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There were 726 sales in Perth this week, up 37% from the 529 in the same week last year, according to the Real Estate Institute of Western Australia.
The most actively traded suburb was East Perth, with 11 sales. 
<img src="/images/stories/2012/10/reiwaoct26.gif">
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Perth sales up 37% on same week last year: REIWA

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<a target="_blank" href="https://www.propertyobserver.com.au/news/reputed-%2417-million-toorak-sale-takes-the-chocolates/2012102157343"><img src="/images/stories/2012/10/17m.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/news/reputed-%2417-million-toorak-sale-takes-the-chocolates/2012102157343">whispered sale price of a Toorak home</a> built by Sir Macpherson "Mac" Robertson, of MacRobertson's Chocolates fame. It was sold by funds manager Ron Dewhurst, and it could be the highest Melbourne sale price of the year.
 
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<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/cottage-point-waterfront-carved-up-into-12-portions-with-expatriate-buyer-expectations/2012102257361"><img src="/images/stories/2012/10/12.gif"></a>
The<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/cottage-point-waterfront-carved-up-into-12-portions-with-expatriate-buyer-expectations/2012102257361"> number of portions </a>Sydney entrepreneur Drew Muirhead has split his unsold five-bedroom Cottage Point waterfront on Sydney's Pittwater into. It has been given a nominal $7.8 million value, with each portion listed in $650,000 part ownership shares, while he would retain two himself. 
 
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<a target="_blank" href="https://www.propertyobserver.com.au/victoria/jobe-watson-sells-albert-park-investment-cottage/2012102257334"><img src="/images/stories/2012/10/905k.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/victoria/jobe-watson-sells-albert-park-investment-cottage/2012102257334">approximate sale price for Jobe Watson's Albert Park investment property</a>, which recently sold. The Richardson Street was purchased for $930,000 in December 2007, having previously traded at $880,000 in mid-2007.
 
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<a target="_blank" href="/news"><img src="/images/stories/2012/10/27sqm.gif"></a>
The block size of <a target="_blank" href="/news">Sydney's smallest home</a>. Agents are selling a 45-square-metre house in Paddington and a Darlinghurst house on about 40 square metres.
 
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<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/simon-mordant-s-%2450000-gain-after-decade-in-darling-point/2012102357379"><img src="/images/stories/2012/10/50k.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/simon-mordant-s-%2450000-gain-after-decade-in-darling-point/2012102357379">amount arts philanthropists Simon and Catriona Mordant</a> made on the sale of their Darling Point penthouse to writer Melanie Hershon, the daughter of the late ragtrader Michael Hershon. It was sold two months ago after seven months on the market.
 
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<a target="_blank" href="https://www.propertyobserver.com.au/retail/emporium-melbourne-likely-to-open-with-85-occupancy-rate-in-2013-goldman-sachs/2012102457396"><img src="/images/stories/2012/10/85percent.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/retail/emporium-melbourne-likely-to-open-with-85-occupancy-rate-in-2013-goldman-sachs/2012102457396">percentage of the Emporium Melbourne retail complex that is expected to be leased</a> upon its completion next year. Goldman Sachs Australia senior REIT analyst Simon Wheatley expects the retail development to be 85% leased on completion, having previously forecast it to be fully leased.
 
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<a target="_blank" href="https://www.propertyobserver.com.au/developments/surfers-paradise-s-soul-not-unsuprisingly-under-receivership/2012102557436"><img src="/images/stories/2012/10/425m.gif"></a>
The value of pre-sales achieved in <a target="_blank" href="https://www.propertyobserver.com.au/developments/surfers-paradise-s-soul-not-unsuprisingly-under-receivership/2012102557436">Juniper Group's Gold Coast development Soul by 2008</a>. Many buyers have been unable or unwilling to settle. Receivers have been appointed to manage the development. 
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The 7 must-know numbers of the week, including the possible top Melbourne sale of the year

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<a href="https://www.realestateview.com.au/Real-Estate/2-1-balmoral-way-pakenham/Property-Details-buy-residential-4505929" target="_blank">2/1 Balmoral Way, Pakenham, Vic, 3810</a> <img src="/images/stories/2012/10/balmoral.jpg" width="470">
In a block of two, this two-bedroom Pakenham apartment is currently vacant but was previously rented for $240 per week, according to Barry Plant listing agent Marcus Washington. The property in immaculate condition has no body corporate fees and includes a low-maintenance back garden. 
Washington <a href="https://www.barryplant.com.au/property.cfm?propertyID=2175147&amp;realestate=1_Balmoral_Way_PAKENHAM_VIC_3810&amp;menuItemID=41771" target="_blank">is marketing the property</a><a target="_blank" href="https://www.buxton.com.au/"> </a>with price hopes of $190,000 plus, and if it sells for that price, that would secure an investor a gross rental yield of 6.6% at a rent of $240 per week,  well above the gross rental yield for Pakenham units of 5.3%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $6,000 and over five years to be $16,000.
The median unit price in Pakenham fell 5.4% in the past year but rose 17.6% in the past five years, according to RP Data.
For more information about prices and yields in <a href="/news">Pakenham, see the RP Data suburb page.</a>
The property will be open for inspection on Saturday, October 27 at noon and will go to auction on Saturday, November 3 at noon.
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Friday form guide: Yields of up to 6.6% in Pakenham

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<a target="_blank" href="https://www.buxton.com.au/?OID=4509947">8/5 Brentwood Street, Bentleigh, VIC, 3204</a> <img src="/images/stories/2012/10/brentwood.jpg" width="470">
This two-bedroom Bentleigh unit is currently vacant, but Buxton listing agent Heather Steadman says it was recently rented at $305 per week. It is close to schools, Moorabbin Reserve, shops and the train station. 
Steadman <a href="https://www.buxton.com.au/?OID=4509947" target="_blank">is marketing the property</a><a target="_blank" href="https://www.buxton.com.au/"> </a>with price hopes of $280,000 plus, and if it sells for that price, that would secure an investor a gross rental yield of 5.7% at a rent of $305 per week,  well above the gross rental yield for Bentleigh units of 3.5%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $4,000 and over five years to be $7,000.
The median unit price in Bentleigh fell 8.6% in the past year but rose 39.5% in the past five years, according to RP Data.
For more information about prices and yields in <a href="/news">Bentleigh, see the RP Data suburb page.</a>
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Friday form guide: Yields of up to 5.7% in Bentleigh

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There were 796 sales in Perth for the week ending October 10, up 21% from the previous week, according to the Real Estate Institute of Western Australia. 
The suburb of <a href="/news">Nollamara</a>, north of the river, was the most actively traded suburb, with 14 sales.
<img src="/images/stories/2012/10/reiwaoct10.gif">
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Perth sales up 21% from week of October 3 to October 10: REIWA

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Ross McDiven, global chairman of Brookfield Multiplex, has been named Property Person of the Year 2012 by the Urban Taskforce Australia.
McDiven joined Multiplex in 1969 as a cadet and became chairman in 2007.
“Ross’s dedication to the one construction company over 43 years is remarkable,” says Urban Taskforce chairman Noel Hemmings QC. “Over these years, he steered the organisation into becoming a public company in 2003 and then negotiated the new relationship with the global property giant Brookfield in 2007.”
Urban Taskforce chief executive Chris Johnson says: “Under Ross’s leadership Brookfield Multiplex has made its mark on Australian cities through the construction of 743 high-rise towers and major projects to the value of $52 billion.”
Under McDiven's leadership Multiplex developed the five-star Hotel Intercontinental, its first Sydney CBD project and since has developed more than 200 projects in NSW. Multiplex projects include Stadium Australia, Chifley Tower, King Street Wharf, Campbelltown Hospital, Royal North Shore Hospital, Sydney Central Plaza, Parramatta Justice Precinct and the NSW Police Headquarters at Parramatta.
“Ross has seen Multiplex grow from its Western Australian base to being an international construction entity now operating in all Australian states, Asia, the Middle East, Europe and most recently in Canada and India,” says Johnson.
Multiplex Limited was listed on the ASX in 2003, and Brookfieldbought the group in 2007.
McDiven will be given the award at a charity fundraising lunch on Wednesday, December 5.  The award is in its 10th year and has raised $1.6 million for charity. Proceeds from the lunch will be donated to Warrah Disability Services and St Vincent’s Prostate Cancer Centre.
Past winners include:
• Garry Rothwell, founder and principal of Winten Property Group
• Bob Rose AM, chief executive officer of Rose Property Group
• Harry Triguboff AO, chairman and managing director of Meriton Group
• Wal King AO, chief executive Officer of Leighton Holdings
• Greg Goodman, group chief executive officer of Goodman
• Bill Moss AM, group head and chief executive officer of the Banking and Property Group, Macquarie Bank
• Lang Walker, Chairman of Walker Corporation
• Liam Forde, Chief Executive of Baulderstone Hornibrook
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Multiplex's Ross McDiven named Urban Taskforce's Property Person of the Year

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If you want to know where interest rates are going, watch the impact of the China slowdown on the New South Wales economy.
This month's rate cut by the Reserve Bank was extra ‘insurance’ – the bank looked at recent developments in China, and didn’t like what it saw. Yet, arguably, those happiest to hear the news were mortgage holders in NSW – Australia’s most indebted state.
China’s slowdown is bad news for Australia as a whole, just as China’s earlier strength was good for us. And NSW was a net beneficiary of the good years – the extra national income boosted business for Sydney’s finance sector (credit growth surged as we borrowed big-time) and for its professional services (amid lots of mergers and acquisitions), while families benefited from a series of tax cuts paid for by China and from the extra purchasing power delivered by rising housing prices and a rising Australian dollar.
Yet NSW benefited less than the rest of Australia. The tsunami in development dollars aimed at chasing China’s mega-mining projects in Western Australia and Queensland rather than in NSW (though both coal and gold have seen good money spent in this state). And ‘people power’ followed those development dollars, with NSW’s population growth lagging badly. In turn, that combination of weakness in capital expenditure and population growth then fed back into weaker growth by eating into the capacity of the state to produce.
Finally, Deloitte Access Economics has long since labelled the lift in exchange and interest rates which accompanied the China boom as a ‘deadly duo’ for NSW’s economy: higher interest rates were toxic in a state with Australia’s largest residential mortgages, and the $A played merry hell with businesses in the state’s manufacturing, tourism and international education sectors.
So while NSW did well out of the China-and-mining-and-engineering-construction boom, it hasn’t been a bed of roses.
Accordingly, China’s slowdown isn’t unalloyed bad news for the ‘Premier State’.
Or, to be more exact, it won’t be. The Reserve Bank has already moved rates down, and chances are there’s more good news still to be had on that score.  But the $AU still holds a sting.  Deloitte Access Economics doesn’t forecast that disconnect between the dollar and its fundamentals (commodity prices and interest rates) to linger. But the longer it does, the longer that the bad news out of China will be matchingly bad for NSW.
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That’s why watching the Australian dollar and the Reserve Bank will mean watching prospects for NSW’s economy, with those likely to be tightly linked over the next two years.
In the meantime, the momentum in the state’s economy has held up pretty well given the headwinds to date.  Housing construction looks like finally getting off the floor, retail turnover growth is keeping pace with national outcomes, and population growth has turned the corner (albeit still lagging national growth, and by a growing margin).  And although job growth is in the slow lane and job vacancies are weak, unemployment is impressively low.
Rather, this state’s Achilles heel remains capital spending – businesses have less to be excited about in NSW’s future and, developments in China notwithstanding, that won’t change fast.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/10/david-graph.gif" title="Click to enlarge"><img src="/images/stories/2012/10/david-graphthumb.gif"></a>
NSW output and demand (inflation-adjusted data, change on year earlier) Accordingly, the business backdrop of the moment for businesses in NSW is one in which China’s slowdown is bad news for Australia, but will be relatively less bad for NSW, especially once our dollar stops defying gravity.  That drives the patterns seen in the short term (a slowdown that stabilises soon) and in the medium term (further losses as a share of Australia, particularly in the next couple of years in which resource construction will continue to drive good growth in some other states).
David Rumbens is a partner at<a target="_blank" href="https://www.deloitteaccesseconomics.com.au/"> Deloitte Access Economics.</a>
This article originally appeared on <a target="_blank" href="https://www.leadingcompany.com.au/">LeadingCompany</a>
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China's economic slowdown and NSW's economy hold the keys to the next RBA interest rate cut: David Rumbens

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Three properties that were regular features on SQM Research's list of the most discounted homes in Australia have either sold or been withdrawn from the market.
{yoogallery src=[images/stories/2012/08/aug30palm]}
SQM Research director Louis Christopher speculates that the property at 882 Barrenjoey Road, Palm Beach (pictured above), has sold for a significant loss. 
"We can only imagine that the properties that have been sold were purchased for a figure around their last current asking price – a discount of at least 35%," Christopher says.
"In the case of 882 Barrenjoey Road, Palm Beach, if purchased at the last current asking price, this home would have been sold at a loss of at least $140,000 – and that does not even take into account agent's fees or interest accrued on a mortgage. Yikes!" It last traded at $890,000 in 2004 and its last asking price was $750,000 plus.
The other two properties no longer on the list are also in NSW, at 23 The Corso, Gorokan, and 31 North Scenic Road, Forresters Beach.
One of the replacement properties is a expensive Palm Beach beachfront that has had its asking price substantially reduced. It appears at number 4 on the list. The proeprty was once offered as a double block, two home offering, with $15 million plusb hopes. Since then the 1071 sq m grounds, and the two Tuscan-inspired residences have been separated into separate parcels with one of the two houses sold at $7.2 million in mid-2010. The current offering has lingered on the market for some 560 days.
1 <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Rural/NSW/Mooney-Mooney-Creek/?adid=2008808903">451 Old Pacific Highway, Mooney Mooney Creek, NSW, 2083</a>
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Forresters-Beach/?adid=2008587390"></a>Days on the market: 595 Initial asking price: $1.55 million Current asking price: $895,000 Reduction: 42%
2
<a target="_blank" href="https://www.realestate.com.au/property-other-tas-taranna-106879142">5756 Arthur Highway, Taranna, Tasmania, 7180</a>
<a target="_blank" href="https://www.realestate.com.au/property-livestock-qld-caboolture-7262420"></a>Days on the market: 720 Initial asking price: $499,000 Current asking price: $299,000 Reduction: 40%
3
<a target="_blank" href="https://www.realestate.com.au/property-livestock-qld-caboolture-7262420">19 Lychee Drive, Caboolture, Queensland, 4510</a>
Days on the market: 860 Initial asking price: $949,000 Current asking price: $586,000 Reduction: 38%
4
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Palm-Beach/?adid=2008878601">38 Iluka Road, Palm Beach, NSW, 2108</a> (pictured)
Days on the market: 560 Initial asking price: $8 million Current asking price: $5 million Reduction: 38%
 
5
<a target="_parent" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
Days on the market: 622 Initial asking price: $2.95 million Current asking price: $1.85 million Reduction: 37%
6
<a target="_blank" href="https://www.realestate.com.au/property-house-wa-two+rocks-106211228">15 Gretel Two Rocks 6037</a>
Days on the market: 1,008 Initial asking price: $1.1 million Current asking price: $690,000 Reduction: 36%
7
<a target="_blank" href="https://www.realestate.com.au/property-house-tas-white+beach-106479093">588 White Beach Road, White Beach, Tasmania, 7184</a>
Days on the market: 860 Initial asking price: $780,000 Current asking price: $499,000 Reduction: 36%
8
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007217761">1302 Birkdale Place, Magenta, NSW, 2261</a>
Days on the market: 1,565 Initial asking price: $700,000 Current asking price: $450,000 Reduction: 36%
9
 
<a target="_blank" href="https://www.realestate.com.au/property-house-wa-armadale-105464925">99 Lowanna Way, Armadale, WA, 6112</a>
Days on the market: 1,277 Initial asking price: $1.85 million Current asking price: $1.2 million Reduction: 35%
10
<a target="_blank" href="https://www.realestate.com.au/property-apartment-nsw-the+entrance-106977238">618/ 85 -89 The Entrance Road, The Entrance, NSW 2261</a>
Days on market: 686 Initial asking price: $299,000 Current asking price: $199,000 Reduction: 33%
 
SQM Research also offers a list of the <a target="_blank" href="https://www.sqmresearch.com.au/top100bargains.php" title="SQM Research">Top 100 Biggest Bargains in Australia </a>for sale.
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Cheapie Palm Beach house sells at a loss as new properties debut on most discounted list: SQM Research

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The bayside Melbourne suburb of Brighton is the most expensive suburb in Melbourne for house and unit prices, according to the Real Estate Institute of Victoria.
The median house price in Brighton is $1.64 million, up 6.8% in the September quarter. 
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<td width="108" height="42">Most Expensive</td>
<td width="145">Suburb</td>
<td width="77">Sep-12 Median</td>
<td width="77">Quarterly Change</td>
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<td align="right" height="17">1</td>
<td><a target="_blank" href="/news">BRIGHTON</a></td>
<td align="right">$1,640,000</td>
<td align="right">6.80%</td>
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<td align="right" height="17">2</td>
<td><a target="_blank" href="/news">CAMBERWELL</a></td>
<td align="right">$1,368,000</td>
<td align="right">-0.70%</td>
</tr>
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<td align="right" height="17">3</td>
<td><a target="_blank" href="/news">HAWTHORN</a></td>
<td align="right">$1,270,000</td>
<td align="right">-7.10%</td>
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<td align="right" height="17">4</td>
<td>KEW</td>
<td align="right">$1,250,000</td>
<td align="right">-7.30%</td>
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<td align="right" height="17">5</td>
<td><a target="_blank" href="/news">GLEN IRIS</a></td>
<td align="right">$1,150,000</td>
<td align="right">4.80%</td>
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<td align="right" height="17">6</td>
<td><a target="_blank" href="/news">BALWYN NORTH</a></td>
<td align="right">$1,050,000</td>
<td align="right">1.20%</td>
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<td align="right" height="17">7</td>
<td><a target="_blank" href="/news">PORT MELBOURNE</a></td>
<td align="right">$970,000</td>
<td align="right">4.90%</td>
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<td align="right" height="17">8</td>
<td><a target="_blank" href="/news">BRIGHTON EAST</a></td>
<td align="right">$938,750</td>
<td align="right">-8.40%</td>
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<td align="right" height="17">9</td>
<td><a target="_blank" href="/news">WILLIAMSTOWN</a></td>
<td align="right">$869,000</td>
<td align="right">-0.10%</td>
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<td align="right" height="17">10</td>
<td><a target="_blank" href="/news">ESSENDON</a></td>
<td align="right">$850,000</td>
<td align="right">-11.60%</td>
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Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
The median unit price in Brighton is $845,000. This is up 2.1% in the September quarter. 
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<td width="109" height="41">Most Expensive</td>
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<td width="82">Sep-12 Median</td>
<td width="75">Quarterly Change</td>
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<td align="right" height="17">1</td>
<td><a target="_blank" href="/news">BRIGHTON</a></td>
<td align="right">$845,000</td>
<td align="right">2.10%</td>
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<td align="right" height="17">2</td>
<td><a target="_blank" href="/news">PORT MELBOURNE</a></td>
<td align="right">$606,000</td>
<td align="right">-6.80%</td>
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<td align="right" height="17">3</td>
<td><a target="_blank" href="/news">BENTLEIGH EAST</a></td>
<td align="right">$585,000</td>
<td align="right">-6.80%</td>
</tr>
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<td align="right" height="17">4</td>
<td><a target="_blank" href="/news">MOUNT WAVERLEY</a></td>
<td align="right">$577,000</td>
<td align="right">-0.40%</td>
</tr>
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<td align="right" height="17">5</td>
<td><a target="_blank" href="/news">DONCASTER EAST</a></td>
<td align="right">$573,944</td>
<td align="right">0.70%</td>
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<td align="right" height="17">6</td>
<td><a target="_blank" href="/news">GLEN IRIS</a></td>
<td align="right">$572,500</td>
<td align="right">1.90%</td>
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<td align="right" height="17">7</td>
<td><a target="_blank" href="/news">DOCKLANDS</a></td>
<td align="right">$545,000</td>
<td align="right">-2.70%</td>
</tr>
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<td align="right" height="17">8</td>
<td><a target="_blank" href="/news">ARMADALE</a></td>
<td align="right">$542,500</td>
<td align="right">-0.30%</td>
</tr>
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<td align="right" height="17">9</td>
<td><a target="_blank" href="/news">ELWOOD</a></td>
<td align="right">$542,000</td>
<td align="right">7.90%</td>
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<td align="right" height="17">10</td>
<td><a target="_blank" href="/news">SOUTH YARRA</a></td>
<td align="right">$536,500</td>
<td align="right">-7.80%</td>
</tr>
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Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
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Brighton the most expensive Melbourne suburb: REIV

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The suburb of Werribee is the cheapest in Melbourne for houses, according to the Real Estate Institute of Victoria.
The median house price in Werribee, about 35 kilometres west of Melbourne, is $300,000, up 4.3% in the September quarter. 
Top 10 most affordable suburbs for houses
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<td width="108" height="45">Most Affordable</td>
<td width="145">Suburb</td>
<td width="77">Sep-12 Median</td>
<td width="77">Quarterly Change</td>
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<td align="right" height="17">1</td>
<td><a target="_blank" href="/news">WERRIBEE</a></td>
<td align="right">$300,000</td>
<td align="right">4.30%</td>
</tr>
<tr height="17">
<td align="right" height="17">2</td>
<td><a target="_blank" href="/news">HOPPERS CROSSING</a></td>
<td align="right">$310,000</td>
<td align="right">-2.40%</td>
</tr>
<tr height="17">
<td align="right" height="17">3</td>
<td><a target="_blank" href="/news">CRANBOURNE</a></td>
<td align="right">$320,850</td>
<td align="right">6.90%</td>
</tr>
<tr height="17">
<td align="right" height="17">4</td>
<td><a target="_blank" href="/news">PAKENHAM</a></td>
<td align="right">$331,500</td>
<td align="right">-5.30%</td>
</tr>
<tr height="17">
<td align="right" height="17">5</td>
<td><a target="_blank" href="/news">ST ALBANS</a></td>
<td align="right">$336,500</td>
<td align="right">2.60%</td>
</tr>
<tr height="17">
<td align="right" height="17">6</td>
<td><a target="_blank" href="/news">CARRUM DOWNS</a></td>
<td align="right">$340,000</td>
<td align="right">3.00%</td>
</tr>
<tr height="17">
<td align="right" height="17">7</td>
<td><a target="_blank" href="/news">FRANKSTON</a></td>
<td align="right">$341,000</td>
<td align="right">2.90%</td>
</tr>
<tr height="17">
<td align="right" height="17">8</td>
<td><a target="_blank" href="/news">TARNEIT</a></td>
<td align="right">$342,000</td>
<td align="right">-5.10%</td>
</tr>
<tr height="17">
<td align="right" height="17">9</td>
<td><a target="_blank" href="/news">SUNBURY</a></td>
<td align="right">$350,000</td>
<td align="right">-4.10%</td>
</tr>
<tr height="17">
<td align="right" height="17">10</td>
<td><a target="_blank" href="/news">CRAIGIEBURN</a></td>
<td align="right">$350,000</td>
<td align="right">1.90%</td>
</tr>
</tbody>
</table>
Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
The most affordable suburb in Melbourne for units is Frankston, with a median unit price of $263,000. This is down 5.7% over the September quarter. 
Top 10 most affordable suburbs for units
<table width="399" cellpadding="0" cellspacing="0" border="0">
<colgroup>
<col width="109">
<col>
<col width="133">
<col>
<col width="82">
<col>
<col width="75">
<col>
</colgroup>
<tbody>
<tr height="40">
<td width="109" height="40">Most Affordable</td>
<td width="133">Suburb</td>
<td width="82">Sep-12 Median</td>
<td width="75">Quarterly Change</td>
</tr>
<tr height="17">
<td align="right" height="17">1</td>
<td><a target="_blank" href="/news">FRANKSTON</a></td>
<td align="right">$263,000</td>
<td align="right">-5.70%</td>
</tr>
<tr height="17">
<td align="right" height="17">2</td>
<td><a target="_blank" href="/news">CARLTON</a></td>
<td align="right">$330,000</td>
<td align="right">13.80%</td>
</tr>
<tr height="17">
<td align="right" height="17">3</td>
<td><a target="_blank" href="/news">CROYDON</a></td>
<td align="right">$335,000</td>
<td align="right">-5.60%</td>
</tr>
<tr height="17">
<td align="right" height="17">4</td>
<td><a target="_blank" href="/news">RESERVOIR</a></td>
<td align="right">$350,000</td>
<td align="right">-4.90%</td>
</tr>
<tr height="17">
<td align="right" height="17">5</td>
<td><a target="_blank" href="/news">RINGWOOD</a></td>
<td align="right">$366,500</td>
<td align="right">-0.90%</td>
</tr>
<tr height="17">
<td align="right" height="17">6</td>
<td><a target="_blank" href="/news">BORONIA</a></td>
<td align="right">$368,800</td>
<td align="right">2.30%</td>
</tr>
<tr height="17">
<td align="right" height="17">7</td>
<td><a target="_blank" href="/news">MORNINGTON</a></td>
<td align="right">$405,000</td>
<td align="right">5.10%</td>
</tr>
<tr height="17">
<td align="right" height="17">8</td>
<td><a target="_blank" href="/news">CHELTENHAM</a></td>
<td align="right">$425,000</td>
<td align="right">-12.60%</td>
</tr>
<tr height="17">
<td align="right" height="17">9</td>
<td><a target="_blank" href="/news">PRAHRAN</a></td>
<td align="right">$430,000</td>
<td align="right">-11.10%</td>
</tr>
<tr height="17">
<td align="right" height="17">10</td>
<td><a target="_blank" href="/news">COBURG</a></td>
<td align="right">$431,250</td>
<td align="right">6.50%</td>
</tr>
</tbody>
</table>
Source: <a target="_blank" href="https://www.reiv.com.au/">REIV</a>
</body></html>

Werribee the most affordable suburb in Melbourne for houses: REIV

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Cassidy Knowlton

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