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There were 660 sales in Perth this week, according to the Real Estate Institute of Western Australia. This is down from 715 sales during the same week last year.
The most actively traded suburb was <a href="/news">Rockingham</a>, south of the river, which has a median house price of $375,000 and a median unit price of $289,000, according to RP Data.
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Perth sales down 8% on same week last year: REIWA

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The amount by which the median weekly asking rent for units rose in Perth in the past year, according to Residex. The median unit asking rent is $470 per week.
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The amount by which the median weekly asking rent for units  rose in regional Queensland in the past year, according to Residex. The median unit asking rent is $390 per week.
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The amount by which the median weekly asking rent for units rose in regional NSW in the past year, according to Residex. The median unit asking rent is $345 per week.
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The amount by which the median weekly asking rent for units rose in regional WA in the past year, according to Residex. The median unit asking rent is $375 per week.
 
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The amount by which the median weekly asking rent for units rose in regional South Australia in the past year, according to Residex. The median unit asking rent is $225 per week.
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The amount by which the median weekly asking rent for units rose in Sydney in the past year, according to Residex. The median unit asking rent is $520 per week.
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The amount by which the median weekly asking rent for units rose in Brisbane in the past year, according to Residex. The median unit asking rent is $400 per week.
 
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The amount by which the median weekly asking rent for units rose in Melbourne in the past year, according to Residex. The median unit asking rent is $410 per week.
 
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The amount by which the median weekly asking rent for units rose in the Northern Territory in the past year, according to Residex. The median unit asking rent is $495 per week.
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The amount by which the median weekly asking rent for units rose in Darwin in the past year, according to Residex. The median unit asking rent is $505 per week.
 
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The amount by which the median weekly asking rent for units rose in regional Tasmania in the past year, according to Residex. The median unit asking rent is $245 per week.
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The amount by which the median weekly asking rent for units rose in ACT in the past year, according to Residex. The median unit asking rent is $485 per week.
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<img src="/images/stories/2012/09/9point26percent.gif">
The amount by which the median weekly asking rent for units rose in Hobart in the past year, according to Residex. The median unit asking rent is $295 per week.
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The amount by which the median weekly asking rent for units rose in regional Victoria in the past year, according to Residex. The median unit asking rent is $275 per week.
 
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The amount by which the median weekly asking rent for units rose in Adelaide in the past year, according to Residex. The median unit asking rent is $295 per week.
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Perth unit rents up 31% in past year, but Adelaide landlords secure just 5% rise: Residex state-by-state analysis

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A two-bedroom beachfront home in Forresters Beach, NSW, has sold for $1.2 million, or $800,000 less than its original asking price, after spending 720 days on the market, according to SQM Research.
The property at 6 South Scenic Road (pictured) was first on SQM's list of the 10 most discounted homes in Australia for a number of months, having had its asking price reduced from $2 million to $1.1 million plus.  McGrath agents Steve Dudley and Jennifer DeLuca secured a bit more than the lower estimate.
"This has left room for another central coast property to take its place as number one – with 451 Old Pacific Highway, Mooney Mooney Creek, 2083, being bumped up to the top position after only debuting on our list last week," says SQM Research director Louis Christopher.
The central coast of NSW continues to dominate the list, with no properties from NT, SA or Victoria discounted enough to make the list. 
"Number three on the list – 38 Iluka Road, Palm Beach – was originally advertised as going to auction with offers of over $4.75 million," Christopher notes.
"It appears that perhaps the vendors did not receive a high enough offer as the house has now been advertised as 'for sale' with 'offers over $5 million'. This asking price is still a massive $3 million less than the original asking price, so it will be interesting to see if it attracts any serious buyer interest."
1 <a href="https://www.domain.com.au/Property/For-Sale/Rural/NSW/Mooney-Mooney-Creek/?adid=2008808903" target="_blank">451 Old Pacific Highway, Mooney Mooney Creek, NSW, 2083</a>
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Forresters-Beach/?adid=2008587390" target="_blank"></a>Days on the market: 588 Initial asking price: $1.55 million Current asking price: $895,000 Reduction: 42%
2
<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>
Days on the market: 553 Initial asking price: $8 million Current asking price $5 million Reduction: 38%
3
<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: 713 Initial asking price: $499000 Current asking price: $299,000 Reduction: 40%
4
<a href="https://www.realestate.com.au/property-livestock-qld-caboolture-7262420" target="_blank">19 Lychee Drive, Caboolture, Queensland, 4510</a>
Days on the market: 853 Initial asking price: $949,000 Current asking price: $586,000 Reduction: 38%
5
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Greendale/?adid=2008766488" target="_parent">202 Wolstenholme Avenue, Greendale, NSW, 2745</a>
Days on the market: 615 Initial asking price: $2.95 million Current asking price: $1.85 million Reduction: 37%
6
<a href="https://www.realestate.com.au/property-house-wa-two+rocks-106211228" target="_blank">15 Gretel Two Rocks 6037</a>
Days on the market: 1,001 Initial asking price: $1.1 million Current asking price: $690,000 Reduction: 36%
7
<a href="https://www.realestate.com.au/property-house-tas-white+beach-106479093" target="_blank">588 White Beach Road, White Beach, Tasmania, 7184</a>
Days on the market: 853 Initial asking price: $780,000 Current asking price: $499,000 Reduction: 36%
8
<a href="https://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Magenta/?adid=2007217761" target="_blank">1302 Birkdale Place, Magenta, NSW, 2261</a>
Days on the market: 1,558 Initial asking price: $700,000 Current asking price: $450,000 Reduction: 36%
9
<a href="https://www.domain.com.au/Property/For-Sale/House/NSW/Gorokan/?adid=2008670949" target="_blank">323 The Corso, Gorokan, NSW, 2263 </a>
Days on the market: 679 Initial asking price: $680,000 Current asking price: $440,000 Reduction: 35%
10
<a href="https://www.realestate.com.au/property-house-wa-armadale-105464925" target="_blank">99 Lowanna Way, Armadale, WA, 6112</a>
Days on market: 1,270 Initial asking price: $1.85 million Current asking price: $1.2 million Reduction: 35%
 
SQM Research also offers a list of the <a title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Forresters Beach property sells for $800,000 less than original asking price after two years on the market: SQM

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Americans Jonathan and Beth Hankins found what they thought to be a bargain foreclosed in the US state of Oregon for $36,000. 
Soon after, their two-year-old son developed health ailments, and the couple discovered they had unknowingly purchased a drug lab and the house was contaminated by methamphetamine, as the Huffington Post noted.
<a href="https://twitter.com/HuffingtonPost" target="_blank"><img src="/images/stories/2012/09/huffpotweet.jpg"></a>
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What happens with a home buyer unknowingly buys a former meth lab: Tweet of the day

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"A good job, like where you get like heaps of money. I’d be like a decent mum, like a husband with no violence and everything, so it could be a happy family, you know, but like that would never happen…"
Jessica, a 12-year-old from Claymore in Sydney’s south west, is not optimistic about her future. Monday’s Four Corners documentary <a target="_blank" href="https://www.abc.net.au/4corners/stories/2012/09/20/3594298.htm">Growing Up Poor in Modern Australia</a> asked why more wasn’t being done to break the cycle of disadvantage for the children of Australia’s most disadvantaged suburbs. The report focused on five families from Claymore, in south-west Sydney.
A suburb of 3,300 residents, Claymore was built as a public housing estate by Housing NSW in the 1970s. By 2011, it was <a href="https://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/SSC10536?opendocument&amp;navpos=220">one of Australia’s poorest suburbs</a>, with a median household income of $588 per week, around half the national average. It was also one of the youngest, with 40% of residents aged under 15, compared to 19% for Australia. But Claymore is not unique. <a href="https://www.sprc.unsw.edu.au/media/File/Report12_07_Deprivation_and_exclusion_in_Australia.pdf">Concentrations of inter-generational disadvantage</a> have developed in public housing estates in all of Australia’s capital cities.
<h2>Where does disadvantage come from?</h2>
Australia’s public housing has not always been associated with disadvantage.
The Commonwealth established a Housing Commission in 1943, recommending a national target of 80,000 publicly built dwellings per year. The aspiration was to provide workers’ housing to support Australia’s industrial development.
Most of this housing was initially built in large estates on the edge of our cities. In NSW, large estates were built in the 1960s, such as Mount Druitt, with 32,000 people in 8,000 properties. This golden era of mass public housing had come to an end when Claymore was completed in the 1970s.
By 1978, the Commonwealth had greatly reduced the amount of funding for building and maintaining public housing. The result of dwindling funds was a shift in the role of public housing, from a mainstream option to marginal sector with a highly disadvantaged tenant base. By 2006, around 90% of tenants were either on welfare benefits or experiencing some other form of social deprivation.
<h2>A market solution?</h2>
Faced with ageing housing stock, disadvantaged tenants, and growing waiting lists, Australia’s government housing agencies have turned to the private market.
By offering housing vouchers in the form of Commonwealth rent assistance, they have looked to private landlords to house many of Australia’s poorest people. And they have looked to private property developers to fund the renewal of their housing estates through policies branded as “social mix”.
Social mix solutions have been pursued since the 1980s in Australia. They can be achieved by selling public housing dwellings to tenants or on the private market, or by building new privately-owned dwellings in the neighbourhood in partnership with a property developer.
The latter strategy has been the most popular. As the Four Corners documentary showed, such a project was underway in Claymore, with almost all of the existing public dwellings earmarked for demolition. These would be replaced with 1,300 new dwellings. About 70% of them would be sold to private buyers with the remainder returned to public housing tenants.
 
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<h2>Who benefits, at whose cost?</h2>
The <a href="https://eprints.gla.ac.uk/37384/">benefits of these social mix policies</a> – by reducing concentrations of public housing – are said to be wide ranging, delivering improvements in the economy, social welfare and health. These include a more vibrant local economy, reduced anti-social behaviour and less stigma. However, the evidence for these claimed benefits is less than convincing.
The economic benefits for government receive less attention, but are arguably much more significant. By getting private property developers to partially fund the redevelopment of their decaying housing stock, housing agencies can get a return on their only real asset – land – and address an overwhelming maintenance backlog.
At Bonnyrigg in Sydney for example, the $733 million redevelopment of the public housing estate by Becton (a private developer) and Housing NSW has replaced 833 public housing dwellings with 2,330 new dwellings. Only 699 of the new dwellings have been retained as public housing. The development has been rebranded as “<a target="_blank" href="https://newleafbonnyrigg.com.au/">Newleaf</a>”.
Social mix solutions, while attractive to government, impose costs on the tenants of public housing. In Claymore, only 99 houses have been demolished to date and the project is has now stalled after a change of state government. As reported on Four Corners, “residents now say maintenance on their homes has almost ceased and there are houses all over the suburb boarded up and empty”.
Research has also pointed to <a target="_blank" href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/0811114022000005898">unintended negative consequences</a> of social mix policy. Moving residents temporarily or permanently out of their neighbourhood during redevelopment can be disruptive to social networks and children’s schooling. Reducing public housing supply at a time where public housing waiting lists are at record levels (56,000 in NSW and 37,000 in VIC) also comes at a large social cost, with high-needs households pushed into the under-regulated private rental market.
<h2>A non-market solution</h2>
The stagnation of public housing funding has led to concentrations of some of our most vulnerable people in Australia’s outer-suburbs, as illustrated by the children of Claymore. Social mix policies that break up these concentrations of housing may only relocate this disadvantage, rather than address it.
A non-market alternative is to inject funds into the ailing public housing sector. If public housing numbers were increased through significant investment, the selection criteria could be broadened to allow a much wider base of tenants. This would start to “normalise” public housing, returning it to its original intent as a mainstream affordable option for Australians.
For governments struggling to just maintain existing levels of public housing stock however, harvesting land value by allowing private market development of their assets seems to be the only solution – whatever the cost.
Lucy Groenhart is a research fellow in urban policy at <a href="https://www.rmit.edu.au/" target="_blank">RMIT</a>.
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How public housing became associated with social disadvantage

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6/383 Maroubra Road, Maroubra, NSW 2035
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Currently tenanted at $500 a week to a tenant on an expired lease, this Maroubra unit was set for auction this weekend but sold on Thursday for $500,000 to an owner-occupier. The two-bedroom unit in the Aurora building is within easy walking distance of Maroubra Beach and has expansive water views.
Richardson &amp; Wrench selling agent Lloyd Allen gave pre-sale price hopes of $450,000 plus. If the buyer decides to rent it out, at its current rent it would secure a gross rental yield of 5.2%, above the indicative gross rental yield for Maroubra units, 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 $9,000.
The median house price in Maroubra rose 1.4% in the past year and 27.8% in the past five years, according to RP Data.
For more information about prices and yields in <a href="/news">Maroubra, see the RP Data suburb page.</a>
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Friday form guide: No investment yields, as Maroubra property sells to owner-occupier

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<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/social-media-not-for-all-as-agents-abandon-twitter/2012092356725"><img src="/images/stories/2012/09/1percentto3percent.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/social-media-not-for-all-as-agents-abandon-twitter/2012092356725">percentage of Real Estate Institute of Victoria members who endorse Twitter</a> as a way to connect with potential vendors and buyers. “Online is … clearly having an impact, but that does not extend to social media,” says REIV chief Enzo Raimondo.
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<a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-to-surge-15-by-late-2013-as-rates-fall-100-basis-points-australian-financial-reviews-david-bassanese/2012092456754"><img src="/images/stories/2012/09/15percent.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-to-surge-15-by-late-2013-as-rates-fall-100-basis-points-australian-financial-reviews-david-bassanese/2012092456754">increase in Australian house prices by late 2013</a> predicted by Australian Financial Revieweconomic writer David Bassanese. Bassanese, a 20-year economics veteran, also expects interest rates to fall by 100 basis points over the next 12 months – taking the cash rate to 2.5%.
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<a target="_blank" href="https://www.propertyobserver.com.au/rural/lexington-tom-wills-childhood-home-ground-at-moyston-for-sale/2012092456753"><img src="/images/stories/2012/09/5mplus.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/rural/lexington-tom-wills-childhood-home-ground-at-moyston-for-sale/2012092456753">price hopes for Lexington, at Moyston near Ararat</a>, the childhood home of Tom Wills, the inventor of the Australian rules game. The property was established in 1840 by Horatio Wills, whose son, Tom, inspired by a game he played with the local indigenous children, is credited as inventing the country's most popular sporting competition.
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<a target="_blank" href="/news"><img src="/images/stories/2012/09/20m.gif"></a>
The <a target="_blank" href="/news">price hopes businessman Simon Tripp has for Jabulisa</a>, his impressive 6.9-hectare Sydney northern beaches acreage. The Tripps have reportedly spent millions of dollars developing Jabulisa, described as the "ultimate family resort".
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<img src="/images/stories/2012/09/7point44percent.gif">
The increase in house prices in the central western NSW town of Mudgee, a hotspot for mining, agriculture and tourism, in the past year, according to Residex. Mudgee was the best-performing house market of NSW for the year. 
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<img src="/images/stories/2012/09/970k.gif">
 Brownlow medalist Jobe Watson's vendor bid for his three-bedroom Albert Park investment cottage, which lingers unsold on the market after its September 1 auction.
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<a target="_blank" href="https://www.propertyobserver.com.au/residential/australian-house-prices-could-rise-7-in-2013-if-eurozone-holds-together-sqm-research/2012092556806"><img src="/images/stories/2012/09/7percent.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/residential/australian-house-prices-could-rise-7-in-2013-if-eurozone-holds-together-sqm-research/2012092556806">amount by which Australian house prices could rise in 2013</a>, according to SQM Research, provided that the eurozone holds together and the RBA does not make dramatic interest rate cuts.
 
 
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The 7 must-know numbers of the week, starting with the few agents who value Twitter

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There were 802 residential property sales in Perth for the week ending September 26, up 23% on the same week last year, according to the Real Estate Institute of Western Australia. The most actively traded suburb was Subiaco, with 18 sales.
REIWA says the number of listings, 10,048, is the lowest since 2010.
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Perth residential property listings at two-year low: REIWA

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High land prices have all but killed the Australian housing industry.
Lower housing starts has led to lower GST revenues (house construction attracts full GST), and lower stamp duty receipts are crippling state budgets and cruelling the chances of low and middle income earners to get a start in the housing market.
What has caused this slump in housing starts? Land prices.
Raw land for new housing developments should be close to its agricultural value – in other words, around $10,000 per hectare. But land released for residential development fetches up to $1 million per hectare – 100 times the agricultural price.
Government land management agencies and private land developers may well argue a lot of land has been released for residential development, but clearly it is not enough.
Only when urban growth boundaries are removed will we know a piece of land’s true value. It will then be a trade-off between price and distance. People may be prepared to travel another 10 or 15 minutes by car (10 to 20 kilometres) to get a cheaper block.
To highlight the “‘X’ years supply of land available” argument, I heard a state bureaucrat say recently that the government had released enough land for 15 years’ supply. I raised my hand and asked “15 years’ supply – at what price?” He didn’t know what I meant. I said “at $200,000 a block it may well take 15 years to sell. So why don’t you double the price and then you’ll have 30 years’ supply?”
These points highlight the fact that, as with most central planning, housing planning is based on a fundamental flaw – that price does not matter. But as we know, price does matter. Imagine the demand for housing if land was $100,000 per block cheaper. Think LCD, LED and plasma TVs over the past five years.
Australia does not have, and never has had, a housing affordability problem, it has a land affordability problem. The cost of building a new house has hardly moved in 20 years. Land prices however have skyrocketed. By restricting the amount of land available on the urban fringes of our cities, state governments have sent the price of entry-level housing through the roof.
The reasons state governments give for these restrictions all centre on urban planning. They have persisted with their policies of urban densification (squeezing more and more people into existing suburbs), an idea that has failed all over the world.
 
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Whether it’s traffic congestion, air pollution, the destruction of bio-diversity or the unsustainable pressure on electricity, water, sewage or stormwater infrastructure, urban densification has been a disaster. The evidence is overwhelming; urban densification is not good for the environment, it does not save water, it does not lead to a reduction in motor vehicle use, it does not result in nicer neighbourhoods, it does not stem the loss of agricultural land, it does not save on infrastructure costs for government and, worst of all, it puts home ownership out of the reach of those on low and middle incomes.
State governments use urban planning laws to restrict the amount of fringe land available and then drip feed it through their land management agencies to a land- starved housing industry at inflated prices. Hmmm. After a change of state government a few years ago, a former cabinet minister was asked why her government didn’t release more land to kick-start the housing industry. She replied: “We needed the money.” So much for urban planning.
And of course land developers with massive land banks on their books urge state governments to maintain the scarcity to maintain the ‘value’ of the developers’ inventory. Developers would be better off if they supported the removal of urban growth boundaries and allowed more broadacre land to come onto the market, which they could buy at greatly reduced prices. With land prices significantly lower than they are today it wouldn’t take long for the industry to recover. Until land prices fall, there will be no recovery.
The Australian housing industry is building 40,000 fewer homes a year than it should be. That’s more than $10 billion worth of work a year the industry is missing out on. That’s a lot of bricks, concrete, timber, tiles, steel and, of course, labour.
Governments and industry associations have known for years this was coming but just played footsies with each other – read US economist George Stigler’s book Regulatory Capture to understand how and why this happens.
Australia’s economy has been seriously distorted due to a massive over-investment in household debt. We have a housing industry on its knees. Getting all this back into alignment with reality will take time, but it is a realignment that is necessary.
We cannot continue to deny the next generation a home of their own merely to satisfy the indulgences of urban planners and state government treasury officials.
Bob Day AO is managing director of national home builder <a href="https://www.homeaustralia.com.au/" target="_blank">Home Australia</a>
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator.</a>
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High land prices are killing the housing construction industry: Bob Day

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The median unit price in regional Tasmania in August, according to Residex. This is down 0.41% from last month.
 
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<img src="/images/stories/2012/09/226500.gif">
The median unit price in regional South Australia in August, according to Residex. This is down 3.02% from last month.
 
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<img src="/images/stories/2012/09/255000.gif">
The median unit price in Hobart in August, according to Residex. This is down 2.2% from last month.
 
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<img src="/images/stories/2012/09/258000.gif">
The median unit price in regional Victoria in August, according to Residex. This is up 0.01% from last month.
 
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<img src="/images/stories/2012/09/299000.gif">
The median unit price in regional NSW in August, according to Residex. This is down 0.14% from last month.
 
<hr>
 
<img src="/images/stories/2012/09/301500.gif">
The median unit price in Adelaide in August, according to Residex. This is up 0.13% from last month.
 
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<img src="/images/stories/2012/09/306000.gif">
The median unit price in regional Western Australia in August, according to Residex. This is down 0.78% from last month.
 
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<img src="/images/stories/2012/09/311000.gif">
The median unit price in regional Queensland in August, according to Residex. This is down 0.17% from last month.
 
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<img src="/images/stories/2012/09/350500.gif">
The median unit price in Brisbane in August, according to Residex. This is down 0.49% from last month.
 
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<img src="/images/stories/2012/09/393500.gif">
The median unit price in regional Northern Territory in August, according to Residex. This is up 1.74% from last month.
 
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<img src="/images/stories/2012/09/411500.gif">
The median unit price in Darwin in August, according to Residex. This is up 0.93% from last month.
 
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<img src="/images/stories/2012/09/414000.gif">
The median unit price in ACT in August, according to Residex. This is down 2.66% from last month.
 
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<img src="/images/stories/2012/09/421500.gif">
The median unit price in Perth in August, according to Residex. This is down 2.16% from last month.
 
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<img src="/images/stories/2012/09/496000.gif">
The median unit price in Sydney in August, according to Residex. This is up 1.69% from last month.
 
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<img src="/images/stories/2012/09/401500.gif">
The median unit price Australia-wide in August, according to Residex. This is down 0.06% from last month.
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Australian unit prices flat in August: Residex state-by-state analysis

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Cassidy Knowlton

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