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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/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

Cassidy Knowlton

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