<html><body>
The Western Australian Planning Commission has announced that they are making changes to the planning system, aiming to boost housing affordability.
The changes follow last year’s Planning Provisions for Affordable Housing Discussion Paper and have now become part of the Affordable Housing Strategy, which looks to bring 20,000 new affordable housing options by 2020.
Western Australian Planning Commission chairperson Eric Lumsden said that as the state’s population grows, the emphasis on affordable housing would be an increasingly important priority.
“Housing affordability is a complex area, which is why we are adopting a staged approach that encourages the use of incentives in the first instance,” he said.
The voluntary incentives may be planning concessions that reduce costs or that may improve the outcomes for both developers and buyers.
 “The WAPC will assess the effectiveness of incentives and, if it proves necessary, will in the longer term investigate further potential policy approaches to deliver affordable housing supply,” said Lumsden.
These changes have been welcomed by the Property Council of Australia, who has been encouraging the government to consider voluntary incentives to increase the supply of affordable housing.
Executive director of the Property Council, Joe Lenzo, said that incentives are the most effective long-term strategy for delivering affordable housing.
“Incentives that reduce costs and improve development outcomes will enable more affordable living options to be provided for the community,” said Lenzo.
“The incentives need to be designed intelligently so that they increase a project’s feasibility and do not impact on its commercial viability, encouraging developers to embrace this opportunity.”
Lenzo said that tailoring the incentives to prioritise housing diversity and supply is the key to providing more options.
“Affordability is more than just the sticker price. It is all well and good to throw up a cheap house in the middle of nowhere, but it will only cost that resident more in utility payments, access and cost of transport and proximity to employment.”
</body></html>

jduke-EHk3XBmHkn

WA's affordability housing boost given industry thumbs up

<html><body>
Paul Nugent from Wakelin Property Advisory recently sought out SongBowden Planning’s Daniel Bowden to ask how Victoria's new planning zones affect property owners.
Bowden explained that the planning process is really about outcomes, and the primary change for residential property owners and investors has been the introduction of three zones.
These are the three zones:
<ol>
<li>
Neighbourhood Residential Zone 
</li>
<li>
General Residential Zone 
</li>
<li>Residential Growth Zone</li>
</ol>
He explains that it’s best to consider them like traffic lights in terms of how development will be accepted in those areas – that is, the Neighbourhood Residential Zone is a red light, the General Residential Zone is an orange light and the Residential Growth Zone is a green light.
For those in a Neighbourhood Residential Zone, the aim is to limit change and respect character.
For the General Residential Zone it’s to develop where appropriate and have some opportunity for development that’s not too intense.
In the Residential Growth Zones it’s about looking beyond character and maximising development opportunities.
“Developers are looking for sites in these growth zones and steering away from areas where it’s suggested to not be appropriate anymore,” said Bowden.
He explained that the controls do appear to protect residents from big development from happening next door to them in the “red” areas. However, if you own property in an area promoted for development, then your expectations are going to possibly need to change as a large development may occur next to you.
You can see their full thoughts in the video below.
{qtube vid:=R3qWakcq18o}
{mijopolls 63}
</body></html>

Victoria’s three planning zones and how they affect you

<html><body>
Miles, which is often considered together with Chinchilla, is a small town in the Surat Basin Western Downs area in Queensland.
It recently fell onto Property Observer’s radar again due to its status as the highest yielding suburb in Queensland for houses, at 11.17%,  according to RP Data.
Half an hour west of Chinchilla and about an hour and a half east of Roma, Chinchilla, Miles, Roma and Dalby are regularly mentioned in the same breath. However, Chinchilla offers a 5.88% rental yield, while Roma boasts 7.09% and Dalby's yield is recorded at 5.52%. Not quite the striking on-paper statistics seen in Miles.
Click to open in new window:
<a href="/images/2014/11/13/miles%20nov%2013%20one.png" target="_blank"><img src="/images/2014/11/13/miles%20nov%2013%20one.png" alt=""></a>
Originally known as Dogwood Crossing when established in the 1800s, Miles is a country town with over 20 historically important buildings and with a strong agricultural background.
Today, it also has a significant mining influence.
According to RP Data, the median weekly advertised rent is $750, with a median price house being $349,000, providing this strong rental yield figure.
However, while this may instantly put the area on some peoples’ hotspot lists, it may be worth taking a closer look.
Over the past three months, the median price movement was down 9.94%, with figure down 8.16% over 12 months. Over the past three years, the median price has increased by 39.60%, representing an average annual growth of 16.92%.
With a seven year average hold period, even with the 102 days on market average, it’s not looking too bad for the long-term property owners in Miles.
In fact, Matusik Property Insights, writing a report about Miles a couple of years ago, pointed to the fact that almost 10% of Queensland’s manufacturing gross domestic product is produced within the Western Downs region, with the energy resources sector boasting the potential to more than triple their gross regional product in the years ahead.
“Recently there have been a number of gas fired power stations built with others being proposed. There are both solar generated power and wind generated power projects being proposed in the Western Downs,” their report noted.
“However, the Surat Basin is not dependent on any one industry or commodity, with coal, gas, power generation, solar energy, coal seam gas, water projects, rail infrastructure, farming and supporting businesses all present in the area. This means the area’s economy is protected from downturn if one industry sector endures a bad period. In fact, there are over 4,500 businesses in the Western Downs Regional Council according to official figures from the Australian Bureau of Statistics (ABS).”
They noted that a large number of new workers were expected for Chinchilla, Miles and Roma, with an expected figure of more than 42,000 workers required to service the new projects in the Surat Basin (you can see a list of those near Miles over the page).
The number of transient miners in the area was expected to increase from 4,000 to 16,000 by 2015.
“To this end, it should be noted that during 2010, the Western Downs Regional Council recorded a 57% increase in residential dwelling approvals compared with the previous year.
This reflects the high demand that exists in the area for additional housing arising from the region’s strong levels of economic activity and job creation.”
In July 2012, Surat Basin Property Group’s chief operating officer Jason van Hooft told Property Observer that the opportunities for investors in the Surat Basin are <a href="/news/qld/chinchilla-queensland-mining-hotspot-or-one-underpinned-by-marketeers">“unique in Australia”</a>, pointing to the fact they’d already built and sold 200 house and land packages in Chinchilla.
“For a start, we are not that isolated, being only 3.5 hours' drive from Brisbane, and secondly the towns of Chinchilla and Miles are long established country communities with existing infrastructure, existing thriving communities and broad-based economies," van Hooft said.
“If you like, the resources boom is the icing on the cake for these centres,” he said.
Last year, approval was given for a 3,000 bed mining camp for Miles. Interestingly, <a href="https://www.nexthotspot.com.au/" target="_blank">NextHotSpot</a> pointed to the limitations on capacity in Miles and Chinchilla when picking their hotspot of Toowoomba for this year.
“With major job creation in the Surat Basin on the way (perhaps 27,000 jobs over the next 3 years) and the small towns of Dalby, Chinchilla and Miles unable to accommodate other than in mining camps, Toowoomba becomes a natural capture point for much of the overflow,” they explain.
Looking at house sales that have occurred over this year, there have been remarkably few in Miles.
It seems that this past year has been slow, if not backwards, but that investors holding on for the long term have done well with very few currently selling out to realise losses.
Many property owners purchased at the beginning of the 2000s for $100,000 and below. These investors have seen their properties doubling, or more, on sale price.
However, gains have been slower since 2010. Two properties purchased in 2011, for $290,000 and $140,000, sold for a $25,000 gain and a $35,000 gain respectively.
A March 2012 buyer, who purchased a large home for $750,000 and was noted in the listing as “motivated”, took a $100,000 drop to sell in June this year.
Another property, on Daisy Street, sat on the market for 497 days, initially listed at $240,000 in November 2012. It finally achieved $225,000 in April 2014.
Perhaps capital gains are not as forthcoming this year.
But what about that double figure rental yield that remained elusive for <a href="/news/qld/can-you-really-get-a-double-digit-rental-return-in-queenslands-mount-morgan">our runner up town of Mount Morgan yesterday</a>?
Rising rents have been an interesting experience in Miles. The Residential Tenancies Authority of Queensland in 2012 noted an increase in Miles  from $300 to $550 per week for a  three bedroom house, as well as in Chinchilla from $320 to $375, over the year to the December quarter 2012. Looking at their more recent data (based on bonds lodged), it seems that four bedroom homes are rented at a median $450 per week and three bedrooms at $375. Last year, this was $550 and $700 respectively. There was weak or no data for townhouses or apartments.
The major thorn in the side for Miles is the scary figure that emerges when looking at the vacancy rate. With a 28.2% vacancy rate recorded by SQM Research, managing director Louis Christopher told Property Observer when vacancy rates get that high, it’s worth looking a little deeper and being suspicious of the figures.
Looking for new developments, Surat Basin Homes’ The Pines Miles ‘Parkland Living’, with House and Land packages from $447,346 has recently seen Stage one and two completely sold, with 135 residences to be sold across the estate. They are particularly aimed towards property investors.
Considering that in the 2011 Census a total of 1,854 people were counted, any development of this size has the capacity to have a big effect on the local property market.
Hotspotting.com.au’s Terry Ryder told us that the towns of the Surat Basin, including our focus of Miles, have been afflicted by the same problems seen in Gladstone and Mackay.
“The demand forces are still strong but developers have piled in and oversupplied the markets in that area, including also Chinchilla,” said Ryder.
“Miles has had exceptional price growth in the past five years, but in the past 12 months the median price has dropped 27%. Average time to sell a house in Miles is now six months and discounting is close to 20%.
“The number of house sales in Miles in the past five quarters have been 17, 10, seven, three and zero,” he said.
“Developers have an incredible capacity to destroy boom markets and Miles is yet another example.”
When searching the rental listings, it’s clear that an abundance of new properties do exist. Looking for houses only, and not including surrounding suburbs or office-homes, approximately 78 rentals remain. Rent per week ranges from as low as $200 per week for a two bedroom, one bathroom “tidy” home to $1,200 per week for a five bedroom, six bathroom family offering.
One of the listings was undisclosed.
The rest currently available fall into these brackets:
$700 or more: 4
$600 to $699: 7
$500 to $599: 14
$400 to $499: 25
$300 to $399: 19
$200 to $299: 7
Assuming we owned a home that we were aiming to rent for the upper brackets, it appears that the standards are quite high if you’re aiming for a quick tenant – particularly with that amount of competition on the market.
Property Observer looked at the current rentals and found that 41 were advertised as fully furnished, 14 were brand new with a further 12 mentioning they were close to new or in a ‘new estate’. Another 19 advertised the property as renovated.
Of all the listings, eight offered rental incentives, such as free rent, or the ability to negotiate with the landlord on the price.
All in all, it seems that the investors who did the best in Miles did so some years ago, although this situation may change with a number of projects coming up.
Photo of Miles main street courtesy of <a href="https://commons.wikimedia.org/wiki/User:Mattinbgn" title="User:Mattinbgn">Mattinbgn</a>/<a class="mw-mmv-license cc-license" href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/3.0" target="_blank">CC BY-SA 3.0</a>.
See over page for a list from Advance Western Downs in 2012 for projects planned in Miles.
<hr class="system-pagebreak">
According to Advance Western Downs, a number of projects are planned, completed or underway in Miles and close by locations as of 2012.
Here are the projects:
Australia Pacific LNG - coal seam gas to LNG project (Construction)
Columboola South Transmission Network - part of power supply project (Construction)
Columboola Substation - part of power link project (Construction)
Columboola to Wandoan South Transmission Project - transmission line and substation (Construction)
Queensland Curtis LNG - Coal seam gas development (Construction)
Arrow Surat Pipeline - Connected Surat Basin coal seam gam with LNG facility in Gladstone (Planning)
Cameby Downs Expansion Project - Increase mine rate (Planning)
Columboola Project - Mining operation JV between MetroCoal and SinoCoal (Planning)
Nathan Dam and Pipeline - Water supply for mining, power, urban, agriculture operations (Planning)
Surat Gas Project - Coal seam gas exploration expansion (Planning)
Cameby Downs Mine Project - Coal mine (Operation)
Condamine Power Station - Coal seam gas power station (Operation)
Kenya to Chinchilla Weir Pipeline - water supply during coal seam gas project (Proposal)
Columboola Creek Crossing - coal mine (Proposal)
Davies Road - coal mine (Proposal)
Rywung - coal mine (Proposal)
Surat Project - exploration project (Proposal)
</body></html>

Miles, Queensland: The limping Surat Basin hotspot

<html><body>
As a result of a record sales result and interest, Frasers Property’s Putney Hill release ‘Canopy’ has been fast tracked to come to market on November 15.
The first release in the Morrison Precinct of <a href="https://www.putneyhill.com.au" target="_blank">Putney Hill, Canopy</a> includes 131 apartments over three buildings, called East, West and Central, and is on the west end of the 2.4 hectare parkland Lardelli Park.
Recently, Putney Hill sold out of their Reserve properties within a few weeks of launch. 
Canopy will include one, two and three bedroom apartments. Ground floor courtyards and oversized penthouse terraces will also be available. Prices start at $600,000.
They are designed by Cox Richardson Architects and every apartment features basement parking and storage.
Frasers Property sales director Paul Lowe said that Canopy is for buyers looking to buy a high quality product, off the plan, in an established community.
“At the moment, we’re seeing increasing demand for high-quality off-the-plan product, and I think prospective purchasers will be attracted to Canopy’s sophistication, beautiful landscaping and exceptional finishes – it will really epitomise the sophistication and outstanding quality the Frasers brand is synonymous with,” said Lowe.
Putney Hill includes a three kilometre scenic running track, three fitness breakout areas, tennis and basketball courts, and a children’s playground. 
“We recognise that buyers today have more expectations around the amenities on offer when considering a home. We also understand that wellbeing is becoming an increasingly important consideration where families, young professionals and empty nesters are choosing to live,” he said.
Landscape designers Environmental Partnership also focused on the fitness and wellbeing aspect.
More than 250 people currently live in Putney Hill. Construction will start on Canopy in mid-2015. 
 
</body></html>

Frasers Property fast track Canopy, Putney Hill following record sales

Asia Pacific confidence rises, with investors targeting office stock: Colliers

<html><body>
The annual RAMS First Home Buyers’ Pulse Check Survey has found first timers are looking to enter the property market sooner, even as fewer of them think it’s a good time to buy in.
In fact, of those surveyed, 19% are looking to purchase within the next three to six months, with 15% looking to buy in the next three months. This is an uptick from 14% and 13% respectively last year.
However, 65% this year think it’s a good time to buy, compared to 75% last year.
RAMS chief executive Martine Jager said the figure for first home buyers (FHBs) who want to buy soon is the highest they've seen.
She also noted the age of first home buyers is increasing, with 41% aged 36 or above, up from 30% in 2013.
The proportion of those aged 25 or below has dropped to 18% from 27% in 2013.
“There is a recognition amongst the group that they need to get on that property ladder, they recognise the importance of that first step and making it sooner rather than later. Something we are seeing amongst our customers at RAMS,” said Jager.
“We’re also seeing first home buyers are buying their home for different reasons, with more investors in the market than ever before,” she noted.
While interest rates was noted as an important issue, 70% said that they would still buy if rates were higher. Last year, 75% said they would buy if rates were higher.
Unsurprisingly, saving a deposit is one of the key barriers, with 48% of respondents noting it. Deposit concerns ranked behind property prices, at 49%.
Those requiring a home loan are more likely to have saved for two years or more, with 44% compared to 41% last year, with more saving above 20% of their household income for a deposit.
</body></html>

Fewer FHBs think it’s a good time to buy, but more intending to: RAMS

<html><body>
Some would assume that a mining town may top the lists of high yielding areas. However, this isn't always the case.
Miles, at 11.17% return, is the highest yielding area in Queensland and is a mining town.
However, offering a 10.35% gross rental yield, according to RP Data, with a median house price of $106,000 and weekly median advertised rent of $210, Mount Morgan is Queensland’s second highest yielding area for houses. In fact, with Miles, it’s the strongest yielding by far for Queensland’s house statistics – followed by 8.79% for Charleville, another remarkably low-priced location.
A double figure rental yield on a low price point undoubtedly makes many investors’ ears prick up, as does its 0.8% vacancy rate, according to SQM Research.
But why does Mount Morgan seem to offer such strong returns? And should you be rushing to put it on your cash flow radar?
The tiny town in central Queensland is approximately 40 kilometres south of Rockhampton with 2,115 people at the 2011 Census, and 1,078 private dwellings.
In the 1800s it was a gold mining town, but today the regional area is a little different.
The employment base is split; 18.7% are labourers; 17.2% community and personal service workers; 15.2% technicians and trades workers; 12.1% machinery operators and drivers; and 10.7% clerical and administrative workers. The rest of the town’s workforce includes managers, professionals and sales workers.
There is a 14% unemployment rate and 53.7% of residents work full-time.
The median age is 46 years and there are higher numbers of those in the older age brackets.
There is an interesting mix of properties currently on the market.
A house at 3 Little James Street is currently on the market for $135,000. The three bedroom, one bathroom home rents at $170 per week, or around 6.55% yield. To get to our headlining figure, rent would need to be almost $100 more per week.
Another is on the market at $155,000, rented at $175 per week, and has been advertised as rented “lower than market value”.
The highest price opportunity is $749,000 49 James Street (pictured above). For the price of a house somewhere in Brisbane’s inner suburbs, you can buy eight strata titled units.
It’s advertised offering $61,000 return per annum. That’s a substantial return – grossing 8.14% according to our calculations – but still not quite at the 10% plus noted.
Properties can be as cheap as a $60,000 doer-upper at 90 Darcy Street. Blocks of vacant land are available, though not particularly helpful in calculating rental yields.
Looking at sales over the past six months, many have fallen under the $150,000 bracket, including around the $50,000 mark. These sales regularly include “detonators” – homes that need to be knocked down and rebuilt, or completely remodelled, to be habitable. This suggests that while the sales would have been recorded as figures for houses, they were actually recording cut-price homes wanted for their land component only. Unsurprisingly, this can be expected to skew the median price south.
One property’s historical listings details note that while there is a house-like shack on the property, it was sold for “land price only”.
Perhaps this is why the rental yield is recorded so high.
This seems to be backed up when looking at rental listings, which show strong rent prices achievable on well-priced properties, like the three bedroom, one bathroom home on a quarter acre block on 25 Gordon Street. It’s asking $275 per week.
However, while this home is achieving more than the area’s suggested indicative rent, it also sold for more. Last year in September, it transacted for $205,000. This puts the rental yield at 6.98%, if this rent is achieved - not a figure to be sniffed at, but not quite our headlining figure.
Strong yields are available in Mount Morgan, usually around the 6% to 7% mark, but getting to double figures remains elusive.
Tomorrow, we'll look closely at our number one suburb, the mining town of Miles to find out whether being in a strong resources town can actually produce double figure rental yields.
</body></html>

Can you really get a double-digit rental return in Queensland's Mount Morgan?

<html><body>
Dwelling price growth is easing, according to the latest Australian Bureau of Statistics (ABS) data, and people are beginning to wonder when, and if, the growth cycle will end.
Property prices are up 9.1% year on year, according to the ABS. For established houses, this figure sits at 9.2%, while for attached dwellings it is at 8.5%.
The Housing Industry Association senior economist, Shane Garrett, said that the figures are a welcome addition to the data that show that price growth is easing to a “much more sustainable rate”.
“The annual rate of home price growth nationally is back in single figures for the first time in a year,” said Garrett.
“At the same time, new home building is stretching to its busiest year in two decades.”
“This is no coincidence.”
Garrett said that the housing industry is looking to meet the increased housing requirements, but noted that capacity is bursting at the seams.
“Any home builder will tell you of the difficulties in sourcing crucial trades like bricklayers, at a time when training budgets in the industry are being slashed by government,” he said.
He also pointed to restrictive land supply.
“It is important that federal and state governments ease the bureaucracy around the release and development of land for new housing. This will help ensure that strong dwelling price pressures do not emerge again in future.”
{mijopolls 62}
</body></html>

Price growth easing, is the growth cycle nearing an end?

<html><body>
Auction clearance rates (ACR) are reported at the start of the week, expressed as a percentage. They have been recorded since the early 1980s and have since cemented themselves as a leading indicator of market sentiment.
There are a number of providers of auction clearance rates, however the two most often relied upon are Australian Property Monitors (APM) and RP Data. The Real Estate Institutes often present their own clearance rate data as well. These data sets are regularly different to each other, making auction clearance rates particularly confusing.
In a nutshell, a low auction clearance rate usually indicates a buyer’s market, while a high auction clearance rate indicates a seller’s market, or a hot market. A neutral market is around the 50% mark, however it’s worth knowing the norm for the city you’re considering.
So what exactly are they counting?
The percentage of the ‘clearance’ rate is those that cleared or, in other words, those that sold. However, different companies have slightly nuanced ways of collecting this data.
Auction clearance rates tend to include the sold at auction results, as well as those sold directly before or after. Passed in and withdrawn auctions are also collected. APM considers withdrawn properties to be ‘no sale’, just as those that are passed in are considered ‘no sale’.
Their calculation is:
Clearance Rate = (Sold at auction + Sold prior to auction)/(All reported + withdrawn)
However, they collect their data on Saturday, for publication in the Sunday papers, and their process of collecting results will still continue after this time. Unsurprisingly, the revised figures later in the week may moderately differ.
APM refers to their figures as the “most conservative” of any source presented in mainstream media. However, they <a href="/news/the-current-method-of-gauging-the-strength-of-the-market-is-both-flawed-and-lazy">have come under fire over the past year for not publishing the total auction listings </a>and not including unreported auctions, which may make the ACR seem higher.
The Real Estate Institute of Victoria uses this equation:
Auction Clearance Rate = (Sold at auction + Sold before auction + Sold after auction)/(Number of reported auctions)
They opt not to include withdrawn or postponed auctions saying that they haven’t been subject to a full auction campaign. Their ‘sold after’ figures apply to those sold on Sunday, but not Monday, and still under auction conditions.
RP Data also includes the results of those sold before and after auction. ABC Fact Check notes that they only rely on the number of reported auction results for which the outcome is known.
As you can see, these statistics would vary significantly from each other. Unsurprisingly, there has been close scrutiny and questioning of auction statistics in recent times.
A research paper from Deakin University, Residential auction clearance rates – what do they really mean?, looks closely at the Melbourne market ACR and its limitations.
“Caution should be exercised when interpreting what it actually means and its limitations are rarely discussed in real estate circles; for example there is no consideration given to the number of bidders at the auction, how much [%] the property exceeded the vendor’s reserve, the number of bids or the number of competing auctions in the surrounding area at the same time,” the report explains.
“At times the auction clearance rate is sourced from a narrow segment of the market with few sales and therefore cannot directly applied in across greater Melbourne.”
The study did, however, note that there is a correlation between house prices and the ACR.
<img src="/images/2014/11/11/acr%20nov%2011%20one.png" alt="">
Usually, real estate agents report the results of an auction to a data house (by phone, or by an online portal), which the Deakin study explains is as a result of agents’ requirement to appear competitive in the market. However, at present this reporting is voluntary, not mandatory, and so can cause only impartial results if agents opt to not report over a weekend. There has been some suggestion that when clearance rates are low, real estate agents are less inclined to report.
When reported, newspapers and media outlets look for records, or six-month highs or lows, or anything to provide the ACR a newsworthy hook. Despite this making for interesting reading, clearance rates are best used when looking at longer time periods of data, and trends, as a result of how easily affected each weekend can be by events or poor data collection.
They are also an indicator of the broader market’s performance. This can be useful to understand how a city is faring generally, but may not be specific enough to assist you when looking at micro markets (this is where your own research into what is selling comes in handy). Remember that while auctions are much-discussed, private treaty is by far the most common method of sale.
Similarly, markets without an auction culture will find the clearance rate statistic less useful. For instance, Sydney and Melbourne are the two largest auction cities across the country. Hobart and Adelaide investors may barely consider the ACR. Similarly, some suburbs have a higher reliance on private treaty than others (smaller areas away from the city and regional areas in particular), meaning you need to know your local market well if you want to know how much to rely on this statistic.
In summary, the statistics can be useful when considered over a lengthy period of time, and when you understand specifically what is being recorded. However, it is just one of a number of factors you must consider and should be used in concert with your own localised research.
</body></html>

What is an ‘auction clearance rate’? Investment terms explained

<html><body>
As of today, Sydney’s median asking price has pushed past the $1 million benchmark. This figure looks at freestanding houses, which includes terraces but excludes townhouses.
In this morning's update, <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a>’s Louis Christopher said that the median asking price for houses is now $1,005,800.
“Right now it would be impossible to purchase a free standing house in Sydney’s inner ring for under a million dollars, and will become increasingly difficult to purchase a free standing house in Sydney’s middle ring for under a million dollars," said Christopher. 
In July 2013 the median asking price moved into the $900,000 plus bracket.
The median asking price for a three bedroom home is not far behind having recently ticked over the $900,000 mark, with a clearly upwards trajectory.
The median asking price for units sits just below the $600,000 mark, having moved above $500,000 towards the end of 2012.
You can <a href="https://sqmresearch.com.au/graph_median_weeks.php?region=nsw%3A%3ASydney&amp;type=c&amp;t=1" target="_blank">see their full break down here</a>.
<a href="/images/2014/11/11/sqm-nov-11-one.png" target="_blank"><img src="/images/2014/11/11/sqm-nov-11-one.png" alt=""></a>
Source: SQM Research.
 
</body></html>

Sydney’s median asking price tips over $1 million mark: SQM Research

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

Joel Robinson

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Jennifer Duke

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News