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Perth’s CBD office market is among the most tightly held in the nation, according to the Australian Property Council’s twice-yearly Office Market Report.
The total office vacancy rate in Perth is 7.8%, down from 10.2% in January this year and 10.6% in July last year.
In the six months from January, net take-up of Perth office space was 33,087 square metres. The city ranked as the third tightest office market, after Brisbane and Melbourne.
Office space absorption is at its highest rate since January 2006 and almost four times the 20-year average, the report says.
According to Joe Lenzo, executive director of the Australian Property Council’s WA division, the state of the Perth office market remains dependent on the resources sector.
“We can’t get away from the fact that the Perth office market hangs on resources, but what has been happening in the past 12 months is that demand is high but it is coming from third-tier professional operations that service the resources industry,” he says.
There has been expansion from accountancy businesses, legal firms and public relations outfits that are capitalising on the resources boom.
“They are picking up a lot of work and expanding which is putting pressure on the office market. Demand for space in the CBD is much higher than we expected,” Lenzo says.
The Office Market Report found that West Perth’s office market also did well as the nation’s second-strongest non-CBD region, with a vacancy rate of 5.4% in July, up marginally from 4.9% in January. East Melbourne is the tightest non-CBD office market in Australia, with a vacancy of 2.5%.
“West Perth is very popular with boutique operations such as medical services and project engineering companies,” Lenzo says.
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Resources boom underpins strong Perth CBD office market

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The City of Fremantle could become a ghost town as unhappy retailers pack their wares and leave port city.
Council bosses made a dash to Melbourne recently in a bid to convince retailing giant Myer not to close its doors when its lease comes up for renewal.
Myer has been in Fremantle for 40 years, and although it is in a four-level building, only two floors are used for trading.
In recent months a national retailers including Betts shoes, Jeanswest, Jay Jays, Millers and Rockman’s have all close their shops. Local operators like the Creative Native gallery has downsized to smaller premises. Myer closing would be a major blow to the city, which has only four anchor tenants – Myer, Coles, Woolworth and Target – in place and 800 residents living in the CBD.
Rents range from about $1200 a square metre for prime retail space on High Street Mall to about $500 a square metres about 100 metres away.
“Fremantle is heading where everybody else in retails in going. The Woolstores shopping centre is struggling and so are arcades and strips shops outside the major tourist track,” says Colliers International leasing executive Anthony Unmack.
Fremantle attracts hoards of foreign and national tourists and day-trippers from Perth. It is the most visited city in Western Australia after Perth for international travellers. It has a well-used café strip on South Street, well-patronised markets, heritage-listed prison and many fine heritage buildings that continually entice thousands of visitors.
“There is a well-worn tourist trail along High Street, Adelaide Street and the café strip up to the market, which is humming to the hilt weekend. But the foot traffic doesn’t deviate away from those areas, and retail is suffering,” Unmack says.
While Fremantle mayor Brad Pettitt lead a five-man delegation to Melbourne to negotiate a package to keep Myer in town, the council is acutely aware of declining state of its shops and commissioned a study into the retail sector resulting in the just-released Retail Model Plan 2011.
“The vacancy rate of 7% in the city centre precinct must be maintained or reduced though skilful leasing and business development strategies,” the report said.
These strategies include encouraging a better mix of retail to encourage more fashion and home wares, developing a management system that runs a fund for marketing and communications, a listing of vacant premises and a desirable tenant hit list. It will have performance measures including what increases in business have occurred and what the pedestrian counts are.
Already the council has changed planning policy to permit mixed commercial and residential projects up to eight levels high in the run-down east end of town.
Andrew Eastic, Fremantle Council’s economic, marketing and development manager, agrees that the area is in decline.
“Myer’s 40-year lease is about to expire, and we are working on keeping them here. Bett’s have left after 119 years of trading in Fremantle, and there are a lot of empty shops. We acknowledge this and commissioned the Retail Model Plan. We will implement many of the excellent recommendations in order to bring Fremantle back to being a retailing centre,” Eastic says.
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Fears for Freo retail as Myer considers skipping town

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About $2 million is being paid out every day from the $270 million flood disaster relief fund, according to the Queensland Premier’s Department, which ceased taking applications on June 30.
But despite these payouts, the Master Builders Association of Queensland believes the actual rebuilding of Queensland has amounted to very little and that southeast Queensland remains a disaster area. 
MBAQ chief executive Graham Cuthbert says his association members were suffering record liquidations and losses. 
“This is astonishing since 7,000 houses experienced total inundation during the floods and 23,000 sustained water damage,” he says. 
Of the 700 quotes the MBAQ prepared for flood-affected housing, only 20 contracts have gone ahead. 
“In Ipswich and the Lockyer Valley I have seen people living in caravans, with relatives or in damaged houses,” he says. 
Cuthbert believes that the cap of $80,000 for repairs is too low and people are doing what they can on the cheap and spending the majority of the money elsewhere. 
“The government is not insisting the grants go toward a rebuild. People must be taking a holiday with the money, because our members are not getting the work,” he says. 
In one isolated item of good news one canny Ipswich home owner was reportedly given a  $180,000 insurance payout, promptly sold the unfixed Helen Street house for $170,000 and walked away happy.</body></html>

Queenslanders not rebuilding, says Master Builders Association

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Ghost towns, people living in the husks of houses and mum and dad investors unable to make ends meet. This is the picture of many Queensland suburbs six months after the floods.
All indicators show that sales activity in flood-affected Queensland has ground to a halt. 
Values have plunged. Tenants are scarce on the ground. 
Economic forecaster BIS Shrapnel does not expect any improvements for another six months to a year. 
“Confidence in Queensland is totally shot and the flood-affected areas are really doing it tough,” BIS Shrapnel director Robert Mellor says. “Construction has fallen so low that it is in line with rates of 15 years ago and close to recession levels of the ’90s. It’s pretty diabolical.” 
According to Mellor, there has been no increase in housing stock and no increases in the sale of building materials. “There is very little evidence of significant rebuilding going on,” he says. 
Oddly enough, the recovery in some suburbs is led by tradies buying up wrecked houses with a view to renovate and hold them as investments, hoping the memories fade fast. 
Local Ipswich agent Peter Mendoza says prices in some streets have dropped 45%. 
“A house in Jacaranda Street, East Ipswich recently sold for $150,000. Before the floods it was listed for $265,000,” he says. 
Residential property prices in Ipswich and the Lockyer Valley have tumbled, with the marketing ads tinged with desperate terms including “urgent sale”, “make an offer” and “huge price reduction” on houses with asking prices of less than $200,000. 
REIQ chairwoman Pamela Bennett says people are holding out for as long as possible by living in what is left of their houses or in caravans, unable to afford rent, and small investors are facing impossible financial pressure. 
In North Booval, a suburb of Ipswich, houses languish untouched with nothing but the grass showing healthy growth. 
“Only people with contacts in the building industry are getting work done – others are trying the weather it out. Towns like North Booval are ghost towns, with the uninsured living in damaged buildings unable to qualify for assistance. Those houses that have been fixed cannot attract tenants because nobody wants to live somewhere so depressing,” Bennett says. 
Many houses once worth $280,000 are now not worth their mortgages, and banks will not lending for rebuilding. 
“Such a considerable sector had no flood insurance, and when they do get grants they often do not cover the cost of damage. Those properties that do sell sell for land value,” Bennett says. 
According to REIQ’s March quarter figures, the Brisbane suburbs of Moorooka, Graceville and Kenmore have all fallen by about 5%, but the number of sales in other areas is so low that recording accurate statistics is difficult. 
Even the non-flood-affected prestige area of Paddington has suffered, with median prices down by 30% to $695,000, reflecting the overall softness of the Queensland market, according to the REIQ data.</body></html>

Queensland market doing it tough six months after floods

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Perth’s CBD office market has started to simmer, with more than $533 million worth of substantial office building sales clocked this year.
Major sales last year totalled about $150 million.
Stockland has sold its 50% holding in the 52-level BankWest Tower on St Georges Terrace (pictured) for $130 million to joint owner Brookfield Prime Property Fund.
South Australia’s Motor Accident Commission has picked up the CBD’s most eco-friendly new building at 226 Adelaide Terrace for about $100 million from the First State Group.
These two sales are the most recent in a spate of buildings to change hands in Perth. Last year not a single major investment was sold.
One of the biggest deals being done in Perth this year was an option to buy 192 St Georges Terrace, which the Commonwealth Property Fund was offloading for $152 million. The fund is also selling its Mill Street property.
Other sales include 99 St Georges Terrace, which was bought by a Singaporean investment group, and 432 Murray Street also changed hands for about $30 million.
The UK-based insurance company Standard Life bought 182 St Georges Terrace for $30 million and the Perth-based investment syndicate Australasian Property Investments paid $30 million for 30 The Esplanade.
CB Richard Ellis’s Andrew Woodley-Page, who negotiated two of the deals, says most of the current sales took more than a year of marketing to secure a transaction.
“It looks like the market has gone mad, but it is pertinent to note that nearly all of these sales have taken between nine and 18 months of marketing to sell. There is a willingness to buy investment quality office buildings in Perth, but buyers remain conservative and cautious,” he says.
The only investment to sell within six weeks of marketing was 226 Adelaide Terrace.
“The fundamentals of the Perth market are very sound. Once the flow-through of the current development cycle has been taken up, we will see very tight vacancy rates in the CBD since there are no more big projects in the pipeline,” Woodley-Page says.
All of the buildings that sold are well-leased to mostly prestigious tenants, and yields range from 8.4% for both The Esplanade and 99 St Georges Terrace to 10.7% net on 197 St Georges Terrace, which was bought by Sydney’s GDI Property Group.
Several other major deals are being closed, including the a 10-level office building at 251 St Georges Terrace for more than $65 million to investors and the New Esplanade Hotel site for about $20 million. Both vendors are receivers and managers.
According to John Williams, managing director of Colliers International, the activity indicates investor confidence.
“There is a lot of confidence in the future strength of the Perth CBD market. There were no sales last year for the first time in more than a decade, and that caused pent-up demand. Owners knew the vacancy rate was tightening and rents rising, so they held out and have benefitted,” Williams says.
Another smaller sale is underway for 41 St Georges Terrace for $17.5 million and a further two similar deals are currently going through due diligence.</body></html>

After a year of few sales, Perth CBD office market heats up

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<img src="/images/stories/oceanique2-cropped.jpg">
The raging Australian dollar pushing tourists offshore, a massive oversupply of housing and a contracting wine industry have combined to create an investment desert that runs from Mandurah, 70km south of Perth, through to Esperance near the Great Australian Bight.
Valuer Michael Valetta, director CBRE Perth, says residential prices throughout the south-west are very soft and will stay that way for years.
“The low prices may attract investors to places such as Mandurah, but they will not see much capital growth for years, with this trend most evident in the higher priced oceanfront and canal properties. An oversupply of land also exists in the Dawesville and Wannanup areas, with values very subdued as a result,” Mr Valetta said.
The prestigious Oceanique luxury apartment building at Dawesville, developed by Port Bouvard, is a prime example of a troubled market. The company has settled about $60 million worth of sales, across 25 deals, in the 66-unit, two tower, award-winning project.
“We had hoped to have all of the apartments sold by early 2012 but we are averaging one sale a month,” says Port Bouvard managing director Stephen Court.
Of the 25 sales, 19 relate to presales and six are deals secured since December when the company discounted some units by 40%.
“Late last year we decided we had to be savage with price cutting to stimulate interest and it brought several sales to the table and renewed interest,” Mr Court says.
Now prices are steady at 25% off original projections set in 2007. “We started marketing Oceanique in 2007 when the market was blasting along, so we were hit hard by the GFC.”
The company is pursuing some sales made off-the-plan through the Supreme Court.
About half of the 15 pre-sales are currently in mediation as part of the judicial process while, the balance is in ’sensible negotiations’ with the developer.
“Some people were ruined by the GFC and we are not interested in that type of business but we will go all the way to settle deals that were done,” he says.
Port Bouvard originally had a facility with St George Bank for $101 million for Oceanique, which had a completion value of $167 million. By June this year the company had paid $58 million.
Despite the rocky conditions, Oceanique has secured some impressive sales, with two penthouses selling to a Perth-based mining millionaire for $7 million to be used as a weekend retreat. Two other apartments sold for more than $5 million each and only two of the 25 settlements are for less than $1 million.
The project is considered one of WA’s finest, having won the Master Builders Western Australia Excellence in Construction for 2011 – (best multi-unit development). It also received a commendation from the Royal Australian Institute of Architects WA chapter’s 2011 awards for residential architecture.
However, further south, residential prices in WA’s beautiful south-west, where such iconic names as Margaret River, Dunsborough and Eagle Bay proliferate, are believed to have hit rock bottom.
“Prices have plummeted in this region over the past few years by as much as 20 to 30% from their peak in 2007 and the GFC ended any hope on improvement,” Mr Valetta said.
CBRE’s south-west senior valuer Justin Anderson says the Margaret River to Augusta region has taken a hammering.
“Yields are just terrible in the south-west. Residential property is lucky to see 2.5% to a maximum of 3.5%. Traditionally investors in this market have looked for capital growth rather than strong yields, but growth has dropped by as much as 50% in some areas.
“Cashed up people from Perth and the eastern states bough their south-west houses as toys and when the GFC hit, the first things to be sold where the toys,“ he says, adding that houses previously valued at $4 million in Eagle Bay were listed for $2.5 million.
There is little industry in the area to support residential investment and viticulture is contracting as demand shrinks. “In the marginal wine areas such as Nanup and Bridgetown people are pulling up their wines because there are no buyers out there and the strong Aussie dollar is pulling tourists offshore,” he said.
A recent report from CBRE also points to exceptionally soft conditions in Bunbury and Busselton, with few sales made and an oversupply of improved and vacant land.
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Discounts of 40% on offer in WA's luxury coastal market

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The streets of Western Australia are often made to sound like they flow with gold, magnetite, copper, zinc and nickel. But the south-west of the state is looking like the investor’s poor cousin.
Despite being in the throes of the mining boom, the Kalgoorlie/Boulder region of WA has never pulled the double-digit returns of the Pilbara.
New REIWA figures for the March quarter 2011 show the region has a residential yield of 5.5%, which is half that of the Pilbara. Local agents attribute this to the maturity of the market and good planning.
“We have kept up with housing demand for more than 100 years. Karratha and Port Hedland are young and unrealistic. The WA government has even had to step in to help with the Pilbara Cities project,” says Allan Pendal, a partner of Kalgoorlie agent John Matthew &amp; Sons.
Investors hold about 25% of housing stock in Kalgoorlie-Boulder so owner-occupiers drive development. Expansion of the Eastern Goldfields is likely to see some growth.
“While we have no surplus of housing, the yields are kept realistic because we keep up with demand. The rental vacancy is about 1% but the turnover is high at between 2 and 3%,” he says.
Valuer Michael Valetta, director of CBRE Perth, says residential prices throughout the region are very soft and will stay that way for years. He says the mining boom is not always the dominant player.
“In 2009 Ravensthorpe and Hopetoun were hit hard by BHP Billiton’s decision to close the nickel mine. People just didn’t need to live there anymore,” Mr Valetta says.
Canadian resources outfit First Quantum Minerals has now bought the mine, in a move that has already changed the face of the region.
“We have experienced a small revival with the mine reopening,” says local agent Terri Pens of Elders Real Estate Hopetoun.
“While 2009 was a tough year, things are certainly improving. My 150-property rent roll has no vacancies,” Mrs Pens says.
The estate agent expects a housing shortage as Tectonic ramps up its Phillips River project, while Galaxy has opened a lithium mine in Ravensthorpe.
In 2009 Mrs Pens sold 18 houses for BHP for between $375,000 and $395,000. She has just listed a property for resale and expects it to go for $500,000.
But despite this activity, yields remains below 5% for top-of-the-range houses associated with the mines.
In the parallel world of non-mining property, RP Data has the median house price for Ravensthorpe for June 2011 at just $140,000 – down 47.9 per cent on last year – but at least people are returning to the town and the school is full.
Further south, on the southern tip of the state, Albany, with its low rental yield of just a tad over 4%, is not expecting any such benefits should the proposed $1.95 billion Southdown magnetite mine go ahead. Such an operation, which would pump the mineral as slurry 90km from the Wallstead deposit to Albany, will produce about 600 jobs.
“We will employ locally where we can and those that we employ from further afield will be expected to live locally. The numbers will not be huge,” says a Grange spokesperson.
REIWA WA March quarter 2011 residential rental yeilds: houses  
 
Region / Median / Rent per week / Gross yield
Albany Urban Area $383,360 $300 4.1%
Augusta/Margaret River $437,500 $320 3.8%
Broome Urban Area $607,500 $665 5.7%
Bunbury Urban Area $365,000 $330 4.7%
Busselton $415,000 $310 3.9%
Esperance $350,000 $290 4.3%
Geraldton/Greenough $400,000 $320 4.2%
Kalgoorlie/Boulder $330,000 $350 5.5%
Karratha Urban Area $795,000 $1,600 10.5%
Mandurah/Murray $391,500 $320 4.3%
Northam $287,000 $310 5.6%
Port Hedland Urban Area $751,750 $1,600 11.1%
 
Source: Landgate/reiwa.com ©
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South-west WA loses out in mining boom

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Half a decade has passed since headlines screamed about the property crisis in the Pilbara: rent a fully furnished container for $1,000 a week. Many said it could not last but Karratha, Port Hedland, Newman and Dampier are at boiling point.
Rental investments in the Pilbara have consistently brought in double-digit yields and there is little evidence to suggest a slow-down.
This week Morgan Crawford of Crawford Realty listed a house for sale in South Hedland for $799,000. The 30-year-old fibro bungalow is rented to a mining company for $93,800 a year – reflecting a yield of 11.9%.
According to Simon Lane, managing director of Australian Valuation Service, Port Hedland is unlikely to cool off anytime soon.
“The mining companies are capable of paying high rents and to bring builders in to create new stock, they have to compete with BHP and other big players renting,” he said.
“Houses are expensive to build because we are in cyclone area and they require very specific standards of construction. Then there is the issue of identifying suitable land that can handle the mass of water that is dumped by a cyclone.”
These combine to create one of the tightest rental markets in the nation.
“All of these issues have created this extraordinary market. The WA government, through LandCorp, has found about 6,000 lots for housing here on high ground but this is not a fraction of what is required if the town is to have a population, as projected by the government, of 58,000,” Lane said.
“I don’t have a crystal ball but it looks like undersupply is with us for another five to 10 years.
Towns are known for their largest employer. Dampier is considered Woodside’s and Wickham is Rio Tinto’s. Karratha seems to belong to them all.
Karratha, 1500km north of Perth, is the supply and administration centre for the entire Pilbara region. Its rental market refuses to wind down.
The median house price for urban Karratha, according to REIWA figures, is $795,000 and the weekly rent bill is $1,600, reflecting a yield of 10.5 per cent.
According to RP Data, the median house price in Karratha has crept up from a tad over $160,000 in 2001, to slightly under $800,000 now, with the prices now plateauing.
But supply and demand still rules and rents are extraordinarily high at about $1,500 a week for a three-bedroom house and $2,000 a week for something with a pool. The situation is mirrored in Dampier.
“About 90 per cent of my rent roll is with resource companies and the properties are on one- to three-year leases,” says Ray White Karratha’s Richard Naulls.
While there is a zero vacancy rate, he says supply is at unusually high levels and buyers are coming back to the market.
“This week I have five offers on my desk for different houses. Four from investors and one from a corporate client. This time month ago I had no offers on anything. I have 250 properties listed, which is almost double what I had last year,” he says.
So difficult has the market been that the WA government had to weigh in with its $300 million Pilbara Cities program, which release sites through LandCorp.
Already development company Finbar Group is behind the $225 million Pelago project in the centre of Karratha. Already 60 of the 114 units are under contract for between $600,000 and nearly $1 million. A completion date for tower one is scheduled for early 2012.</body></html>

Landlords yield ore-inspiring returns from WA mining boom

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Andrea Dixon

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