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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

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Cassidy Knowlton

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