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Investors are expected to invest $800 million in office assets in Melbourne this year, with activity focused outside the CBD, according to the latest report by CBRE.
The Melbourne Office MarketView report found St Kilda Road has been the site of a series of sales in the six months leading to March 2012.
“With a shortage of assets available in the CBD there has been a progressive shift towards properties previously overlooked by investors and this has resulted in a number of transactions outside the CBD/Docklands precinct,” CBRE senior director of institutional investment properties Mark Coster says.
“We expect interest in the St Kilda Road precinct to continue to strengthen, given its relative affordability compared to other markets and increasing momentum on the leasing side.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/cbremay11.gif"><img src="/images/stories/cbremay11thumb.gif"></a>
Major transactions in the six months leading to March include 601 St Kilda Road, which sold for $30 million to Shakespeare Investments; 484 St Kilda Road, which was purchased for $68 million by Abacus and Heitman LLC; 441 St Kilda Road, which sold for $58 million to Centuria Property; and 607 St Kilda Road, which sold for $28.5 million to private Chinese investor Casino Investments.
Offshore investors are expected to be the main drivers, closely followed by domestic groups with private investors and syndicators focussing on the lower price bracket. Assets above $50 million have attracted offshore investors while private investors and syndicators have been seeking assets backed by government tenants with long weighted average lease expiries.
“At a global level, Australian office assets continue to appear attractively priced based on conventional pricing models,” says CBRE senior research analyst Erin Obliubek.
“This, coupled with the resilience of the Australian economy, high liquidity, attractive investment yields and market transparency, is driving investor interest in key CBD markets such as Melbourne.”
Melbourne recorded $1.1 billion in sales in 2011 accounting for 15% of the national office sales volume.
Significant transactions in 2012 include the $53 million sale of 565 Bourke Street, $67 million sale of 477 Collins Street and the sales of 50% interests in 242 Exhibition Street and 120 Collins Street.
There has been an ongoing compression in investment yields in both the CBD and suburban markets, according to the report.
“In the CBD, implied yields have recovered by 60 basis points since the market trough in Q3, 2009 to be circa 7%.”
The report says premium yields were considered to be in the 6.5% to 7% range.
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St Kilda Road to lead Melbourne office sales: CBRE

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A 1913-built Art Nouveau backpackers' hostel in Melbourne has sold for $10.75 million with an expected yield of more than 8%.
Previously known as the Sir Charles Hotham Hotel and the Hotham Private Hotel, the building on the corner of Flinders Street and Spencer Street was first listed for sale by the vendor in June 2010.
The property, 2-8 Spencer Street and 566-580 Flinders Street, last sold in 2006 to Australian Budget Accommodation Group for $6.15 million when offloaded by the Ivany family.
Current tenants All Nations Backpackers Hostel have a lease until 2018, after which the marketing suggests there will be redevelopment potential for the site.
The corner block has a land area of 883 square metres with a 20.9 metre frontage to Spencer Street and 40.2 metres to Flinders Street.
Property Observer understands the buyer is associated with private investor Peter Russell's Kurrawonga Pty Ltd, which was last in the news when it secured the London &amp; Lancashire Building at 400 Collins Street for $7.5 million in 2009.
A Malaysian investor had been tipped to buy the property for $12 million in February this year but backed out after undisclosed issues.
Kliger Wood agents Russell Meerkin and Grant McKenzie had marketed the property for $12 million last November.
The current net annual rental is $885,586.
“The building is an older style Art Nouveau style four level and part five level structure which has three retail tenancies including a Seven Eleven store, a café and an entertainment facility on the street frontage with the upper levels and part of the ground floor including a bar and reception area are conducted by Nomads Backpackers,” Meerkin says.
“Most of the leases have further periods to run and allow annual defined rental increases and in most cases options to renew.”
When the hotel was first erected the daily press described as one of the largest in the city.
“The location commands the shipping trade, adjacent to wharves and Spencer Street Railway Station, Harbor trust offices and Railways Offices, fish market- proposed improvements to bring mail and other large freight right up to the City- all to benefit the hotel.”
“It includes cellar, ground floor with large public bar, private bar, billiard room, four bar parlours and offices; three storeys and open flat on roof; first floor has large dining room, and services, drawing room, reading and smoking rooms, nine bedrooms with linen press, bathrooms and lavatory accommodation; second floor has private sitting and dining rooms, bedrooms servants bedrooms and facilities; third floor has 14 bedrooms, servants dining room, modern kitchen; cellar one of the largest and best in Melbourne; passenger and goods lifts, electric lighting.”
Heritage documents say the building is a well preserved example of Edwardian Freestyle architecture in Melbourne.
“Sir Charles Hotham Hotel is significant architecturally as a large, well-preserved and successful corner hotel design in the Edwardian Freestyle, by the important architect William Pitt, and is a major part of a notable Edwardian and late Victorian-era commercial streetscape in both Flinders and Spencer streets, consisting mainly of hotels,” Australian cultural heritage consulting firm Graeme Butler says.
“Historically, Sir Charles Hotham Hotel is significant for its location with other Edwardian-era and late Victorian-era hotels near the wharves and railway that served them, underscoring the major means of travel at that time. The new Sir Charles Hotham Hotel was built during the state's economic recovery after the Great Depression of the 1890s and remains the largest Edwardian-era hotel built within the Central Business District.”
 
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Art Nouveau backpackers' hostel on Spencer Street sells for $10.75 million

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Tasmania dominates a list of properties that have been on the market for a long time, with many vendors unwilling to discount despite spending years on the market, according to the latest report by SQM.
Five of the 10 properties on the market for long periods are in Tasmania. Properties on the list have in some cases been for sale for four years.
Managing director of SQM Research, Louis Christopher, says while a Queensland listing tops the list, he’s not surprised Tasmania features so heavily.
“We believe that the Hobart housing market has been slowly deteriorating of late and so it comes as no surprise that properties from this city are prevalent in both our 'longest days on market' and our 'most discounted' list,” he says.
He found many of the listings had not significantly reduced their asking price despite not selling.
“What we find amusing time and time again when we look at these properties, is that more often than not, these homes have not been discounted substantially even after being on the market for years in some cases.”
“In most cases they do just hang around on various real estate advertisement channels for months and months and months on end - seen by many as what can only be described as failed sales.”
Christopher suggests it might be prudent to start discounting properties such a long period.
“Yes, when you look at the localities of some of these homes you can see why their vendors may be having trouble finding a potential buyer as a lot of these properties are not situated in highly popular areas.”
“However for the most part, lack of buyer interest for an extended period of time is more commonly due to overpricing- after all, theoretically there is a buyer for every property - it's just about getting the price right.”
There are three of the 10 properties from NSW and two from Queensland.
Three of the properties - Buckland Tasmania and two in Magenta NSW - featured on this list <a target="_blank" href="https://www.propertyobserver.com.au/hotspots/properties-lounge-on-market-for-years-if-vendors-don-t-price-realistically-sqm/2011092051629">appeared in a similar list published by SQM in September 2011.</a>
 <h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">1</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/QLD/Woorim/?adid=2007103693" target="_blank">11 Ottiwell St, Woorim, Queensland, 4507</a>
On the market since: April 19, 2008
Initial asking price: $560,000
Current asking price: $499,000
Reduction: 11%
Days on market: 1,465
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">2</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Buckland/?adid=2007685342" target="_blank">5090 Tasman Hwy, Buckland, Tasmania, 7190</a> (pictured)
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,437
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;"></h2>
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">3</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/QLD/Russell-Island/?adid=2007161321" target="_blank">7 Hill St, Russell Island, Queensland, 4184</a>
On the market since: May 22, 2008
Initial asking price: $315,000
Current asking price: $310,000
Reduction: 2%
Days on market: 1,432
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">4</h2>
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007162731">1403 Magenta Dr, Magenta, NSW, 2261</a>
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,430
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">5</h2>
<a href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007217761" target="_blank">1302 Birkdale Pl, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,404
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">6</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/White-Beach/?adid=2006781491" target="_blank">22 Beach St, White Beach, Tasmania, 7184</a>
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $170,000
Reduction: 32%
Days on market: 1,393
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">7</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/White-Beach/?adid=2006781491" target="_blank">14886 Tasman Hwy, Cranbrook, Tasmania, 7190</a>
On the market since: July 2, 2008
Initial asking price: $195,000
Current asking price: $185,000
Reduction: 5%
Days on market: 1,392
 
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">8</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Nubeena/?adid=2007919524" target="_blank">15 Clarke St, Nubeena, Tasmania, 7184</a>
On the market since: July 2, 2008
Initial asking price: $230,000
Current asking price: $230,000
Reduction: 0%
Days on market: 1,392
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">9</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/TAS/Swansea/?adid=2006459960" target="_blank">Lot 42 Cambria Dr, Dolphin Sands, Tasmania, 7190</a>
On the market since: August 28, 2008
Initial asking price: $425,000
Current asking price: $345,000
Reduction: 19%
Days on market: 1,335
 
<h2 style="font-size: 18px; line-height: 21px; text-align: left;">10</h2>
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Quakers-Hill/?adid=2007889013" target="_blank">11 Voysey Cl, Quakers Hill, NSW, 2763 </a>(pictured)
On the market since: September 11, 2008
Initial asking price: $1,300,000
Current asking price: $1,500,000
Reduction: -15%
Days on market: 1,319
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Properties still on the market for years even without any big discount: SQM

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Rural towns in Victoria’s east dominated the list of Victorian localities with the greatest gross rental yields for houses. Houses in Dimboola, north of the Grampians, had the highest yields at 8%. Corinella had the highest weekly median rent at $320 of regional Victorian localities.
<table border="0" cellspacing="0" cellpadding="0" width="380"><tbody>
<tr>
<td valign="bottom" nowrap width="92">
Locality
</td>
<td valign="bottom" nowrap width="144">
Gross Rental Yield (%)
</td>
<td valign="bottom" nowrap width="144">
Weekly Median Rent
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Dimboola</a>
</td>
<td valign="bottom" nowrap width="144">
8%
</td>
<td valign="bottom" nowrap width="144">
$145
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Ararat</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$220
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Corinella</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$320
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Merbein</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$200
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Mortlake</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$188
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Nathalia</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$210
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Red Cliffs</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$220
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
<a target="_blank" href="/news">Seymour</a>
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$250
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Terang
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$225
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Warracknabeal
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$155
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="92">
Yallourn North
</td>
<td valign="bottom" nowrap width="144">
7%
</td>
<td valign="bottom" nowrap width="144">
$180
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
 
 
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The top 10 regional Victorian localities with the highest rental yields: RP Data

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Meriton boss Harry Triguboff is seeking fresh Sydney residential development sites, as well as increasing output, as he’s noticed an uptick in local apartment buying interest.
After having about 70% of his market made up by Chinese investors, he told The Australian it’s now a 50-50 split with local buyers.
“It started before interest rates fell, due to rents going up and fixed [home loan] rates were already coming down,” he says.
Triguboff has noted a drop in building projects during the financial crisis had also resulted in pent-up demand.
"People who were sharing, at home or renting are feeling more secure [about buying] as rates are coming down.”
Triguboff says he has his eye set on sites in Green Square near the airport and Dee Why in Sydney’s northern beaches after spending $25 million on a site in Sydney’s North Ryde and a further $55 million in Chatswood on Sydney’s north shore.
His acquisitions could total $150 million.
“We will probably build 1,700 [apartments] a year now, it may get to 2,000, but I can’t see more than that.”
His investment push coincides with the recent interest rate cuts. Triguboff expects the Reserve Bank will cut the cash rate by a further 50 basis points over the next year but wants them to go further.
"No one thought the bank would cut 50 basis points.”
Meriton’s apartment rents have increased 5% over the past year, with some buildings performing better than others.
Despite wider residential apartment price decreases in Sydney, Meriton’s apartment prices have remained stable, according to The Australian.
In the Gold Coast however, Meriton’s apartment prices are down 20% from two years ago.
In Sydney, Meriton averages about $480,000 for a one-bedroom unit and $550,000 for a two-bedroom unit.
Triguboff says Meriton has been able to build more quickly to respond to demand with improved technology and mechanisation and some councils shifting to a more pro-development standpoint.
He foresees an increase in competition, sensing that large Chinese developers could take a footing in the Australia market.
Currently he says he faces little competition.
"So far, it’s only small developers, apart from Frasers."
 
 
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Harry Triguboff wants more Sydney sites as he anticipates Chinese developers could develop a presence 

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There are 10 Perth suburbs with median house prices below $300,000 according to Real Estate Institute of Western Australia statistics. Medina had the cheapest houses, $32,500 cheaper than the median in the second-cheapest suburb, Parmelia.
<table width="328" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="83">
Suburb
</td>
<td valign="bottom" nowrap width="245">
Median House Price (December 2011)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Medina</a>
</td>
<td valign="bottom" nowrap width="245">
$232,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Parmelia</a>
</td>
<td valign="bottom" nowrap width="245">
$265,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Hillman</a>
</td>
<td valign="bottom" nowrap width="245">
$269,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Brookdale</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Calista</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Armadale</a>
</td>
<td valign="bottom" nowrap width="245">
$275,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Camillo</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Orelia</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Cooloongup</a>
</td>
<td valign="bottom" nowrap width="245">
$285,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Leda</a>
</td>
<td valign="bottom" nowrap width="245">
$290,000
</td>
</tr>
</tbody></table>
Source: REIWA
 
 
 
 
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The 10 Perth suburbs with median house prices under $300,000: REIWA

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Donald Trump will headline the 2012 Australian Real Estate Conference in the Gold Coast, albeit via satellite link.
He will be speaking about his brand through Skype from his American home on the American Memorial Day public holiday.
“I will give the delegates of AREC 2012 very sound advice based on my years of experience in business.  My brand has become successful because I’m passionate about it, and have been for many years.  I work at it every day, and love it,” Trump says.
He joins 20 speakers due to speak at the May conference, which is aimed at Australian real estate agents.
The two-day conference even includes a beach party with performances by Jon Stevens, the former front-man of INXS after Michael Hutchence’s death. The party is billed as a networking event.
The second main headliner act is American real estate coach and author Tom Ferry.  The CEO of YourCoach will talk about his business strategies. He coaches agents throughout America and claims to have had a direct role in the careers of 16 out of the top 100 agents in America. He was a big hit at the festival last year and has been invited back.
Other speakers include John McGrath, Li Cunxin the subject of Mao’s Last Dancer and super-agents, sales coaches, gurus and authors from Australia and America.
This year’s event, the 15th AREC summit, is expected to sell out, with 2,500 people to attend. Last year’s event had 2,000 attendees.
Past speakers at the event include Sir Bob Geldorf and Edward de Bono.
As part of the conference there will a trade show with more than 50 exhibitors.
Tickets for the event range from $995 for a basic ticket to $1,395 for a platinum ticket.
Australian speakers include Terrigal agent <a href="https://www.tret.com.au/app/articles/articles/view/mat-steinwede" target="_blank">Matt Steinwede</a>, who has  consistently ranked in the top five for the McGrath network.
 
 
 
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Donald Trump to virtually headline the 2012 Australian Real Estate Conference

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Peterborough in South Australia’s south east topped the list of the state’s localities with the highest yields for houses. There were four localities with yields over 6%.
<table width="355" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="104">
Locality
</td>
<td valign="bottom" nowrap width="107">
Median Rent ($)
</td>
<td valign="bottom" nowrap width="144">
Gross Rental Yield (%)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Peterborough</a>
</td>
<td valign="bottom" nowrap width="107">
140
</td>
<td valign="bottom" nowrap width="144">
8
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Elizabeth North</a>
</td>
<td valign="bottom" nowrap width="107">
240
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Port Pirie West</a>
</td>
<td valign="bottom" nowrap width="107">
175
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="104">
<a target="_blank" href="/news">Whyalla Norrie</a>
</td>
<td valign="bottom" nowrap width="107">
290
</td>
<td valign="bottom" nowrap width="144">
7
</td>
</tr>
</tbody></table>
Source: RP Data
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Peterborough tops list of South Australian localities with highest rental yields for houses: RP Data

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There are 24 Perth suburbs with median house prices of $1 million or more according to Real Estate Institute of Western Australia statistics. Peppermint Grove eclipsed the other suburbs, nearly doubling the median price of number two suburb, Dalkeith. The data comes from sales in 2011.
<table width="388" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="144">
Suburb
</td>
<td valign="bottom" nowrap width="244">
Median House Price (December 2011)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Peppermint Grove</a>
</td>
<td valign="bottom" nowrap width="244">
$4,680,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
Dalkeith
</td>
<td valign="bottom" nowrap width="244">
$2,410,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Cottesloe</a>
</td>
<td valign="bottom" nowrap width="244">
$1,775,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">City Beach</a>
</td>
<td valign="bottom" nowrap width="244">
$1,750,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Nedlands</a>
</td>
<td valign="bottom" nowrap width="244">
$1,535,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Swanbourne</a>
</td>
<td valign="bottom" nowrap width="244">
$1,495,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Henderson</a>
</td>
<td valign="bottom" nowrap width="244">
$1,380,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Applecross</a>
</td>
<td valign="bottom" nowrap width="244">
$1,340,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Subiaco</a>
</td>
<td valign="bottom" nowrap width="244">
$1,300,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Claremont</a>
</td>
<td valign="bottom" nowrap width="244">
$1,250,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Mosman Park</a>
</td>
<td valign="bottom" nowrap width="244">
$1,250,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">North Coogee</a>
</td>
<td valign="bottom" nowrap width="244">
$1,230,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Mount Claremont</a>
</td>
<td valign="bottom" nowrap width="244">
$1,177,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Churchlands</a>
</td>
<td valign="bottom" nowrap width="244">
$1,150,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">South Perth</a>
</td>
<td valign="bottom" nowrap width="244">
$1,150,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Floreat</a>
</td>
<td valign="bottom" nowrap width="244">
$1,100,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Shenton Park</a>
</td>
<td valign="bottom" nowrap width="244">
$1,085,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Watermans Bay</a>
</td>
<td valign="bottom" nowrap width="244">
$1,080,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">East Fremantle</a>
</td>
<td valign="bottom" nowrap width="244">
$1,050,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Piesse Brook</a>
</td>
<td valign="bottom" nowrap width="244">
$1,030,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Salter Point</a>
</td>
<td valign="bottom" nowrap width="244">
$1,026,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">North Beach</a>
</td>
<td valign="bottom" nowrap width="244">
$1,023,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Attadale</a>
</td>
<td valign="bottom" nowrap width="244">
$1,000,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="144">
<a target="_blank" href="/news">Northbridge</a>
</td>
<td valign="bottom" nowrap width="244">
$1,000,000
</td>
</tr>
</tbody></table>
Source: REIWA
 
 
 
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The 24 million-dollar Perth suburbs

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Buyers and sellers placing belief in free online web valuations when estimating envisaged house price values are more often than not being misdirected – with serious over- and under-estimating being given.
A survey of weekend auction results across Sydney and Melbourne showed value estimates by real estate portal <a href="https://onthehouse.com.au/" target="_blank">OnTheHouse.com.au</a> were askew 67% of the time.
Of the 80 auction results analysed, 54 valuations were incorrect, with some actual sale prices up to 55% off the pre-auction valuation range given by OnTheHouse.com.au.
Just 26 sales actually fell within the wide valuation band.
Valuations are rated by accuracy as “good”, “moderate” or “rough”. There is a 20% difference between highest and lowest limits of “rough” estimates.
Managing director and chief executive officer of OnTheHouse.com.au Michael Fredericks says the valuations should only be used as a starting point.
“We call it a guesstimate, it’s not a valuation service. It’s designed to be a useful tool to be played with and utilised by members of the public and industry to try and get a better informed view on property prices and values. But it is a work in progress,” he told Property Observer.
“What we seek to do is to provide some transparency to the public around real estate prices and values where it’s a largely uninformed audience, unlike other industries like equities.”
The valuation tab on the website encourages users to “use onthehouse's Property Profile Reports to determine the property value for an individual property, or properties in a particular suburb”.
However the fine print underneath reads: “Displayed guesstimates, agent opinions and user-generated guesstimates are not a valuation of a property”.
According to Google Ad Planner, the website is the sixth most visited Australian property portal for unique users. In March figures showed more than 1 million unique visits to the site, a 850% jump between February 2011 and February 2012.
Free property valuations is one of the main services offered by the ASX-listed company, in an increasingly competitive industry offering real estate data to property consumers.
The founder of property commentary website <a target="_blank" href="https://propertyportalwatch.com">propertyportalwatch.com</a>, Simon Baker, looked up his house on the website and was shocked to find it 55% undervalued based on his estimates.
“Either I have massively overpaid for the property and the bank has no idea, or the onthehouse.com.au database is not as accurate as it could be when it comes to my property,” Baker writes.
“If you are going to build a business around property valuations, much as Zillow and Zoopla has done, you have to get it right. Not 100% right, but at least in the right ballpark. You only have one chance to impress a user, and if the information provided is questionable, the chances of them returning are low.
“If you say you have property valuations – make sure they are accurate (or as accurate as possible).”
Fredericks concedes that tool isn’t perfect, but he says it provides a starting point for people to start their valuations.
“It’s a broad challenging task, which is a process that can’t be achieved overnight,” Frederick says.
“It’s a tool using available information to be used by members of the public and property professionals to empower them and provide informed views around values.
“The appropriate behaviour for a buyer looking to form a view on what they should pay for a house is go and talk to real estate professionals.”
“The key point to understand here is, particularly in the Australian market, there are holes in the market. There isn’t sufficient aggregated market data to expect accurate estimates across the whole market.”
In Sydney a survey of 44 auction results shows just 14 sat between the valuations given, while 19 sold for more than the highest valuation and 11 sold for less than the lowest valuation.
The most over-valued Sydney property was 5 Dwyer Avenue in Blakehurst, which sold for $700,000. It was valued between $964,400 and $1,228,400. This is a difference of $264,400 from the lower valuation, or 27% below the sold price. The difference from the higher estimate is 43%.
The most under-valued Sydney property was 44 Womerah Avenue in Darlinghurst, which sold for $1.7 million. It was valued between $1.15 million and $1.22 million. This is a difference of $480,000 from the upper valuation, or 39% higher. The sold price is 42% higher than the lower valuation.
Agent Chris Chung who sold the house says people need to use other sources.
“Buyers need to look at what else has sold in the area and take other things account. But everyone has their own opinion of what a house is worth.”
In Melbourne a survey of 36 auction results showed 12 sat in the valuation range, 12 sold for more than the highest valuation and 12 sold for less than the lowest valuation.
The most under-valued Melbourne property was 26 Grace Street in Malvern, which sold for $1,815,000. It was valued between $1,040,200 and $1,172,200, which is $642,800 or 55% more than the highest valuation. It is 62% higher than the lower end of the valuation range.
The most over-valued Melbourne property was 39 Reed Street in Albert Park, which sold for $940,000. It had been valued between $1,127,400 and $1,197,400, a difference of $187,400  or 17% from the lower valuation. 
OnTheHouse Ltd was listed on the Australian stock exchange in June last year, consolidating the onthehouse.com.au website and software companies PortPlus and Console. After the listing the company purchased a 50% stake in data company Residex.
According to a June 2011 RBS Morgans report available on the website, the site’s “core expertise is the collation, cleansing and linking of data from multiple sources to provide customers with a reliable, convenient and freely accessible means of obtaining extensive property and valuation information”.
“In our view, OTH’s competitive advantage is derived from the size, depth, scope, accuracy and timeliness of its database, which is offered free to consumers.”
Fredericks says the next stage for the website is to encourage more user interaction in the valuation process.
“The next phase is far more engaged tools where property owners and agents can interact and submit content and improve and enhance the guesstimate tool.”
“We’re building windows underneath for owners, estate agents and valuers to provide content from their own view.
“And in the future releases we’re putting education requirements into it with some more explanation around what the product is and how it’s generated.”
 
</body></html>

DIY website property valuations mostly askew

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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;

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;

Alistair Walsh

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