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Melbourne’s median property prices will likely double over the next decade and Australia is not experiencing a property bubble, says Real Estate Institute of Victoria CEO Enzo Raimondo.
“The trend over the last 10 years or more has been upwards. If you look at the median price today, compared to what it was in 2000, we’ve more than doubled,” he told Channel 31.
“It will probably double again in 10 years to over $1 million. Long term the price trend is upwards.”
He concedes 2011 has not been a good year for real estate.
“It’s been a very soft year. Demand has been low. Clearance rates are down to around the low 50s from peak of 70s and 80s a few years ago.”
But given the volatility of the share market he says the real estate industry has been holding up well.
The Australian property market is at the bottom end of a cycle and will likely experience the same conditions through to mid-December, according to Raimondo.
“It’s probably the best time for first-home buyers and others to look at buying a property to relocate to, or as an investment.”
Events in Europe and the US have affected confidence in the Australian market, which is actually very strong, according to Raimondo.
“The economy is quite sound, our banking system is good. Media about what’s happening in Europe and the US dampens confidence in Australia.”
He says there is room for further rate cuts he and he suspects that while the Reserve Bank is hesitant to cut rates further, it might be forced to do so given events in Europe and the US.
“I think the RBA will look at what the economy is doing generally. I don’t think they really want to cut rates because they think there’s some strength in the economy, but given what’s happening in Europe they may have to cut it again between now and the end of next year.”
 
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awalsh-7Ub9EypybQ

Melbourne median house price to double again to more than $1 million in next decade: Enzo Raimondo

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Estate agents are rushing through listings aimed at first-time buyers in light of the September announcement that the NSW government will withdraw stamp duty concessions for first-time buyers who purchase established dwellings from January 1, 2012.
Seven out of the 12 properties on offer at last week’s specially conducted first-home buyer auction held by Ray White were sold under the hammer. First-home buyers dominated the night, and the rest of sales went to investors.
It was marketed as the Last Chance Auction.
Ray White agent Penny Timothy confirms the company is pushing people to sell before the deadline falls.
“Owners that were maybe considering selling in the next six months, we have encouraged them to do so,” she says.
“The rush to meet the deadline has bought people out.”
Under the First Home Plus Scheme, eligible first-home buyers in NSW currently receive stamp duty exemptions on all homes valued up to $500,000 and stamp duty concessions on all homes valued between $500,000 and $600,000.
On a home valued $500,000 this grant is worth $17,990.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/nsw-first-home-buyers-have-a-month-left-to-secure-stamp-duty-concessions-on-established-homes/2011112952604">On January 1, 2012 this will altered so the subsidy is only offered to off-the-plan homes and empty lots in an attempt to encourage new building projects.</a>
The national first-home owner grant of $7,000 still applies.
EPS Property Search Director Patrick Bright says he has concerns that emotional first-home buyers will pay unsustainable prices for properties in a bid to save money on stamp duty costs.
“Unfortunately, when incentive schemes are in place many buyers see the money they are saving but forget to evaluate whether the current prices will be sustainable when the incentive comes to an end,” he says.
He advises investors to be very wary at this point as they will be competing with a rush of home-buyers.
“Home buyers will typically pay more than an investor, and new home buyers who have a deadline to beat could inadvertently pay a premium for existing properties in a bid to save money on stamp duty costs,” he says.
“Investors would be wise to tread cautiously in this climate to ensure they don’t get caught up in an emotional bidding war.”
Although the grant only applies to homes under $600,000, Bright says it will have a knock-on effect on more expensive properties.
”Those wishing to buy in the next price bracket from $600,000 up to $1 million may have to fork out a little more as the sellers of the sub-$600,000 properties upgrade their homes.”
Bright says he supported the decision by the O’Farrell government to tighten the stamp duty exemptions, as the savings were essentially passed on to vendors though increased sale prices.
The Last Chance Auction Results
9/24 Royston Street, Darlinghurst sold for $470,000 through Nick Harrington. It last sold in 2001 for $247,000.
701/40 Macleay Street, Potts Point sold for $553,000 through Penny Timothy.
1/8 Macleay Street, Potts Point sold for $461,000 through Penny Timothy.
12/5-7 Esplanade, Elizabeth Bay sold for $345,000 through Ian Campbell.
3/20-22 Springfield Avenue, Potts Point sold for $337,500 through Tracey Saye. It last sold in 2004 for $226,000.
14/322 Victoria Street, Darlinghurst sold for $250,000 through Laura Bitar.
107/88 Crown Street, Woolloomooloo passed in. Nick Harrington was seeking $635,000.
5/42 Bayswater Road, Potts Point passed in. Nick Harrington was seeking $320,000.
17/67-69 Macleay Street, Potts Point passed in. Tracey Saye was seeking $450,000. It last sold in 2004 for $315,000.
15/8 Macleay Street, Potts Point passed in. Tracey Saye was seeking $330,000.
77/71 Victoria Street, Potts Points was withdrawn. Nick Harrington was seeking $800,000. It last sold in 2006 for $530,000.
35/51 Roslyn Gardens, Elizabeth Bay sold before auction for $282,500 through Laura Bitar. It last sold 2001 for 176,000.
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Agents rushing NSW vendors hoping to get first-home buyers before the stamp duty concessions conclude

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Sydney has maintained its position as the city with the third most expensive retail rent while Melbourne has slipped one spot to number eight and Brisbane remains at number nine, according to CBRE.
Melbourne’s slight decline was despite it being globally the third-fastest-growing market, with rental growth in local currency at 32.3% growth for the year to September 30. It came in behind Hong Kong at 52.8% and Beijing at 40%.
“Melbourne started off at a low base and was further helped by many international tenants targeting this market, which has been cheaper and more easily obtainable than Sydney,” the CBRE report found.
“In Australia, global brands continue to open new stores, however many domestic retailers are consolidating as shoppers flock to the new foreign entrants in the market,” says CBRE global chief economist Ray Torto.
<img src="/images/stories/cbreglobalrents.gif">
Source: CBRE
Sydney’s commercial rent was €9,823 per square metre, Melbourne was €6,230 and Brisbane’s was €6,230 for the third quarter.
The list was topped by New York at €15,244 per square metre and Hong Kong at €13,601.
A limited amount of prime retail space available in Australia and competition from new market entrants pushed Australian cities up the list, according to CBRE regional director of retail services, Joshua Loudoun.
“Over the course of the next 12 months we would expect that the Australian markets would slip slightly down the rankings due to numerous challenges faced by domestic retailers, in particular the record levels of outbound tourism, together with increasing labour and utility costs that have placed further pressure on occupancy costs,” Loudoun says.
The impact of the Eurozone crisis on consumer confidence led to global commercial rents levelling off in quarter three, the report found.
Total global retail rents largely flat at -0.6% from quarter two to quarter three, with the Americas falling  2% and rents unchanged in the Asia Pacific and Europe, Middle East and Africa regions, the report found.
“This represents a significant slowdown from earlier in the year as retailers take a more cautious approach to expansion.”
Despite an uncertain economic outlook, retailers continue to expand their international store networks, the report found.
“The emerging markets, particularly Asia, provide attractive opportunities for growth, although prime locations in Europe’s biggest cities are also attracting a high level of occupier demand, as consumers increasingly target major destinations with the widest choice of retailers,” Torto says.
“Overall, however, retailers have been taking a more cautious approach to expansion, resulting in flat rental growth across the globe in the third quarter – a considerable slowdown from earlier in the year.”
 
 
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Sydney still number three for retail rents while Melbourne slips one spot: CBRE

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Yahoo! Real Estate topped a list of the top real estate websites in America released by Hitwise in its October report.

The report found that 37.48% of all visits to the real estate websites went to the top 10 websites for the month of October 2011.

It found the average visit duration for real estate websites was eight minutes, 55 seconds for October, up one second from the previous month.

 

1. <a href="https://realestate.yahoo.com" target="_blank">Yahoo! Real Estate</a> 

2.<a href="https://www.zillow.com" target="_blank"> Zillow</a> 

3. <a href="https://www.realtor.com" target="_blank">Realtor.com </a>

4. <a href="https://www.trulia.com" target="_blank">Trulia.com</a>

5. <a href="https://www.homes.com" target="_blank">Homes.com </a>

6. <a href="https://realestate.aol.com" target="_blank">AOL Real Estate </a>

7. <a href="https://realestate.msn.com" target="_blank">MSN Real Estate </a>

8. <a href="https://www.rent.com" target="_blank">Rent.com</a> 

9. <a href="https://www.ziprealty.com" target="_blank"> ZipRealty </a>

10. <a href="https://www.mynewplace.com" target="_blank">MyNewPlace</a>

11. <a href="https://www.apartmentguide.com" target="_blank">Apartment Guide </a>

12. <a href="https://www.frontdoor.com" target="_blank">FrontDoor Real Estate </a>

13. <a href="https://www.apartments.com" target="_blank">Apartments.com </a>

14. <a href="https://www.loopnet.com" target="_blank">LoopNet </a>

15. <a href="https://www.remax.com" target="_blank">RE/MAX Real Estate </a>

16. <a href="https://www.weichert.com" target="_blank">Weichert.com</a>

17. <a href="https://www.redfin.com" target="_blank">Redfin </a>

18. <a href="https://www.homefinder.com" target="_blank">HomeFinder </a>

19. <a href="https://www.rentals.com" target="_blank">Rentals.com </a>

20. <a href="https://www.listingbook.com" target="_blank">Listingbook Services</a>

 

<h2>Latest Urban listings on the market right now:</h2>

[smartcode_project:default project_id=22699]

[smartcode_project:default project_id=2929]

[smartcode_project:default project_id=3490]

[smartcode_project:default project_id=3783]
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Top 20 real estate websites in America

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The level of distressed commercial property available in Australia is expected to increase and dramatically exceed demand in quarter four of 2011, according the latest report by the Royal Institute of Chartered Surveyors.
The level of global supply is expected to outstrip demand by 60%, up from an estimated 40% in the third quarter.
<img src="/images/stories/distressed-property.gif">
Source: RICS
The level of interest in distressed properties from specialist funds in Australia is down from the second quarter.
Demand exceeded supply for distressed commercial property in New Zealand in quarter three, but RICS expects supply to exceed demand in quarter four. 
The global increase is led by Ireland, Southern Europe and the United Arab Emirates.
“Of the 25 countries included in the report, respondents in roughly three quarters indicated that they expected the supply of distressed assets to rise in the coming quarter, compared to the previous quarter,” the report found.
“Respondents in 15 countries expect supply to rise beyond increasing demand from investors, compared to only 11 in Q2.”
Germany and Russia were among the few European countries holding ground.
Germany had a slight increase in interest in distressed properties and in Russia levels of demand by specialist funds but the supply of distressed properties is also expected to fall.
“Other European commercial property markets have again weakened amid fears of the crisis intensifying in Greece and the political instability in debt-burdened Italy further threatening the single currency,” the report found.
“China and Brazil are still prospering, with both countries expecting the number of foreclosed properties coming to the market to decline over the near term.”
Distressed property is a one that is under a foreclosure order or is advertised for sale by its mortgagee.
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Commercial property distressed sales forecast to rise in Australia, with New Zealand catching up: RICS

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<table width="291" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="64">
Postcode
</td>
<td valign="bottom" nowrap width="133">
Suburb
</td>
<td valign="bottom" nowrap width="93">
Median unit price
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3053
</td>
<td valign="bottom" nowrap width="133">
CARLTON
</td>
<td valign="bottom" nowrap width="93">
$295,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3000
</td>
<td valign="bottom" nowrap width="133">
MELBOURNE
</td>
<td valign="bottom" nowrap width="93">
$380,833
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3078
</td>
<td valign="bottom" nowrap width="133">
FAIRFIELD
</td>
<td valign="bottom" nowrap width="93">
$389,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3051
</td>
<td valign="bottom" nowrap width="133">
NORTH MELBOURNE
</td>
<td valign="bottom" nowrap width="93">
$420,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3031
</td>
<td valign="bottom" nowrap width="133">
KENSINGTON
</td>
<td valign="bottom" nowrap width="93">
$430,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3185
</td>
<td valign="bottom" nowrap width="133">
RIPPONLEA
</td>
<td valign="bottom" nowrap width="93">
$430,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3181
</td>
<td valign="bottom" nowrap width="133">
WINDSOR
</td>
<td valign="bottom" nowrap width="93">
$460,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3182
</td>
<td valign="bottom" nowrap width="133">
ST KILDA WEST
</td>
<td valign="bottom" nowrap width="93">
$460,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3183
</td>
<td valign="bottom" nowrap width="133">
BALACLAVA
</td>
<td valign="bottom" nowrap width="93">
$470,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="64">
3182
</td>
<td valign="bottom" nowrap width="133">
ST KILDA
</td>
<td valign="bottom" nowrap width="93">
$470,000
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
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The 10 inner-Melbourne suburbs with the cheapest unit prices: RP Data

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Rental returns in Sydney, Brisbane and Perth have increased significantly this year while rental growth in Melbourne has been minimal, according to RP Data national research director Tim Lawless.
Average Sydney rents increased 5.9% for houses to $550 a week and 5.4% for units to $513 a week.
The median gross rental yield Sydney houses is now 4.4%, with units yielding 5.2%, both above the combined capital city average.
In Brisbane and Perth house rents increased 4.8% and 10.1% respectively and unit rents went up 8.4% and 6.8% respectively.
In Melbourne average house rents went up just 1.9% while unit rents remained the same.
“The common denominator across Sydney, Brisbane and Perth's strong rental conditions is that new housing supply has been insufficient relative to population growth,” says Lawless, writing in The Sydney Morning Herald.
“The number of dwellings that commenced construction across NSW during the June quarter was just 6,696. [In] Victoria, where housing demand is virtually the same as NSW,… there were 14,684 dwelling starts – more than double NSW.”
This decade NSW had 25% fewer dwelling commencements than the previous decade.
“With the Sydney housing market clearly under-supplied we have seen rental vacancy rates reportedly fall below 1.% and the upwards pressure on rents is likely to persist,” he says.
“This is compounded by the fact first-home buyers represent a fairly small proportion of the market.”
Lawless advises investors seeking maximum rental return to buy where rental demand is likely to be the highest and where there are clear supply constraints.
“Established suburbs close to major working nodes are generally a safe bet, as are suburbs close to universities and major public transport hubs.”
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Rents rising in Sydney, Brisbane and Perth but stagnant in Melbourne: Tim Lawless

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The 2012 real estate market will remain much the same as 2011, with Sydney the best bet for investors, according to RP Data national research director Tim Lawless.
“I expect all consumer activity (retail trade, lease finance and housing finance) to remain subdued as households continue to pay off debt and look to reduce their debt burden,” he told Sold magazine.
“So long as these conditions continue, the prospects of any significant growth in property values remain a way off.”
He says in the best scenario values will increase in line with inflation, but Sydney and Brisbane are likely to remain healthy.
“The overall prospects would appear to be strongest in Sydney after no growth in values for such a long time, and Brisbane due to its relative affordability to Sydney.”
“Melbourne is likely to be the weakest performer after values have increased by almost 45% from the beginning of 2007 to August 2011.
“If interest rate cuts do come to fruition, as many expect, we will probably see an increase in sales activity, however I do not expect that it will result in a significant uplift in values.”
Darwin has the highest yields among Australian capitals, with population growth strong and many short-term residents unwilling to commit to buying a house.
“Many residents do not live in Darwin for the long-term there has historically been strong rental demand,” Lawless says.
Lawless says the auction market is weak at the moment due to low levels of consumer confidence, slow growth in housing finance and general consumer caution.
“Last week, the weighted average capital city auction clearance rate was recorded at 46.4%. At the same time in recent years, the clearance rates were 54% in 2010, 72.4% in 2009 and 47.6% in 2008,” he says.
With credit harder to secure following the global financial crisis, Lawless says property values will increase at a much lower rate.
“Investors must be aware of this, and I believe should have a much greater focus on positively geared investment properties rather than the negatively geared ones, which have historically been so popular.”
He says a possible December rate will lead to consumers being more optimistic about housing, a statement <a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395">supported by Westpac’s Time to Buy a Dwelling Index. </a>
 
 
<a href="https://www.propertyobserver.com.au/trends/consumers-intend-to-buy-a-house-but-holding-off-on-a-car-westpac-red-book/2011111652395"> </a>
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Sydney tipped to be best-performing residential market in 2012: Tim Lawless

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Carmelite nuns have little faith in AGL Energy maintaining the rural tranquillity of Scenic Hills.
The Catholic religious order is concerned the “supportive environment for prayer would be lost with the noise of construction and operation of gas wells nearby and heavy vehicle traffic on local roads”.
“AGL plans to locate up to six gas wells on the Serbian Orthodox property next door to us,” writes Sister Jocelyn Kramer.
The nuns settled in the region more than 20 years ago after the region was made an environmental protection (scenic) zone in 1974. The zoning specifically prohibits extractive industries and mines.
“In contravention of the zoning, AGL Energy Ltd (AGL) has applied to the NSW Minister for Planning to put up to 72 coal seam gas (CSG) wells across Campbelltown's Scenic Hills from Mount Annan to Denham Court,” she wrote.
The nuns are concerned about damage to historic area. They raise its important Aboriginal history and its “rich colonialist heritage”.
They are also concerned about damage to Upper Canal, part of Sydney’s water catchment area, and possible damage to Mount Annan Botanic Garden’s plants and animals.
“The sheer audacity of this proposal epitomises the problem residents have with AGL's  plans for the Scenic Hills.”
“If the NSW Minister for Planning approves AGL's proposal for CSG mining in the Scenic Hills, much of its beauty and tranquillity will be lost forever.”
The group asks that no new licenses are approved until there has been extensive research on the impact of coal seam gas and associated practises and that research has been made publicly available.
“As a religious community, we recognise that economic development is necessary and we welcome research and development into renewable energy sources,” Kramer writes.
“We also believe unashamedly that there are important and enduring assets that money cannot buy, which short-sighted economic developments can irrevocably destroy in their haste to make money for the few.”
The Discalced Carmelite friars are on the same site and echo the calls of the nuns.
“It like we are collateral damage. Our very viability and the viability of this heritage landscape is threatened by a ‘blue-chip’ company determined to exploit the resources under our land,” Father Gregory Burke says.
The friars established the retreat centre in 1967.
He says AGL is deceptive in the way it is dealing with their concerns.
“We have found that they can be very economical with the truth,” he writes.
“It has been asserted to us that certain chemicals are not used. But then we were alerted that by a member of the Legislative Assembly of NSW that in fact these same chemical are used but are called additives.”
He is also unhappy with the approval process for coal seam gas projects.
“That there is no truly independent monitoring of coal seam gas extraction in NSW to ensure that the conditions of approval and safety standards are being fully met is truly a disgrace.”
“Self-regulation has meant that inevitable spills and mishaps have and will continue to be covered up.”
Burke is concerned about the unsatisfactory response of AGL to warnings issued by experts.
“Their response is that of salesmen who dismiss objections by trivialising them rather than dealing with them in a proper scientific manner,” he says.
He says that the AGL officers he has spoken to dismiss any arguments by claiming that the issues in Queensland will not apply in NSW because the geology is different.
“AGL’s sole argument is simply ‘trust us’. They seek to reassure us by stressing that they are a ‘blue-chip’ company with a long history.”
“We are not reassured by this assertion and wonder what it actually means for anyone who is not a shareholder.”
He asks for a full ban on coal seam gas extraction in Sydney’s Metropolitan Area, environmental protection areas and that the proposed Northern Expansion of the Camden Gas Field Stage 3a be dismissed.
 
 
 
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Carmelite nuns have little faith in AGL Energy coal seam gas plans for Scenic Hills

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Two more Mosmanites have sued their neighbour over trees blocking their views, but neither complaint was successful in this week’s judgements, adding to the very poor batting rate of Mosman tree view court cases.
Two separate owners in a Mosman apartment block sought to convince the New South Wales Land and Environment Court to order the removal or pruning of their neighbour’s kaffir plum, jacaranda and hackberry trees.
<img src="/images/stories/mosmantree1.jpg">
The court dismissed both cases.
The first applicant in a second-floor apartment said the trees belonging to noted archictect Stan Symonds (pictured above and below) obscured views of the sky and the district to the south, while the second applicant on the ground floor said he previously had a triangular view of Mosman Bay and its surrounds before the trees ruined everything.
Commissioner Judy Fakes found that while there was an obstruction of a view for the first applicant she would not order the removal of the trees.
“In the absence of the kaffir plums, the very narrow view … along the southern boundary fence to the SSW would be obscured by other trees not subject to the court's jurisdiction and therefore, any interference with the trees is unlikely to open up the desired view,” she said.
“The nominated room is a bedroom and not a living room and therefore it is reasonable to expect that limited time would be spent in that room looking out the window.”
She added that applicant’s “living room has the desired views of Mosman Bay”.
<img src="/images/stories/mosmantree2.jpg">
She was also unconvinced about the ground-floor applicant’s argument.
“Even if I were satisfied of a severe obstruction, the discretionary matters discussed in relation to the [upstairs] property would apply.
“However, the view from … the property is not so obstructed.”
Commissioner Judy Fakes had also heard an earlier case that the two kaffir plum trees and a camphor tree had damaged the neighbour’s 13-metre brick wall, concrete paving, sewer and a sandstone retaining wall.
In regards to the sewer commissioner Fakes found that “absent any actual problems with the sewer and no evidence of any roots, there is no reason to suspect that the situation will change in the next 12 months”.
Speaking about the paving she found “the applicant was unable to produce evidence of any roots from any of the trees in the section of slab said to be damaged”.
With the retaining wall she found “there is no evidence that any part of any of the trees on the respondents' property have contributed to the displacement of one of the large blocks of sandstone.”
“I consider the removal of the tree to be disproportionate to the extent of the tree's contribution to the state of the wall and would be completely unreasonable on the evidence before me,” she said in her concluding statements.
Judges have found the residents of Mosman to be a little keen in their arboriculture objections, <a href="https://www.propertyobserver.com.au/residential/mosmanites-who-can-t-see-the-bridge-for-the-trees-take-neighbours-to-court/2011111752420" target="_blank">with eight of the 10 previous cases in Mosman dismissed.</a>
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Two more Mosmanites fail to lop their neighbour's trees 

<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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