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A one-bedroom unit in Auburn was Sydney’s most affordable auction sale last weekend, according to Australian Property Monitors. 
Located at <a href="https://www.realestate.com.au/property-apartment-nsw-auburn-115420131" target="_blank">326/95 Station Road</a>, the unit sold for $141,000 through Century 21 Tan Brothers – Blacktown.
Prior to this sale, the unit last sold in 2010 for $117,000. It also sold in 2004 for $110,000, in 2001 for $64,000, and in 1993 for $67,000, according to RP Data records.
Property Observer also <a href="/news">reported</a> a sale in the same building in September this year. It was also that weekend’s most affordable auction sale, which sold for $150,000. 
Listing agent Eddy Tan told Property Observer the auction went “very well”, with two or three registered bidders.
The successful bidder was an investor.
While Tan declined to reveal the reserve price, he noted that the unit sold “slightly above” the reserve.
He added that the property market in Auburn is “pretty hot” at the moment.
“We’ve sold almost everything that we have,” he said.
Going into 2014, he believes the market is “going to go very well”.
“I’m hoping 2014 will be better than this year,” he said.
According to Century 21’s estimated asking rent of $250 per week, the price reflects a gross rental yield of 9.22%.
A check by Property Observer revealed that asking rents for one-bedroom units in 95 Station Road range from $210 per week to $285 per week for 2013, according to RP Data records.
According to the <a href="/news">latest RP Data report</a>, the median unit price in Auburn is $357,500, up 15.3% on last year. The average discount required to sell a unit is 5.2%, while private treaty sales average 78 days on market.
The median asking rent for units in Auburn is $390 per week, while gross rental yield currently stands at 5.7%.
<a href="mailto:dleow@propertyobserver.com.au" target="_blank">dleow@propertyobserver.com.au</a>
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Auburn studio sells for $141,000, reflects 9.22% gross yield

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Victoria saw around 1,560 auctions in 327 suburbs this past Saturday, making 2013 the hottest year for auctions with nine Super Saturdays on record, according to the Real Estate Institute of Victoria (REIV).
Prior to this year, 2010 comes in a close second with seven Super Saturdays on record.
Richmond was set to have the highest volume of auctions with 27 auctions, followed by Bentleigh East with 23 auctions, Brighton with 20 auctions, Reservoir with 19 auctions, and St Kilda with 19 auctions as well.
The weekend before last's auction clearance rate stood at 64%, which was the lowest since April.
REIV chief executive Enzo Raimondo believes this reflects the very high number of auctions, noting of last weekend that it will be the last for the year, bringing the grand total to nine. This compares to just two in 2012.
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2013 had nine Super Saturdays, highest on record: REIV

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The property market has much to celebrate this year, despite the ups and downs of the industry. We weigh in with industry leaders for a roundup of 2013 and what could be next in the year ahead.
SQM Research director Louis Christopher gives us an overview of how each capital city has performed in 2013.
Sydney
Christopher says that the property market’s performance in 2013, which saw a recovery, was in line with his predictions in 2012.
He notes that Sydney was the fastest-growing capital city. As the year progressed, real estate prices also accelerated in the Sydney market.
Going forward into 2014, Christopher forecasts 15 to 20% capital growth in Sydney, and he notes the data shows it is well on track for that.
“We’re not seeing in the first half of the year that there’s going to be any slowdown in Sydney,” he said.
“We’ve got agents reporting some angst and disenchantment with buyers, which is perfectly normal for buyers to do that if they are missing out on gains,” he added.
After the holiday period, he expects strong dwelling auction clearance rates come February.
Perth
The Perth market has done well this year, and Christopher believes the market is still rising at a rate of 6% per annum.
This year has seen a slight slowdown compared to 2012, where the year saw a 12% growth.
“There’s a slowdown in capital growth, but prices are still rising. Interest rate cuts helped the local market; they have somewhat offset the fall in demand in the loss of mining jobs,” he said.
Conversely, Perth has recorded some issues on the rental front, with rising vacancy rates.
Additionally, the northern end of Western Australia is seeing some large-scale corrections.
“There’s no doubt about it – corrections are taking place in towns like Karratha,” he said.
Darwin
The northern most capital city recorded a slowdown this year, according to Christopher.
“Last year, we saw Darwin getting up to 12 to 13% capital growth. It’s slowed right down in the course of 2013, particularly from mid-year,” he said.
He noted that slight price falls started occurring around July.
“It’s more of a flattening out in the marketplace that’s occurred in the last three months,” he said.
He believes there’s a softening occurring in the Darwin property market.
Brisbane 
 
Brisbane is seeing an uptick especially in the second half of this year. SQM has recorded a 2% rise for houses and 1.1% rise in units for the last 90 days.
For the rest of 2013 Christopher notes that it’s been a “relatively flat to modestly growing market”.
He added that the inner city apartment market is seeing elevated vacancy rates.
“It’s a problem that’s come up and raised its ugly head. It’s put an anchor in real solid capital values taking hold in the CBD,” he said.
As for 2014, he believes the eastern Brisbane property market will be “favourable”, with the exception of islands such as Morton Bay. Christopher also expects a recovery in free standing dwellings in Brisbane’s east, and an acceleration of the property market across next year.
See over page for the Gold Coast, Adelaide, Hobart, Canberra and Melbourne
 
 
 
<hr class="system-pagebreak">
 
Gold Coast
While there has been a correction from 2008 to 2013, Christopher notes that there are signs of recovery in Gold Coast for free standing dwellings.
“I wouldn’t say it’s occurred yet for the apartment market, they still seem to be somewhat weak,” he said.
He added that there has been a pickup in demand for the region, especially for free standing houses which have risen in price by 5.5% since July.
Adelaide
The Adelaide property market has bottomed, according to SQM Research statistics. The capital city has not recorded much capital growth. Houses are up by 2.4%, while units are up by 1.2% over the year.
Stock on market remains “elevated”, with over 16,000 dwellings available. The normal range lies between 9000 to 10,000 dwellings.
“At this stage we’re not seeing any major recovery for Adelaide for 2014, but the prices have definitely stopped falling,” Christopher said.
Hobart
After a year which saw Hobart’s property market enter the process of bottoming out, Christopher believes it is getting closer to the bottom.
“The for sale market is looking quite weak, though there is a chance of modest price gains in 2014. It has been a slightly falling market in 2013, particularly for units,” he said.
Canberra
Across the year, Canberra has seen price falls of 3.4% for houses and 3.2% for units.
“There’s a lot of stock on market for Canberra, and we believes prices will likely fall on the back of job cuts,” he said. 
He noted that low interest rates have created a buffer in the market, though he forecasts a -1% to -4% decrease in next year’s property market.
Melbourne
Melbourne is always a "challenging" market to interpret and forecast, says Christopher - because of underlying real estate data lags. Nonetheless, the ABS recorded a 6.8% increase in house prices in September this year, up slightly from SQM's prediction of a 2 to 5% increase for the year. 
Christopher advises investors to remain cautious. He noted there has been increased buyer interest in Melbourne's inner ring suburbs, such as Albert Park and St Kilda, evidenced by a "substantial increase in stamp duty collections by the Victorian Government". However, he is concerned about the extremely high vacancy rates recorded. 
"Currently, there are over 40,000 properties on the market as we speak, nearly double the amount of Sydney's," he said. 
Auction clearance rates for 2013 have been higher than 2012, which is an encouraging sign. Taking note of the high vacancy rates in Melbourne, Christopher says, "The market is in a state where neither the buyers nor sellers have control over a market that's at equilibrium."
Moving into 2014, Christopher believes stock levels will fall, and the oversupply of house and land packages will be absorbed. 
"The market (in Melbourne) will do a little better next year, but it will not be at the rate of Sydney," he said.
Turn over page for more expert forecasts
 
 
 
<hr class="system-pagebreak">
 
PIPA chair and Empower Wealth founder Ben Kingsley shares his insights for the year and his forecasts for 2014.
Capital growth has been dominant in 2013, with low interest rates and pent-up demand pushing values higher.
Conversely, rental yields have not done as well this year.
“When you see city areas with above-trend growth in values in quite a short period of time, the rental yields actually fall away and they only start to improve a couple of years later, when values cool down and stabilise,” Kingsley said.
Regional areas tell a different story. Improved growth in capital cities have driven investors to purchase properties there. As a result, the larger regional centres have not seen the traditionally high levels of interest or buyer activity. This is especially for mining centres, where a slowdown in capital expenditure has seen mining jobs reduce in supply. 
In Kingsley’s view, regional centres close to capital cities have done better, as they have benefitted from the positive sentiment from the capitals.
“Take for example Ballarat; the yields have probably come off slightly from a consistent 6% range in entry level stock 12 to 15 months ago, to now be around 5.5% for this type of stock. But the reason for this is that values have moved ahead - not because rents are falling,” he said.
For investors who are watching yields closely, Kingsley thinks the areas that have performed better on the yield front are the larger regional towns which have diverse economic drivers.
“They have performed better because the hype around the booming mining and port centres lead to a mini property construction boom and therefore caused an oversupply of rental accommodation in some regional centres and when there is a glut of rental properties, real rents fall in value.   On the other hand the regional centres that have had steady population growth and a general shortage of available rentals have seen stable or growing rental yields, if their local economies are also experiencing growth, because the 'relatively' reliable employment opportunities are there and so is housing affordability when compared to capital cities,” he said. 
He warns that the risks are very much increased when property investors chase high yields, which are particularly evident in mining towns.
“It's a simple case of these mining towns being part of the boom and bust cycles experienced in the mining sector since the industrial age.  When mining is profitable, companies need workers and will pay a premium to attract them to these remote centres. But these workers prefer to rent, as the remoteness of the location doesn't pass the lifestyle test for them to choose to buy and settle. Instead they prefer to rent and they pay a premium to do so, creating a window of opportunity for wonderful yields for investors. But when the jobs dry up, the workers are gone almost overnight, leaving investors high and dry with long-term vacancies and many jump off the sinking ship and take a bath on the property values that plunge also,” Kingsley explains.
He notes that investors chasing yield need to keep a “very close eye” on the economic development of the regional area and also on the supply of properties.
Going into 2014, Kingsley is “more optimistic than pessimistic about the overall market”. He believes there will be increased activity amongst first home buyers and some “modest price growth across the board”. 
He also forecasts that the RBA will increase interest rates to cool the market when properties in the mortgage belt and regional areas begin to over-inflate.
Lastly, Kingsley advises all investors to tailor their investments according to their financial and personal goals – and look out for a tailored strategy to their needs instead of focusing on a singular trend.
Trends
Buyer’s Advocate Secret Agent director Paul Osborne spoke to Property Observer on his forecasts for 2014 in Melbourne.
He notes that a trend that has been happening for the last couple of years is a continuing urbanisation across the capital cities and even internationally.
Osborne is seeing an increase in density in Melbourne.
“The city of Melbourne has a small population base compared to other cities, but it is now densed up with new towers,” he said. 
He believes the next decade will see a lot more people living in the city, together with different demographics.
“Empty nesters used to move out from the inner city to the suburbs a couple of decades ago. That is now reversing, people are downsizing to live in the city centres as lifestyle and transport options take hold,” Osborne said.
Additionally, he believes Self-Managed Super Funds (SMSFs) will continue expanding, unless government policy changes come into place.
“The idea that people control their own destiny by choosing where they invest that money is an Australian tradition. We’re seeing that really come on in the last six months, and in the next year it will continue to accelerate as people become more sophisticated in how they manage their money,” he said.
He notes that with more Australians investing with SMSFs he expects inner-city living to become even more popular.
Besides local investment, foreign investment is set to grow next year in Osborne’s opinion. 
“Particularly if the Australian dollar comes back in value, we might see a lot more strong interest coming from overseas,” he said.
At the moment, foreign investors are particularly interested in CBD properties as well as the eastern suburbs for larger properties. Osborne notes that Australia could see a lot more interest from China and Malaysia as well.
Lastly, Osborne has seen another trend where a lot more people are looking to live solo.
“With higher divorce rates, there are less people per household,” he said.
Referring to ABS statistics, he said people are looking to live in smaller, one bedroom or studio units closer to the city.
“Traditionally, the mentality is always: Don’t get a one-bedroom unit. That’s not true. We’re starting to see a lot more one-bedroom properties becoming more attractive because of that formation,” he said.
But investors should not rush to purchase any one-bedroom property just yet. 
“It has to be in the right setting (to do well). With big towers, small apartments, that will put pressure on rental yields because of supply. What we look out for are one-bedrooms with a bit of an aspect, like a nice balcony or something different about them. I’d pick a one-bedroom with a nice courtyard over a two-bedroom without outdoor space,” Osborne said.
Additionally, Osborne noted that residential properties will not necessarily net high yields. 
“Yields aren’t that good for residential – you still can get some decent yields on commercial properties,” he said.
“With more supply coming on in terms of CBD apartments and city fringe apartments, it will put pressure on the rental market. Tenants aren’t as selective as owner-occupiers and will make their decisions based on price, putting pressure on yields,” he added.
<a href="mailto:dleow@propertyobserver.com.au" target="_blank">dleow@propertyobserver.com.au</a>
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A round-up of 2013 and and a forecast for 2014

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Located on the northern beaches of New South Wales, Bayview was named as such thanks to its beautiful views across Pittwater. The property market mainly caters to the prestige sector, while there are three retirement villages as well.
Australian Property Monitors senior economist Dr Andrew Wilson told Property Observer that the Bayview property market “hasn’t quite captured the growth we’ve had in other areas”.
“The Northern beaches has been a little flat this year. The lower north has mainly underperformed in the last three to four years in the Sydney housing market,” he said.
He notes that the prestige market areas such as Palm Beach and Avalon have seen a shortage of buyers in the market this year, possibly because the same areas oversold about three to four years ago.
“The properties have been sold at a discount through the last couple of years, and have not registered price growth,” Dr Wilson said.
Interestingly, Dr Wilson notes that the bottom market has seen some activity.
“Recently, most of the markets have been improving from a surge of activity from the bottom. Prestige suburbs have been gaining because they’re being pushed up from the bottom,” he said. 
He revealed Bayview has seen “quite strong price growth” in the last six months, recording a 13.4% increase in median price over that period. However he notes that those statistics come from a small number of sales, which may not reflect market sentiment.
“Despite growth in price over the last six months, Bayview’s median house price is still below its previous peak in 2010. But this is certainly an encouraging sign for the northern beaches, which has been an underperformer during the strong market period in Sydney this year,” Dr Wilson said.
He added that buyers are “pushing up the bottom” in the $2 million to $3 million price range. 
Bay.View.Beach Real Estate director Graeme Keats told Property Observer that the Bayview property market is “definitely stronger than 12 months ago” for both price and sales. 
He added that prices have increased in the last six weeks due to buyer demand.
Keats also noted that the Bayview demographic is predominantly made up of an aging population.
“We are finding a lot of the sellers who have had their children move on are now selling,” he said.
Additionally, he noted that off-leash dog park Rowland Reserve is a popular spot.
“Rowland reserve has always been a favourite spot for not only the locals but people as far as St. Ives bring their animals down for a swim,” he said.
Moving into 2014, Keats hopes there will be a 5% price growth, which will give vendors who are contemplating putting their properties on market a push.
He also believes Bayview’s proximity to the Sydney CBD, which takes about 45 minutes by car, is an advantage.
“It is a great place to live, mainly in Bayview heights which offers great views on a minimum size of an acre per lot,” he added.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median house price in Bayview is $1,175,000, down 14.2% on last year. The average discount required to sell a house is 9.7%, while private treaty sales average 101 days on market. 
The median asking rent for houses is $1000 per week, while gross rental yield currently stands at 4.4%. 
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Suburb spotlight: Bayview, NSW, undergoing a shift

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A three-bedroom house in Wyong was the weekend’s cheapest auction sale in Sydney, according to Australian Property Monitors.
Located at <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-wyong-115458227">22 Cutler Drive</a>, the house sold for $211,000 through Capital One Real Estate – Gorokan/Wyong.
Listing agent Darren Smith told Property Observer the house sold “under the hammer”, and the auction saw five registered bidders.
He revealed the successful bidder was an investor, who plans to build a granny flat in the yard.
Smith added that the property market in Wyong is “strong” at the moment, and the demand for “affordable” rental properties has increased.
“The market’s rising, especially from the bottom end. We’re in the same situation as say 11 to 12 years ago, where the market’s rising and rents won’t rise as fast as the market rises,” he said.
The house is expected to rent for around $300 per week, while the granny flat is expected to rent for $280 per week, according to Smith.
“But of course they’ll need to tidy the house a bit, build the granny flat, add in some fences and do some repainting first,” he said.
Smith added that the house would rent for around $310 or $320 a week without a granny flat.
He believes the property market in Wyong will continue to rise in 2014.
“You’ll probably find the bottom end of the market will rise about 1% every month; around 12% to 15% for the year,” he said.
Additionally, Wyong has a train station, while an Aldi supermarket is about to open. A Chinese theme park is due to open in 2020, while there is also the potential for a new airport. Smith believes these new infrastructure plans could further expand Wyong’s property potential.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median house price in Wyong is $317,000, down 7.4% on last year. The average discount required to sell a house is 6.3%, while private treaty sales average 105 days on market.
The median asking rent for houses is $340 per week, while gross rental yield currently stands at 5.6%.
dleow@propertyobserver.com.au
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Sydney cheapie sells for $211,000 to investor, with plans to build granny flat

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Purchasing a home can be a difficult task – especially if you’re after that perfect property that’s just right, though you cannot necessarily put a finger on that particular element which makes it so.
Buyers advocate Secret Agent’s recent report delves into the social science behind that “quirk” property buyers are after – that chill down the spine that leaves you thinking about the perfect property you are after.
The report quotes American sociobiologist and author Edward O Wilson, whose research showed that “the brain is most aroused by patterns in which there is about a 20 per cent redundancy in elements or, put roughly, the amount of complexity put in a single maze”.
Wilson notes that this amount of complexity is the most the brain can process in with one look, just as seven is the highest number of objects that can be counted at a single glance.
For instance, when purchasing a new sofa, its linear design may be appealing because of the slightly flawed texture of its wool fabric, which provides the 20 per cent redundancy Wilson refers to.
Wilson also addresses in his research why people might choose a certain place to live.
"Studies have shown that given freedom to choose the setting of their homes or offices, people across cultures gravitate toward an environment that combines three features, intuitively understood by landscape architects and real estate entrepreneurs. They want to be on a height looking down, they prefer open savanna-like terrain with scattered trees and copses, and they want to be close to a body of water, such as a river, lake, or ocean. Even if all these elements are purely aesthetic and not functional, homebuyers will pay any affordable price to have such a view. People, in other words, prefer to live in those environments in which our species evolved over millions of years in Africa. Instinctively, they gravitate toward savanna forest (parkland) and transitional forest, looking out safely over a distance toward reliable sources of food and water. This is by no means an odd connection, if considered as a biological phenomenon. All mobile animal species are guided by instincts that lead them to habitats in which they have a maximum chance for survival and reproduction."
His research suggests that biologically, humans are prone to making certain choices and strive to certain ideals.
What other factors are involved when searching for a space to live or work?
Secret Agent draws upon Maslow’s hierarchy of needs (1943) for further explanation. Maslow’s idea was that once our basic needs, such as food, water, and shelter are met, humankind moves onto satisfying more complex needs.
Perhaps the “perfect property” buyers have in mind is a mixture of their needs, desires, and ambitions aligned.
<img src="/images/stories/diane/Screen_Shot_2013-12-10_at_3.05.21_PM.png" alt="Screen_Shot_2013-12-10_at_3.05.21_PM" height="202" width="420">
Source: Secret Agent 
Trends also play a huge part in attracting people to properties. Australia ranks third on Google Trends’ list of searchers of the term “home styling”, while Victoria tops the country when searching for home stylists or styling tips.
Vendors and agents therefore spend time and money on creating that “magic” space which buyers want to get into.
There is a business in creating that feeling where a property takes your breath away.
For instance, The Design Files is a website that showcases homes and homewares from all over Australia, as well as art, retail, craft, and food. With help from sponsors, the team put together an event where they styled an entire Melbourne home that’s open to the public – and everything was for sale.
The concept was conceived to allow the consumer to feel a connection to objects in context, removing that barrier if one were to simply look at an image of a product online.
The event proved to be a success and the team will be headed to Sydney next year to execute a similar event.
The report concluded that while that magic “quirk” cannot necessarily be defined, it is definitely up to the individual to find out what that 20% “redundancy” means for them to feel comfortable, and therefore develop that balance of need, want, and ambition for that “perfect space”.
<a href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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The social science behind that "perfect property": Secret Agent

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With an influx of foreign investment interest in Australia, it is vital to bridge cultural differences for a smooth working relationship and successful business transactions.
Melbourne property consultant Anthony Chiminello, who has had 15 to 20 years of experience dealing with clients from various backgrounds, tells Property Observer that the basic requirements or approach to negotiation for everyone – regardless of cultural background – is “fundamentally the same”: respect, honesty, and professional service.
Yet he has noticed that it is important to utilise those qualities according to different cultural requirements. 
He believes Australia is missing out on billions of dollars worth of business with China and other Asian neighbours because Australians focus on the deal first, rather than seeking to understand the clients and their culture.
“In the west, we deal with clients on an intellectual level. That tends to restrict the transaction to very broad terms: How much money you’ve got, and what I’m prepared to sell you,” Chiminello said.
In his experience, he has found that cultivating a deeper relationship with the client often pays off.
“It’s about understanding each other, the person behind the deal and the culture. It takes time and some effort, investing a bit more emotion or heart,” he notes. 
Conversely, investing time getting to know a potential client may not necessarily result in a deal. But Chiminello says that those clients were usually referrals from their relatives or associates.
“Sometimes you’ll find you develop a friendship with someone and there’s no business, but they then become your ambassador and promote you to all their friends and relatives,” he said.
He also advises that there will be clients out there who will “use and abuse”, but it’s also up to the other party to know when to draw the lines and know that someone is wasting their time.
“It’s good business sense, as opposed to being caught out,” he said.
One of the biggest challenges in bridging the cultural divide between an Australian property consultant and an Asian client is allowing enough time for both parties to get to know each other, Chiminello says.
“Patience can be a big challenge, especially in a fast-paced world,” he said.
“Sometimes their decision timeline is a lot longer. They tend to want to know a lot about peripheral things than the deal itself – more importantly, they want to get to know you,” Chiminello added.
Language can also be a barrier, especially with investors from Mainland China. Chiminello feels that interpreters sometimes do not accurately translate the emotions behind the language, resulting in a lot of wasted time trying to understand what the other party actually means.
While “Asian buyers” can be a broad term, Chiminello adds that investors from Hong Kong, Singapore and Malaysia are aware of western values and practices, making it easier for property consultants.
However, the emerging middle classes from Indonesia, Mainland China, and Vietnam have not necessarily been exposed to western business practices. In this case, there could be a learning curve in getting to know a prospective client.
Chiminello notes that the idea of building a relationship with a client stems from Confucian teachings which emerged some 2000 years ago.
“That philosophy is carried through, and it should be a basic premise for long-term business and improving the potential of doing business with each other. It’s about getting to know the person’s culture and getting to know them in detail. In many ways, it’s common sense,” he said.
Here are Chiminello’s top tips for building relationships with Asian buyers:
<ul>
<li>Don’t expect to do a deal on your first meeting.</li>
<li>Take an interest in the person on a holistic level. This includes their life, culture, lifestyle and family, as opposed to just focusing on the business. </li>
<li>Build a sense of trust between the two parties.</li>
<li>Cultivate some patience before jumping into a deal, and don’t expect everything to happen yesterday.</li>
</ul>
As a result of his interest in building goodwill and cultural ties with Australia’s Asian neighbours, Chiminello has produced a publication titled ‘Calendar for Life’.
It features bilingual poems coupled with illustrations by children from Singapore, Malaysia, China and Melbourne based on the theme of harmony. The publication can be purchased <a href="https://www.culturalharmonynow.com" target="_blank">online</a>.
<a target="_blank" href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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Building relationships vital to dealing with Asian buyers: Anthony Chiminello

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A one-bedroom apartment in a student accommodation building in Carlton was the weekend’s most affordable auction sale in Melbourne, according to Australian Property Monitors.
Located at <a href="https://www.realestate.com.au/property-apartment-vic-carlton-115344623" target="_blank">449/800 Swanston Street</a>, the apartment sold for $160,000 through Barry Plant Brunswick.
Prior to this sale, it last sold for $237,000 in 2005, according to RP Data records.
Listing agent Troy Constantine told Property Observer that there were two people present at the auction, and the successful bidder was an investor.
He revealed that the reserve price was $160,000.
He added that student accommodation properties were in demand at the moment.
“I generally sell student accommodation and properties similar to that, and my average days on market is around 25 days,” he said.
Constantine noted that the property market in Carlton has “pulled back a little bit” in the last fortnight.
“I think that’s because of supply and demand – more supply than demand, and more choices for buyers to make,” he said.
According to RP Data records, the unit was listed for sale from Dec 2011 to January this year, at an asking price of $199,000.
Constantine added that the $160,000 price is “consistent with what’s being sold at the moment”, and that the vendor “needed to sell quickly, that’s why the reserve was set at that range”.
According to its estimated asking rent of $331 per week, the price reflects a 10.76% rental yield.
According to the <a href="/news">latest RP Data report</a>, the median unit price in Carlton is $270,000, down 6% on last year. The average discount required to sell a unit is 7.1%, while private treaty sales average 86 days on market. 
The median asking rent for units in Carlton is $370 per week, while gross rental yield currently stands at 7.1%.
<a href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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Carlton student accommodation sells for $160,000, reflects 10.76% yield

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Located in the northern region of Queensland, Cairns is home to over 220,000 people. It is 1707 km northwest of Brisbane and is a popular tourist destination thanks to its tropical climate.
According to SQM Research director Louis Christopher, Cairns is enjoying a low vacancy rate of 1.9% at the moment, down from a peak of 4.9% in August 2009. 
This has translated into a slight increase in asking rents. For the Cairns region, houses are seeing a median asking rent of $389 a week, while unit median asking rents are around $236 a week, according to Christopher.
He also noted that there has been a downturn in the Cairns market since 2009.
“Back then in 2009, the median unit price was $300,000. Now it's $236,000. The median price for houses back then $430,000, now it’s $389,000. Over past 12 months, the rate of the climb has slowed somewhat. Houses down 1% for last 12 months, units prices are totally unchanged. They have flatlined,” he said.
Looking at data for stock on market, Christopher said he has been seeing “elevated stock listings” in Cairns. At the moment, there are around 6000 properties on the market in the region. While there has been a slight decline in listings over the last four months, he notes that there is “nothing to suggest there's a new trend yet”. 
As for the outlook for next year, Christopher thinks it is “neutral to being a buyer’s market”.
Australian Property Monitors’ senior economist Dr Andrew Wilson told Property Observer that the Cairns market is “showing signs of picking up”.
“It is tracking price growth in both the house and unit market, even though the median house prices are 5% below previous price peaks,” he said. 
He notes that there are significant issues with the unit market with regard to “insurances and cost of body corporate fees”. 
“This has had a significant impact on unit ownership, that’s why there hasn’t been a development in Cairns in years,” he said.
Dr Wilson notes that houses in the northern beach suburbs of Cairns have been doing well so far.
“The top growth suburbs at the moment are Kewarra Beach, there are quite a number of sales there. The six-month median is up by 7%, and the 12-month median is up by 16%,” he said.
Dr Wilson said other top-growth suburbs included Trinity Beach and Clifton Beach in the north. In southern Queensland, he noted that Bentley Park and Gordonvale were “doing quite well”.
“I think the Cairns market will get very close to its previous price peaks by the end of next year. It’s not just a question of lifestyle markets in Cairns. The state’s economic output has improved. And Cairns is a hub for agriculture tourism. Together with the dollar, these will activate the local economy,” he said. 
He added that investor activity has picked up in Cairns, especially with buyers from China.
“Cairns is ticking all the boxes at the moment. I anticipate price growth from now till next year, of between 5 to 7%,” he said.
Powe Property owner Matt Powe, who has ten years’ experience in the Cairns property market, says Cairns has picked up in the last 12 to 18 months. 
“It’s been a long time coming. Since 2008, it’s been a pretty tough place for the property market and such up till a year ago, when rental yields were pretty high and prices were quite low,” he said.
He added that the prospect of cash-flow positive properties was a huge factor for an increase in buyers in the area.
Powe added that buyer activity in Cairns is made up of both investors and owner-occupiers.
“Investors are still there, there are more people moving into Cairns now, or getting out of a tenancy to purchase a property,” he said.
He notes that the Northern Beaches may be of interest after the Queensland Government approved the first stage of plans for a casino in Yorkeys Knob. Traditionally popular suburbs such as Cairns North, Edge Hill, Whitfield and Parramatta Park should remain in demand, Powe said. 
According to the latest RP Data report, the median house price in <a href="/news">Yorkeys Knob</a> is $310,000, down 13% on last year. The average discount required to sell a house is 7.9%, while private treaty sales average 110 days on market. The median asking rent for houses is $376 per week, while gross rental yield is 6.3%. 
The median unit price in Yorkeys Knob is $197,000, up 2% on last year. The average discount required to sell a unit is 7%, while private treaty sales average 122 days on market. The median asking rent for units is $250 per week, while gross rental yield is 6.6%.
According to the latest RP Data report, the median house price in <a href="/news">Cairns North</a> is $381,000, up 3% on last year. The median asking rent for a house is $350 per week, while gross rental yield is 4.8%.
The median unit price in Cairns North is $215,000, up 5.9% on last year. The average discount required to sell a unit is 9.5%, while private treaty sales average 105 days on market. The median asking rent for a unit is $283 per week, while gross rental yield is 6.8%.
According to the latest RP Data report, the median house price in <a href="/news">Edge Hill</a> is $390,000, down 1.3% on last year. The average discount required to sell a house is 7.3%, while private treaty sales average 82 days on market. The median asking rent for a house is $390 per week, while gross rental yield is 5.2%.
The median unit price in Edge Hill is $152,000, up 1.3% on last year. The average discount required to sell a unit is 8%, while private treaty sales average 101 days on market. The median asking rent for a unit is $230 per week, while gross rental yield is 7.9%.
According to the latest RP Data report, the median house price in <a href="/news">Whitfield</a> is $450,000, up 7.8% on last year. The average discount required to sell a house is 7.4%, and private treaty sales average 91 days on market. The median asking rent for a house is $420 per week, while gross rental yield is 4.9%.
The median unit price in Whitfield is $248,000, down 1.8% on last year. The average discount required to sell a unit is 7.8%, while private treaty sales average 88 days on market. The median asking rent for a unit is $265 a week, while gross rental yield is 5.6%.
According to the latest RP Data report, the median house price in <a href="/news">Parramatta Park</a> is $342,500, down 16% on last year. The average discount required to sell a house is 6.6%, and private treaty sales average 96 days on market. The median asking rent for houses is $355 per week, and gross rental yield is 5.4%.
The median unit price in Parramatta Park is $215,000, up 10.5% on last year. The average discount required to sell a unit is 8.4%, while private treaty sales average 96 days on market. The median asking rent for units is $280 per week, while gross rental yield is 6.8%.
<a href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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Suburb spotlight: Cairns enjoying low vacancies

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A former housing commission area in Ipswich, Queensland, Riverview is located about 30 kilometres from the Brisbane CBD.
Property Observer ran a search and found only 40 properties for sale in the area.
Australian Property Monitors senior economist Dr Andrew Wilson told Property Observer that Riverview has “underperformed” over the last few years, though he expects the wider Brisbane property market to pick up in the next year. 
“Riverview is part of that budget market in Queensland, it has been soft, as it has been right on that budget level,” he said.
Dr Wilson notes that most outer suburban regions that fall under the budget market have been “weak and soft” as a result of a decline in the local economy.
“With positive signs of improvement coming through, gradually the budget market will pick up in Brisbane. Given the higher affordability going straight into entry-level prices, generally the market will start to pick up,” he said.
He believes the Riverview property market will see some growth by midyear next year, though in the short term low buyer activity is to be expected. 
First National Westside principal George Collis believes the Riverview property market is “warming up” at the moment.
He notes that Riverview is “less developed than its neighbouring suburbs” and is still recovering from the aftereffects of the global financial crisis.
“Things are improving, though they are not back at the peak of what they were,” he said.
Collis added that the average buyer would usually choose to purchase a property in a neighbouring suburb instead.
“You would have to have a specific reason, like your mum lives in the area, or get something for a really good price to justify buying there and not in an adjacent suburb,” he said.
However, it’s not all doom and gloom. Collis thinks the property market in Brisbane will pick up next year, though he does not expect Riverview to be inundated by specific queries.
For property investors, he notes that most properties in Riverview were built by the Department of Housing – therefore, they are built for rentals, and are usually very well-built.
“You normally receive pretty good rental returns. Also, right now you can probably buy at a reduced price,” he said.
Collins reminds potential investors that certain areas of Riverview were flooded, and to consider factors such as flooding and mining influences before purchasing a property.
<a href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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Suburb spotlight: Riverview, QLD has underperformed

<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;

Diane Leow

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