarette booth now has seating opposite in what was formerly the building’s switchboard. Switchboard even offers a limited food menu so perhaps Dognation isn't top dog with its claim to miniature fame. Maybe it's time to play ketchup.
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Hotdog shop Dognation almost cuts the mustard in one of Melbourne’s smallest retail premises

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Developer Dexus’ super-green Sydney development One Bligh Street has been named the best tall building in Asia and Australasia by The Council on Tall Buildings and Urban Habitat.
This makes it one of the seven best tall buildings in the world for 2012 according to the council, the first time an Australian building has won the award.
The building houses Australia’s tallest naturally ventilated sky-lit atrium, a feature that impressed the judges.
"The dramatic, naturally ventilated central atrium connects the office workers with nature at the inner depths of the plan, giving a sense of openness for the entire building,” says jury panel member Werner Sobek, founder of Werner Sobek Group.
The council says buildings were selected for their design and technical innovations, sustainable attributes and the enhancement of both cities and the lives of their inhabitants.
“The winners display remarkable creativity, as well as a respect for the environment, connection with place, and the urban surroundings,” says awards committee chairman Richard Cook of Cook+Fox Architects.
The building could still be named the world’s best tall building at the 11th Annual Awards Ceremony and Dinner at the Illinois Institute of Technology in Mies van der Rohe’s iconic Crown Hall, Chicago. From the four regional best tall building winners, one overall winner will be selected and bestowed with the “Best Tall Building Worldwide” award, to be announced on the night.
The other regional winners were the Absolute Towers in Mississauga, Canada; Palazzo Lombardia, Milan, Italy; and Doha Tower, Doha, Qatar.
One Bligh Street has been valued at around $629 million and has a six-star green star rating. Standout features for the building include its double-skin façade and glass atrium but it requires high rents to deliver a suitable return to its owners.
Rents are believed to be in the $900 to $1,100 per square metre range for lower floors, rising up to around $1,300 for the upper floors.
Law firm Clayton Utz is the tower’s anchor tenant, and the Commonwealth government's Ministerial and Parliamentary Services recently leased three floors. Papua New Guinean oil and gas company Oil Search also just leased two levels, and financial media group Bloomberg is tipped to be the next tenant to sign on.
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Dexus’ One Bligh Street named best tall building in Australasia 

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On the night of June 21, CEOs and senior management at many major Australian companies won’t be going home to their penthouse apartments but will sleep on the ground to raise money for the Saint Vincent de Paul Society.
Participants of the CEO Sleepout will spend a night sleeping outside to experience a night of homelessness with limited bedding and food.
So far 1,032 participants have raised a total of $1.48 million, in an effort to raise awareness of homelessness in Australia.
The event was launched by Carnival Australia CEO Ann Sherry, who spoke about hidden face of female homelessness.
“For me, the number of women and children who are homeless is a statistic and phenomena that we shouldn’t tolerate, and I think that is true of all homelessness.”
She called on female business colleagues to take up the challenge.
NSW is well in the lead in terms of fundraising at the time of writing. NSW has raised $767,646 with 271 participants, Queensland’s 158 have raised $499,433, WA’s 114 have raised $360,098, Victoria’s 148 have raised $299,817, South Australia’s 100 have raised $226,094, ACT’s 153 have raised $225,694 Northern Territory’s 37 have raised $58,487 and Tasmania’s 51 have raised $49,036.
The participants include Westpac’s Gail Kelly, Commonwealth Bank’s Ian Narev, ABC’s Mark Scott, Jones Lang La Salle’s Andrew Balzanelli and CBRE’s Phil Rundle and Andrew Stewart.
Kevin Rudd will take part in the event again this year. Last year he opted to sleep in Melbourne, saying Queensland’s warm nights were “simply too soft”. Malcolm Turnbull has signed up this year though so far he’s raised just $365 since signing up on May 24. Other politicians include Federal MP Kelly O’Dwyer and Queensland’s leader of the opposition Annastacia Palaszczuk.
To donate, visit <a href="https://www.ceosleepout.org.au/">https://www.ceosleepout.org.au</a>
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CEOs to swap four-poster beds for sleeping bags in CEO Sleepout

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Retail centres should be changing their tenant mix to improve performance over the next 12 months, according to the latest report by Jones Lang LaSalle.
Jones Lang LaSalle's Retail Centre Managers’ Survey found the key factor expected to improve performance of individual retail centres over the next 12 months is a new tenant mix.
“Those retail centres that have deliberately changed their tenancy mix or attracted new tenants with strong customer appeal have reported solid growth during a challenging trading period,” says Richard Fennell of Jones Lang LaSalle.
“With clothing and footwear continuing to struggle, sub-regional shopping centres are re-focusing their tenancy mix to better reflect the needs of their catchment and growth sectors.  This includes specialty food, dine-in cafes/restaurants, and a range of services that bring repeat customers to the centre.”
He says the ability to improve tenancy mix is constrained by limited demand and the need for injection of capital before tenants commit and recommends alternative lease terms and tenant incentives.
“Alternative lease terms are being considered in order to accommodate new or struggling retailers.  This may include shorter lease terms and percentage rent deals. Centre managers have also reported some rent reversion at the end of the lease period in order to retain tenants,” he says.
“There is also a higher expectation on the part of tenants for incentives.  These include both rent-free periods and fit-out contributions, with tenants having limited capital to cover the cost of fit-outs.”
Vacancy rates increased slightly from 4.2% in December 2011 to 5.1% in March 2012 for neighbourhood centres and from 1.1% to 1.4% in March 2012 for sub-regional centres.
<img src="/images/stories/2012/06/jlljune14.gif">
Tenant enquiry improved slightly, but from a very low base. Enquiry remains weak, with food retailers and the discount variety sector (in sub-regional centres) showing the main interest.
The report found the average rental growth for neighbourhood centres was 2.8% for the year ending March 2012. Sub-regional centre growth has been weaker, averaging just 1.3% over the 12-month period.
Sentiment in retail centres across Australia had improved slightly following the Reserve Bank’s cash rate cut in May. The report was published before June’s further rate cut.
According to the report, 57% of centre managers expected some growth in sales over the next 12 months, up from 49% in February, though their sentiment is described as “caution optimism”. Those in the 57% primarily expect growth of less than 3%. Those expecting sales to decline fell from 31% to 21%.
Research director David Snoswell says the Reserve Bank’s 50-basis-point cut in the official cash rate in May is the main reason for improving sentiment among centre managers.
Despite the positivity of centre mangers consumers remain cautious, with <a href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096" target="_blank">the Westpac-Melbourne Institute Index of Consumer Sentiment showing no recovery in May following the rate cut</a>.
“Cautious consumers are going to be wary of spending the savings from lower mortgage payments on retail goods, at least in the short term,” says Snoswell.
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Retail centres need to change tenant mix to improve performance: Jones Lang LaSalle

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The ski season is nearly upon us with the Queen’s birthday long weekend. As thrill-seekers flock to ski resorts in Victoria and NSW, many may be thinking of buying investment property on the slopes.
Property Observer has cleared the frost and found the cheapest properties available right in the ski fields.
And we’ve found Victoria’s Falls Creek and Mount Hotham are the place to look for cheap properties in the ski fields.
A recent REIV report found property prices in the Alpine region had dropped 22.8% in the year to March 2012. This is confirmed by local agent Paul Englisch from Alpine Property Dinner Plain.
“I would suggest it’s more than 22% with the recent sales we’ve had,” says Englisch.
“There’s more currently for sale that there has been in the last 10 years at any one time. And the prices have all gone down.
“It’s impossible it will last though. In Dinner Plain, just down the road, we’ve started selling more than we’re listing. The total number of properties for sale has being reduced by half there.”
Other agents echo this sentiment, with one suggesting prices have dropped by more than 30% over the year.
$44,500
<img src="/images/stories/2012/06/fallsunit.jpg">
A <a href="https://www.realestate.com.au/property-apartment-vic-falls+creek-108022321" target="_blank">twin suite in Falls Creek </a>will set you back just $44,500. Rooms 208 and 209 in Silverski Lodge are being sold by RT Edgar Alpine. They each have one bathroom, sleep two people in a bunk bed and share a generous balcony. Agent Christa Zirknitzer says annual outgoings for the property are $3,400. An exact figure for income for the property was unavailable, but Zirknitzer says average income is 2% to 3%. The asking figure is what the vendor paid last year in Morry Schwartz’s mass sell-off.
$79,000
<img src="/images/stories/2012/06/fountains.jpg">
In Mount Hotham, unit 2A in Fountains Apartments is available for $79,000 through PRDnationwide. It comes with a small kitchenette, ensuite and a bunk bed, but there is no gas attached to the apartment. The unit is usually leased as staff accommodation and earns $6000 + GST per season. The unit costs $2,171 in outgoings.
 
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$79,000
<img src="/images/stories/2012/06/jackfrost.jpg">
For the same price in you can buy apartment five in Mount Hotham’s Jack Frost through RT Edgar. The unit sleeps three people in a three-part bunk bed and includes a decent-sized kitchen, a small entertaining area and a renovated bathroom. The apartment is expected to earn $7,000-$8,000 a year with annual outgoings of $3,200. The similar but renovated neighbouring apartment number four is selling for $105,000, with the same rent and outgoings.
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$92,500
<img src="/images/stories/2012/06/falls3.jpg">
In the same lodge, <a href="https://www.realestate.com.au/property-alpine-vic-falls+creek-105702103" target="_blank">room 207 is up for grabs through the same agent</a>. At $92,500 the room is somewhat bigger and more comfortable but still only sleeps two people in a bunk bed. Again, outgoings are $3,400, and it’s expected to earn a similar income.
 
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$105,000
<img src="/images/stories/2012/06/falls2.jpg">
And for $105,000, <a href="https://www.realestate.com.au/property-studio-vic-mount+hotham-107580512" target="_blank">apartment 520 in The Arlberg </a>is up for sale through Alpine Property. It sleeps five people, comes with a new bathroom, a sizeable kitchen and ski storage. The property was renovated two years ago at a cost of $20,000 and has not been leased since then. A similar, but unrenovated, apartment in the same building earns $17,000 a year. However the apartment is expected to cost $5,000 a year in head lease charges and another $5,000 on commission, utilities, cleaning and other fees.
RT Edgar Agent Rob Ford recently sold apartment 519 at The Alberg for $95,000. He says the apartment will earn $15,000 a year with outgoings of $6,000.
Ford says The Alberg generates the best returns in Hotham.
“It’s got a very established in-house management company, there’s a lot of return guests. The outgoings generally are very low, and the occupancy levels are very high.”
One thing was clear from speaking to agents in the area. It all depends on the snow.
“Snow equals money. If we have a good season then everyone is happy,” says Paul Englisch.
And given recent snowfalls, this could be a good one.
Photograph of Mount Hotham courtesy of Tourism Victoria.
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Falls Creek and Mount Hotham best for inexpensive ski properties, with prices cooling 

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A barn-house that looks straight out of midwest America has been listed in Garfield, 70 kilometres south-east of Melbourne.
A dream for fans of Americana, the property is even pictured with a classic 1950s jukebox.
Agent Graeme Dimsey from LJ Hooker Cranbourne says the vendor, Robert Seger, is a fan of all things American.
“He did a lot of travelling to America, he’s got a lot of custom-built American cars. He has a lot of nostalgic things he’s collected over the years,” he says.
“He liked what he saw in the midwestern barn and decided to build a house on top of one.
“He built it just because he could. He’s a very cool character.”
The property is billed as being ideal for horse trainers or agistment. Mustangs can run free on the property’s 15-hectare spread. The barn comes with five stables, a 90,000-litre underground tank and bore, numerous loose boxes and timber post and rail fencing.
Upstairs is a four-bedroom residence with timber floorboards, dark-tiled bathroom and a huge kitchen big enough to prepare and cook a Thanksgiving day roast turkey and pumpkin pie.
There is room for a small muscle car collection in the property’s three-car garage, as well as plenty of room for uncovered parking.
Dimsey says a lot of the wood used on the property is reclaimed timber.
“A lot of the timber you see, all the posts and things, a lot of it came from Queenscliff when they ripped down the jetty, all the reclaimed boardwalks and jetties.”
Dimsey expects to sell for around $1.3 million.
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Midwest American-style barn on the market in Garfield, Victoria

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Property prices in prime central London rose 0.7% over May as European investors sought safer ground in the midst of the eurozone crisis, according to research by Knight Frank.
The latest increase brings prices of prime London houses 47.3% above their March 2009 low.
Knight Frank researcher Liam Bailey says interest from south west Europe has taken up the slack left by Greek investors.
"While it looks very much that the surge in Greek buyers has fallen off sharply since the beginning of the year – those who have had the funds to buy have done so – we are now seeing a noticeable uptick in interest from France, Italy, Spain and even German-based purchasers looking at the prime London market.”
Bailey says in the event of a European Union break-up, London could experience greater levels of foreign investment.
He says countries at risk of ejection from the eurozone will likely experience a massive outflow of capital, with some destined for London prime real estate.
Meanwhile, property website Primelocation.com has released research showing Britain’s residential property is worth a total of £5.6 trillion ($8.74 trillion), with almost one-third of it £1.65 trillion ($2.58 trillion), in homes in the south-east region.
The south-east region just pips London, which was put at £1 trillion ($1.56 trillion).
Outside of London, Surrey tops the list for total value, £287.6 billion ($4.49 billion), and value per head, £255,125 ($398,274). For value per head, Surrey is followed by Dorset, Buckinghamshire and East Sussex.
Despite low interest rates, however, strict lending conditions make it harder for families to pull money out of these homes by remortgaging.
Click to enlarge Click to enlarge
<a href="/images/stories/2012/06/londongraph1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/londongraph1thumb.gif"></a>
“Property wealth per head is driven by one key factor: demand,” says PrimeLocation.com analyst Nigel Lewis.
“Homes in and around the capital will always be sought after because of the increased population density in the south and its better employment opportunities.”
Primelocation.com’s report is at odds with a recent report by Lloyds TSB Private Banking, which put the total value at of privately held UK housing stock at £3.9 trillion ($6.09 trillion) in 2011.
And as our monarch celebrates her 60th year of rule, property agency Savills UK has released an analysis of property trends over Queen Elizabeth II’s long reign.
Since her coronation in 1952, there have been four cycles of boom and bust, but inflation-adjusted figures show house price growth has exceeded 250%.
Click to enlarge
<a href="/images/stories/2012/06/londongraph.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/londongraphthumb.gif"></a>
As Her Majesty started her rule, the total value of the UK’s housing stock was between £25 and £30 billion ($39 and $47 billion), roughly the same value as Bristol today.
The report found the biggest increase over a 10-year period was 1962-72, when prices increased 48%.
Savills research director Lucian Cook says changes over the past 60 years mean more surplus income is being invested in property.
“Over the past 60 years we have seen great changes in the way we view housing. Our demands on and requirements from housing have changed, meaning that it has become part necessity, part luxury and part investment.”
“Combined with a mismatch between housing demand and supply and a shift to smaller households, this has meant that more of the nation’s surplus income has been directed at housing. As a result house prices have risen more in line with the standard rather than the cost of living, leaving the UK with an asset class worth a total of £4.3 trillion [$6.71 trillion].”
Cook says home ownership has peaked and a repeat of such dramatic growth is unlikely.
“In the short term our forecast is for real house price falls at a national mainstream market level, as inflation strips out price growth. We expect these to lead to a period of much less spectacular house price growth than we have become accustomed to at certain parts in the housing market cycle.
“Future house prices booms and sharp corrections are inevitable but there’ll be a long wait for the next boom.”
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London prime property market shines as safe haven as Queen celebrates Diamond Jubilee 

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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