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Across all capital cities, the greatest proportion of suburbs have a median house price of between $300,000 and $500,000, while less than 9% of suburbs have a median house price over $1 million.
This analysis looks at median unit prices across those capital city suburbs that have recorded at least 10 unit sales over the 2011 calendar year.
Across the combined capital cities, 18.1% of the suburbs have a median unit price below $300,000. The majority of capital city suburbs have a median unit price between $300,000 and $500,000 with almost 60% of all suburbs sitting within this range.
In comparison to the detached housing market, there are many more options for the price-sensitive purchaser within the unit market. Although there are more options across the combined capital cities, there are no suburbs in Darwin with a median unit price below $300,000 and only around 1% of suburbs in Canberra have a median unit price below $300,000. Across every other capital city at least 10% of suburbs have a median unit price below $300,000.
The more affordable price points and ability to own closer to the city centre is a large reason why we believe that demand for inner-city apartment living is increasing.
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Within a 10-kilometre radius of each city centre the opportunities to purchase units below $500,000 are much more abundant than they are to purchase detached houses. Across all cities, 69% of suburbs within 10 kilometres of the city centre have a median unit price below $500,000 and each individual city has at least 20% of suburbs with a median price below $500,000.
Looking at median unit prices below $700,000, 94.6% of all suburbs are priced below $700,000 and across each capital more than 80% of suburb median unit prices fall below this level.
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Across those suburbs located between 10 kilometres and 20 kilometres from the city centre, suburbs with median prices between $300,000 and $500,000 are most abundant, accounting for 64.9% of all of these suburbs. When you look at all suburbs with a median unit price below $500,000 it equates to 78.3% of all suburbs within 10 kilometres and 20 kilometres of each capital city. Across each individual capital city, the proportion of suburbs priced below $500,000 in this area varies from 66.1% of suburbs in Sydney and Melbourne to all of the suburbs in Brisbane, Adelaide, Hobart and Darwin.
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At a distance of more than 20 kilometres from the city centre and less than 30 kilometres from the capital city centre, 88.4% of suburbs have a median unit price below $500,000: Across each individual capital city, the vast majority of suburbs have a median unit price which sits within this range.
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Once you move further than 30 kilometres away from the city centre virtually all suburbs have a median unit price below $500,000. Not only is this a reflection of the fact that the pricing differential between units and houses narrows as you move further away from the city centre but also that the supply of units typically decreases. Click to enlarge
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With housing demand strongest within inner city areas and the cost of purchasing developable land restrictive, ongoing densification makes sense.
The benefits of a greater volume of units are clear; you only have to look at the fact that in Sydney 20.5% of suburbs within 10 kilometres of the CBD have a median unit price below $500,000, compared with zero suburbs within the same boundary having a median house price below $500,000.
Units afford residents the ability to live in more desirable areas of the city than they would otherwise be able to if they had to buy a detached house. A good example of this is in Sydney; the median house price over the 12 months to December 2011 was $555,000 compared with $455,000 for units. Based on suburb median prices you could purchase a house in Riverwood (16 kilometres from the city), or you could buy a unit in Chippendale less than three kilometres from the city centre for $100,000 less at these median prices.
Given the strong demand to live close to the city centre, lack of appropriate infrastructure within the outer suburbs of most capital cities, the restrictive pricing for detached houses in inner-city suburbs and limited supply, we anticipate that densification of the inner city will (and should) continue.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
Cameron Kusher is senior data analyst at <a target="_blank" href="https://www.rpdata.com.au/">RP Data</a>.
Sydney units photograph by Neal Jennings, courtesy of <a href="https://www.flickr.com/" target="_self">Flickr</a>.
 
 
 
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Units the way to go for city buyers looking for property under $300,000: Cameron Kusher

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Following a raft of economic data that has come out recently I felt it was important to reflect on this data.  It is obvious that the Reserve Bank  is currently in a very tough predicament. While much of the data is proving to be quite negative and providing a clear case for interest rate cuts, every now and then other pieces of data highlight that perhaps things aren’t so bad.  Most notable of these data releases was the labour force data. Despite most economists expecting an increase to the unemployment rate, it remained at 5.2% and the participation rate actually increased.
As most people will know, official interest rates are currently sitting at 4.25%.  Now over the past 20 years, the cash rate has sat at an average of 5.15%, much higher than its current setting.  Although the cash rate is at above-average levels, standard variable mortgage rates are sitting at 7.4%, which is fairly close to the 20-year average level (7.35%).  In recent years the major banks have sought to de-couple mortgage rates from official interest rates.  As a result, we now have a situation where the official cash rate is almost 100 basis points below the long-term average however; mortgage rates are sitting at average levels.  As a result, the amount by which the RBA is able to influence repayments on our largest asset class (housing) has been lessened over recent years.
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Looking at the RBA website, its official role is detailed at this <a href="https://www.rba.gov.au/about-rba/our-role">link</a>.  A lot of the data suggests that we are pretty close to full employment and that we still enjoy economic prosperity and welfare.  However, many would argue that the current high currency is providing instability. In its agreement with federal government the RBA is also charged with keeping inflation between 2% and 3% over the economic cycle.
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So looking at inflation and keeping in mind new data will be out later this month, headline inflation is currently recorded at an annual rate of 3%.  The RBA’s preferred measures of ‘underlying inflation’, the trimmed mean and weighted median are both well within the target range, recorded at 2.6%.  The most recent data available shows that headline inflation is at the top end of the target range (but it is falling) and underlying inflation is right around the middle of the band. 
Obviously the RBA is concerned about inflation and with good reason.  Glenn Stevens was made governor of the RBA in September 2006 and since December 2006, headline inflation has been recorded at an average of 3%, right at the top of the target band.  More concerning is the fact that the RBA’s preferred measures have been recorded at an average of 3.2% (trimmed mean) and 3.5% (weighted median).  Given this, it is no real wonder that the RBA decided not to cut interest rates this month. The RBA’s track record of hitting their inflation target has not been strong, and it wants to be as sure as possible before making any decision.
As I see it, it is fairly clear cut that another interest rate cut is required to help the economy, particularly if you take just a quick look at some of the recent negative economic data releases:
<ol>
<li>GDP – Australia’s economy continues to grow however, it is growing below the long-term trend</li>
<li>Property values – despite a stabilization over the first quarter of 2012, they are down -4.4% over the year</li>
<li>Consumer sentiment – the index continues to fall with pessimism outweighing optimism and the index is -10.2% lower than at the same time last year.</li>
<li>Business conditions – improving but still not particularly strong</li>
<li>Building approvals – continue to weaken and are -15.2% lower than they were at the same time last year</li>
<li>Housing finance data:<ol>
<li>When refinances are removed the value of finance commitments has risen by just 1.7% over the past year</li>
<li>The number of non-refinance commitments remains at low levels and has increased by just 3.6% over the year</li>
<li>Retail trade – remains quite sluggish having increased by just 2.0% over the past year</li>
<li>Growth in demand for credit by the private sector remains benign:<ol>
<li>Total credit has risen by just 3.5% over the past year</li>
<li>Housing credit has risen at an historic low rate of 5.3% over the year</li>
</ol>
</li>
</ol>
</li>
</ol>
Of course, times have changed in the Australian economy; consumers are saving again and credit isn’t as freely available as it used to be.  Although the Australian economy hasn’t entered into a recession it certainly seems that our mind set has changed and we are at least trying to be less reliant on borrowed money.  What that is likely to mean is that property values, building approvals, housing finance, retail trade and credit demand will grow at levels lower than those we have become accustomed to.  In saying this, just because the consumer mindset has changed it doesn’t mean we have to have a recession.
In my mind, we will see an interest rate cut next month as long as inflation is within the target range.  However, I don’t envy the RBA’s position, although a lot of the economic data looks bad they have been caught out before.  The significant growth in the mining sector is boosting the overall economy, the unfortunate thing being that most of us aren’t reaping these benefits.  Factors such as falling property values and lower levels of construction feed back in to consumers showing less inclination to spend which in-turn feeds back in to lower levels of consumer and business sentiment.  If we aren’t careful it could also lead to higher levels of unemployment and lower levels of economic growth or even a recession.
Let me know what you think. Was the RBA right to leave interest rates on hold and do you think it will do so again next month?
Cameron Kusher is senior research analyst at<a target="_blank" href="https://www.rpdata.com.au/"> RP Data</a>.
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The RBA is in a real bind on interest rate movements: RP Data's Cameron Kusher

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The number of property transactions in 2011 was the lowest number of calendar year sales since 1996.
The annual volume of sales across the nation was 25% lower than it has been on average over each of the last 10 years, highlighting just how challenging market conditions have been for the industry, according to RP Data.
The 2008 calendar year was the most recent weakest year for the housing market, with capital city home values falling by 1% and 416,859 home sales over the year.
In comparison, capital city home values fell by 3.8% in 2011, however there were 373,394 home sales during the year, 10.4% fewer than in 2008.
In 2011, sales of homes in the capital city markets accounted for 64% of all sales over the year, which is broadly in line with the proportion of the population that lives within the capital cities.
Across the nation, the number of home sales has been trending lower since September 2009, according to RP Data.
Not so coincidentally, September 2009 was also the last month at which the Reserve Bank held its official cash rate at historically low levels following the economic turmoil in 2008 and was also the last month in which the boost to the first-home owner’s grant was available in full.
The slowdown in transaction activity throughout 2011 is in line with the 3.3% annual drop in housing finance commitment volumes for new loans (not including refinances).
Focusing on sales of houses as opposed to units shows that across the country, 71% of all home sales were for detached houses.
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In the capital city markets the figures were a little lower, with house sales accounting for 67% of all sales over 2011.
During the past 12 months and over the last five years units have enjoyed a stronger capital gain performance than houses.
We would expect that this trend is likely to continue as potential buyers enjoy the locational benefits often associated with units and the fact that they are typically much more affordable than detached houses.
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Across individual capital city markets the change in sales activity over 2011 has been quite varied. Like property values throughout 2011, sales volumes also fell across each capital city over the year, with declines ranging from 3% in Darwin to a decline of 17.5% in Hobart.
Across each capital city sales activity in 2011 was also below the 10-year average annual volume of sales.
Again there was quite a range, with sales activity in Sydney just 11.6% below the 10-year average and in Brisbane annual sales volumes were 36.9% below average.
Interestingly, across most capital cities, 2011 had the lowest volume of sales over the year of any year of the past decade, however, this wasn’t the case in Sydney and Perth. Sydney recorded fewer sales in 2004, 2005 and 2008 than it did last year and Perth had fewer sales in 2008 than it did last year.
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Clearly 2011 was a very weak year for housing transactions.
The higher interest rate environment throughout much of the year and the general conservative nature of consumers were likely to be the biggest influences on such a low volume of sales.
We are anticipating transaction volumes will pick up over 2012 due to slightly more favourable conditions.
Interest rates have already been cut by 50 basis points, and we saw that the first of these consecutive 25 basis point cuts encouraged a greater level of sales activity in November 2011.
Many economists anticipate that the RBA will cut rates further in 2012 which is likely to improve market sentiment further.
Capital city rental rates rose by 5.8% over the 2011 calendar year while capital city home values fell by 3.8%. Although we aren’t anticipating any real growth in home values this year, we expect that rental rates will lift again in 2012 across most cities.
Ongoing increases in rental rates accompanied by a lower interest rate environment is likely to encourage some renters to purchase their own home.
Even though we expect that sales volumes will improve in 2012, it must be kept in mind that any improvement will be relative to the weakest year for sales activity since 1996.
Cameron Kusher is senior research analyst at RP Data.
 
 
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Home sales volumes at lowest levels since 1996: RP Data's Cameron Kusher

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Based on current rates of sale, as well as total number of homes being advertised for sale, RP Data results shows that there is 7.4 months of effective housing supply available. Across all capital cities, the effective supply of properties is currently recorded at 5.8 months. As a comparison, 12 months ago there was 4.5 months supply across all capital cities, while nationally the rate was 5.6 months.
Similarly, an estimate of sales volumes shows they are currently much the same as they were 12 months ago. This result highlights that supply levels are now being driven higher due to the amount of stock available for sale more so than a significant decline in sales activity.
Of all the capital cities, Canberra currently holds the record for the city with the lowest current housing supply at 3.6 months while at the other end of the scale, Brisbane has the greatest effective supply recorded at 8.8 months. The state-by-state results mirror the capital city results with the Australian Capital Territory having the least months of supply and Queensland having the greatest.
Across each capital city and state except for Perth and Western Australia, the months of supply figure is currently higher than it was at the same time last year. This is indicative of deteriorating selling conditions.
This is particularly true when you consider that on an annual basis property values have fallen by -3.4% over the year to September 2011, compared to 8.6% annual growth in home values at the same time in 2010.
The fact that Perth and Western Australia's effective supply levels are now lower than they were at this time last year suggests that the market may be starting to recover after underperforming for much of the past five years.
In all capital cities apart from Melbourne and Adelaide, the current monthly supply figure is below the peak which suggests that in other states and capital cities, effective supply levels may have peaked.
Melbourne recorded strong capital gains over recent years. RP Data research analysts expect that the effective housing supply will increase further in the coming months in the city as market conditions continue to slow following an exceptional rate of value growth. In all other capital cities except for Canberra, the current months of supply is more than one month lower than the peak.
Since the beginning of 2007, the effective supply level across the capital city markets averaged 3.9 months, reaching a high point of 6.5 months in January of this year. The months of supply figure reached a low point at just 2.3 months during March 2007.
Across the nation, effective supply levels have been recorded at a higher average of 4.9 months and peaked at 8.4 months in January of this year. Nationally, the months of supply figure was recorded as low as 2.5 months in March 2007.
These results suggest that current effective supply levels are well above average across the combined capital cities and at a national level.
A spike in recent listings data acquired by RP Data suggests that available stock is at near-to record levels and is being driven by mounting levels of re-listings. This result is indicative of slower market conditions and longer than normal selling periods.
RP Data found that new listings are currently -18.6% lower now than they were at the same time last year, whereas total listings are 26.4% higher. Although nationally the effective supply is recorded at 7.4 months, across various capital cities the results are quite different. The differentiation across markets highlights that the national results are not necessarily reflective of individual capital city markets.
With the latest reduction in interest rates, we will be closely monitoring the impact this has on market conditions. To this end, I would expect to see some improvement in sales activity. However, in stating this, I don't expect the anticipated improvement in transaction activity will be accompanied by growth in property values.
My reasoning behind this is because while housing credit growth remains flat, consumers show low levels of optimism when it comes to property purchases and retail trade continues to be slow, at a macro level the property market is likely to be subdued until we see a significant reduction in the number of homes available for sale.
<h3>How supply is measured</h3>
There are two ways to measure supply in the residential market place: "core supply" which is the difference between base level demand (ie. population growth) and base level supply (ie. new dwelling construction) and "effective supply" which measures the amount of properties that are available for sale in the market place. Effective supply can be expressed as the number of months it would take to sell.
Cameron Kusher is senior research analyst at RP Data.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111114-stock-on-market-at-close-to-peak-levels" target="_blank">SmartCompany.</a>
 
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Stock on property market at close to peak levels

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Based on the latest Australian Bureau of Statistics figures for the 12 months to March 2011, the results of a controlled federal government slowdown in migration for the period has become evident.
During this period, Australia's population increased by just 1.4%, which equates to approximately 312,000 people; the lowest level of annual population growth since the 12 months to June 2006 (303,089).
In percentage terms, it is also the lowest annual rate of population growth since the 12 months to December 2005 (1.4%). Despite the slowdown, population growth is still tracking well above the long-term average rate of growth (254,561), over the year. The long-term average is measured since 1981.
Net overseas migration slowed over the March 2011 quarter. However, with increases to migration, particularly skilled migration, announced in the federal budget, we may see a reversal of these trends over the coming year.
Across the individual states, New South Wales recorded the greatest increase in population in raw number terms, up 82,134 persons over the past 12 months. In percentage terms, New South Wales' population is growing by just 1.1% over the year compared to Western Australia where the population growth of 50,962 persons equates to a 2.2% increase over the year.
Looking at interstate migration, New South Wales, South Australia and Northern Territory are losing residents to other states with the largest beneficiaries being Queensland (7,391) and Western Australia (4,996).
The outflow of residents from New South Wales is now at near-to their lowest levels since December 1998, while Victoria's interstate migration is the strongest since June 2002. Interstate migration to Queensland is now at its lowest of any period since 1981 while in Western Australia, interstate migration is increasing again but below levels recorded between mid-2007 and mid-2009.
These latest results confirm that when people do migrate from overseas, their preference is to settle in the more populated states such as New South Wales which captured 29.9% of all overseas migrants followed by Victoria (27.3%), Queensland (18.4%) and Western Australia (16.4%). Collectively, these four states accounted for 92% of net overseas migration.
Overall, this recent data shows that Australia's rate of population growth is slowing however, in raw number terms it remains well above the long-term average level.
"Australians are now showing a decreased propensity to move interstate and obviously this is causing population growth into Queensland to slow markedly after it had previously held the mantle as the strongest population growth state for many years,” the ABS says.
"From a housing market perspective, the lower rate of population growth directly affects demand for housing. A potential trend that we may see emerge is an increase in the number of interstate migrants, particularly from New South Wales and Victoria, heading to Queensland and Western Australia.”
At a national level, population grows in two ways: natural increase (births minus deaths) and net overseas migration (inflow of migrants who will say in the country for at least a year minus outflow of Australian citizens). The slowdown in population growth is almost entirely due to a reduction in overseas migration.
Over the 12 months to March 2011, 145,207 more babies were born than residents who passed away, and 167,148 new migrants moved to Australia.
Although both components have eased over the past 12 months, the level of natural increase has fallen by just -6.0% compared to a -24.0% decline in the rate of overseas migration.
 Over the 12 months to March 2011, natural increase accounted for 46.5% of the total national population growth, its highest proportion since the 12 months to June 2005 (46.6%).
<img style="border-style: initial; border-color: initial;" width="385" height="198" src="https://www.smartcompany.com.au/images/stories/Features/pop%20growth%201.jpg" alt="pop growth 1">
<img style="border-style: initial; border-color: initial;" width="391" height="223" src="https://www.smartcompany.com.au/images/stories/Features/pop%20growth%202.jpg" alt="pop growth 2">
Cameron Kusher is senior research analyst at <a href="https://www.rpdata.com/" target="_blank">RP Data</a>.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111010-population-trends-where-are-people-moving-to-and-from" target="_blank">SmartCompany</a>.
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Australia's population growth stagnates

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

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North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

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McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

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Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

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More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Cameron Kusher

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