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Across Australia, the rate of price growth continues to slow, with combined capital city home values down 0.3% in November, according to CoreLogic RP Data.
Sydney continued to drive capital city growth in November, with home values up 1% on a monthly basis. Melbourne saw the biggest decrease in values, with a 2.6% drop over November.
CoreLogic RP Data recorded home value decreases in Melbourne, Adelaide, Canberra and Darwin.
The year on year capital city result further reflects a slowdown, according to CoreLogic RP Data research analyst Cameron Kusher.
"Although combined capital city home values increased by a healthy 8.5% over the 12 months to November 2014, the annual growth rate is now at its lowest level in the year – the rate of annual home value growth across the combined capital cities continued to slow after peaking at 11.5% over the 12 months to April 2014," says Kusher.
Kusher says most Australian cities have now passed their cyclical peak periods.
"Importantly, this has become apparent in the two largest capital cities; Sydney and Melbourne, where annual value growth peaked at 16.7% in April 2014 and at 11.9% in January 2014 respectively," he notes.
"Although Sydney and Melbourne appear to have moved through their peak periods, capital growth conditions have consistently been the main drivers of value growth over the past 12 months."
Sydney's November home values were 13.2% higher than those recorded in in November 2013. In the 12 months to November, Melbourne's home values increased by 8.3%.
Brisbane recorded the third strongest year on year growth, with 6%. Hobart's prices increased by 5.2% in the 12 months to November. Adelaide's home values increased more modestly by 2.8% in the same period.
Perth and Darwin had the weakest year-on-year results, each recording 1.4% growth.
Kusher expects 2014's value growth will be weaker than that seen in 2013.
Currently, the market appears to be weakening, Kusher says.
"Market indicators such as auction clearance rates remain quite strong, but also point to slightly weaker overall housing market conditions," he explains. According to Corelogic RP Data, auction clearance rates have reduced across Melbourne and Sydney in recent weeks. The two cities are Australia's biggest auction markets.
Kusher says property listing numbers have also begun to trend higher.
"This may indicate a slower rate of sale and is indicative of mounting stock on the market," he notes.
 On a monthly basis, Perth recorded an dwelling price increase of 0.9%, the second strongest capital city result. Brisbane home values increased by 0.4% over the same period, while Hobart recorded 0.2% growth. Adelaide home values were down 0.3% for November, Canberra saw a 0.5% decrease and Darwin's dwelling prices decreased by 0.8%.
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jrichardson-uRX5hFdKfN

Capital city prices dip in November as growth slows

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These five ballrooms are unlikely to have ever seen a minor celebrity (let alone Daniel MacPherson), but they still deserve a standing ovation.
While ballrooms are typically associated with grandeur and gowns, they are sometimes hiding where you wouldn't expect them. An unassuming 1950s <a href="/news/strictly-ballroom-devotees-for-baldwell-park-offering">Bardwell Home is currently on the market</a>, with a ballroom custom built for the Joan Allen Dance Studio.
Other ballrooms have made sure to meet the black tie dress code, with timber parquetry, chandeliers and bay windows.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-blackheath-118033759" target="_blank">179-181 Wentworth Street, Blackheath, NSW</a> 
 <img src="/images/2014/11/28/1.jpg" alt="">
Yabba Yabba, a circa 1888 restored heritage mansion, is one of Blackheath’s earliest guesthouses. It features a formal ballroom which opens onto an entertaining deck and a fish pond. The chandelier-lit ballroom, currently used as a formal dining room, has herringbone parquetry.
The home includes 11 suites, a commercial kitchen, a drawing room with open fireplace, a media room and a 20 seat dining room.
</li>
<li>
<a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-canyonleigh-117390091" target="_blank">250 Tugalong Roadm Canyonleigh, NSW</a>
 <img src="/images/2014/11/28/3.jpg" alt="">
Satori Springs is a 100 acre estate in Canyonleigh. This ballroom has polished timber floorboards and full height windows – unfortunately, we assume the baby grand piano and suit-clad pianist is not included. The chandeliers look a good deal more suitable in this ballroom than they would <a href="/expert-insights/investing/chandeliers-hanging-in-the-garage-he-said-she-said">a garage – or even a chicken coop</a>.
For those who prefer not to dance, there is another complex on the estate, with an indoor heated swimming pool, spa treatment rooms and its own tennis court.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-blackheath-117906883" target="_blank">166-168 Shipley Road, Blackheath, NSW</a>
 <img src="/images/2014/11/28/2.jpg" alt="">
Blackheath has another, slightly more modest, ballroom. The ballroom in the circa 1930s 166-168 Shipley Road property is now used as a gallery, complete with hanging rails. It features timber floorboards and ceiling roses.
The mixed-use property, with a two bedroom, two bathroom apartment, studio space and dining room, is currently on the market with a price guidance of $699,000 plus.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-endeavour+hills-116728459" target="_blank">63 - 65 Churchill Park Drive, Endeavour Hills, Vic</a>
 <img src="/images/2014/11/28/4.jpg" alt="">
No matter how much white furniture you pour in, it's hard to disguise a ballroom. This ballroom, currently used as a living and dining room, has a total 89 square metres of dancing space. It's only surpassed in size by the home's 93.48 square metre six car rear garage.
The two acre property, essentially a dual home, has six bedrooms, four bathrooms and two kitchens.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-bendigo-111263891" target="_blank">60 Barkly Street, Bendigo, Vic</a>
 <img src="/images/2014/11/28/5.jpg" alt="">
Lansellstowe, an Italian Renaissance style circa 1913 Bendigo mansion, was designed by architects Beebe and Garvin for Leonard Vere Lansell, the son of George Lansell, a mining entrepreneur.
The three level home features a ballroom with pressed metal ceilings, chandelier and timber parquetry. A landmark heritage property, the mansion includes over 20 rooms.
</li>
</ol>
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Five home ballrooms worthy of Dancing With the Stars

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Not all Victorian real estate agents support the Real Estate Institute of Victoria's (REIV) anti-Liberal push ahead of the Victorian election.
The REIV started taking shots at the government after the Liberal party proposed changes to commercial real estate licensing requirements.
REIV president Enzo Raimondo <a href="/expert-insights/buying/victorias-proposed-commercial-licensing-changes-q-a-with-the-reivs-enzo-raimondo">told Property Observer </a>the changes would "open the industry up to unqualified and inexperienced operators - and potentially criminals - because there will be no probity checks, and the operators will not be required to maintain an audited trust account or comply with the requirements of the estate agents act".
Since then, the Victorian Coalition has announced it will step up laws against underquoting, a practice where agents deliberately misrepresent the price of a property before an auction to bait buyers. Raimondo labelled the proposal an "election stunt".
<a href="https://www.propertyobserver.com.au/https://twitter.com/IainCarmichael1/status/537715177836134400" target="_blank"><img src="/images/2014/11/27/tweet-nov-27-one.png" alt=""></a>
The REIV's anti-Napthine campaign, which includes print and radio advertisements, has resulted in a dispute with the Council of Small Business Australia, who claim the use of their <a href="/news/vic/reiv-locked-in-dispute-with-small-business-body-over-victorian-election-advertising">logo on the REIV's advertisements</a> is unauthorised.
Jellis Craig director Iain Carmichael is among those critical of the REIV's election lobbying tactics.
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Tweet of the day: REIV's anti-Liberal campaign "reckless"

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Four new members have joined the board for property valuation group Herron Todd White.
Sheena Wilson, Graham Waters, Jeff Forbes and Graham Gross have been appointed to the board.
Wilson has previous worked at the Bank of New York Mellon, including a three year period as country chief executive for BNY Mellon India.
Waters, the managing director of Herron Todd White Sydney, returns to the board. Having been with the company for 15 years, he is also a founding director of the South East New South Wales and Canberra arms of Herron Todd White.
Gross has worked at Herron Todd White for 20 years and also returns to the board. He is the managing director of the company's Central Queensland group.
Forbes is the former chief financial officer, executive director and company secretary of Cardno Limited and has held chief financial officer positions at ASX listed companies.
Chairman Gavin Hulcombe said he was delighted to welcome the new members to the Herron Todd White board.
"The experience and capabilities they will bring to the table will be a real benefit to our organisation," said Hulcombe.
"At Herron Todd White we strive to be the most respected and trusted property advisory organisation in the country. I look forward to the positive contributions they will make to our business as well as our customer and community standing," he said.
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New board members for Herron Todd White

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With double digit annual price growth in Sydney, some wonder whether we risk a spectacular end to this year's stellar price growth. Is Australia's property market caught in a bubble?
Earlier this year, US forecaster Harry Dent predicted the <a href="/news/property-crash-is-like-popping-popcorn-especially-in-melbourne-harry-dent">Melbourne property market</a> would eventually crash, saying: "Melbourne has been, actually, the biggest bubble in recent years and I would expect the biggest burst there." Melbourne wasn't alone – he also took aim at Sydney, Perth and Brisbane, apparently spotting a bubble in each city.
Our big banks are a good deal more skeptical about the presence of a bubble, though earlier this week, <a href="/expert-insights/buying/no-bubble-but-there-is-a-platform-for-one-to-develop-anz-s-warren-hogan">ANZ's Warren Hogan</a> said while we don't currently have a property bubble, "we have the platform to form a bubble in the next few years".
Though many doubt Australia is currently experiencing a bubble, the prospect of a sudden fall in home values have some nervous.
Property Observer took the question to the experts: What are the signs of a bubble?
Shane Oliver - AMP Capital head of investment strategy and chief economist <img src="/images/2014/09/11/shane-oliver-profile.jpg" alt="" style="float: right;">
The first one is the price gains themselves – if they've been rising rapidly for a lengthy period and they've diverged from underlying income levels or rents. In other words, the market's become overvalued. So rapid momentum in price growth and overvalued prices.
Another is a rapid rise in debt financing. Usually that comes with low interest rates, but when credit growth is running at double digit rates it's often a concern.
The last one is popular interest: everyone's talking about housing prices at dinner parties and every show on television is about property.
In Australia, lots of the markets get the tick in terms of overvaluation. That's why a lot of commentators have said a bubble is about to burst and that we should get ready for a 40% price decline, which just hasn't happened.
The issue is complicated by our undersupply of property, which keeps underlying demand going. We've got a bit more supply coming, but that's mostly units in certain capital cities. I would still give the "overvalue" criteria a tick.
Momentum is excessive in Sydney and there's no doubt about that. It might get a half tick in Melbourne. The other capital city markets? There's no sign of a bubble in any of them.
Credit growth has been quite modest in the past. I suppose what bothers me is credit growth at 10% for investors, although it's not near the 30% growth we were seeing a decade ago. So that gets half a tick.
Popular interest gets half a tick. People are certainly talking about property prices in Sydney, but in Hobart nobody's that excited about the market. You find the same thing in Brisbane and Adelaide – people there are bit skeptical of all the bubble talk.
So there are some signs of bubble – overall it's a bit "bubbly". Nationwide, I'm not prepared to say it's a bubble just yet.
Louis Christopher - <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research </a>managing director <img src="/images/authors/fullbody/Louis-Christopher.png" alt="" style="float: right;">
Massive speculation; sales prices going beyond fundamental valuations. Excessive and accelerated debt levels – so a massive debt boom is usually going on at the same time as well. These are normally the signals of what will be regarded as a bubble.
The problem is that sometimes you can have a recovery in the market, and it's just a normal part of the cycle, and it could be mistaken for a bubble, or vice versa.
So often it's very difficult to make a judgment until after the event.
At the Australian level, we're not seeing a bubble.
Number one, the market's not rapidly accelerating everywhere, just in very few areas – namely Sydney.
So what's going on with the Sydney market? Is it in a bubble? The answer is – we think – no. We can see a market which is still going into overvalued territory – but is it a massively overvalued? Compared to previous cyclical upticks, no.
2003 was a very dangerous time in Sydney and the fundamentals went way out of whack. It's not surprising that for the next few years it underperformed.
This recovery should be seen in the context of the last few years' performance. While we do believe a market has been moving into overvalued territory, we don't think it's enough to cause a massive overcorrection.
Article continues on the next page. Please click below.
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Margaret Lomas - Author, television host and <a href="https://destiny.com.au/dotnetnuke/en-au/home.aspx" target="_blank">Destiny Financial Solutions</a> founder<img src="/images/authors/fullbody/Margaret-Lomas3.png" alt="" style="float: right;"> 
Property is considered to be in a bubble when rapid increases in the price of real property in a local area, country or even globally reaches unsustainable levels relative to incomes and rents, and then decline.  The degree of decline indicates whether the market simply stabilises, or bursts.
A property 'bubble' is not necessarily an indicator that a burst is imminent and many markets boom and then stabilise, rather than boom then crash.
As for the question being asked by everyone at present: "Are we in a property bubble?" Let's remember that this white hot market exists, at present, only in Sydney. Broadly speaking, Sydney came off a 9 year period of stable prices in 2012, making the measurement over the past 10 years (the common period that property price growth is measured) a very different picture indeed.
In addition, this situation of fast moving price growth isn't reflected as noticeably in other Australian markets, which comprise more than 80% of all dwellings.
More importantly, when considering the bubble question, it is to be noted that while housing has increased in price, many other common, every-day items, which comprise the cost of living, have dramatically decreased relative to incomes. 
While it may be true that the average home appears to cost seven times the average income today as opposed to three and four from many years ago, the proportion of disposable income available to the average person to spend on mortgage repayments has considerably increased.
In addition, homes today are larger and more luxurious than they were 30 years ago, providing more home for the additional price paid.
Andrew Wilson - <a href="https://www.domain.com.au/" target="_blank">Domain</a> Group senior economist <img src="/images/authors/fullbody/Andrew-Wilson.png" alt="" style="float: right;">
I do think that a bubble is a little hard to spot, but we do have a few that are operating at the moment.
The classic examples are the markets of Gladstone and Mackay. We spot a property bubble really when we get a strong buyer interest or strong supply in a short period of time. That's what happened in those markets.
It wasn't just small investors that rushed in. It was followed up by developers under projections there would be strong demand in the areas, due to mining.
Prices got so high that optional alternative accommodation was sought by those who were there, the majority of whom were Fly In Fly Out workers. And the bottom hasn't been found in that market yet.
If we look at the cycle, when a bubble bursts we clearly see the market falling below its previous trough.
Gladstone prices went from $300,000 to $700,000 and back down again. When it returns to $350,000 people will start to think it's gone back to its fundamental values.
Classically, a bubble occurs when we see a rapid increase in prices and rents, particularly if there is optional accommodation available, and people will turn to that.
We've never had a bubble burst in this country in the capital city markets.
We may see falling prices in some of those mining towns, but in larger markets where there's diversity in the economy, we tend to just see an orderly correction phase.
Article continues on the next page. Please click below.
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Robert Simeon - <a href="https://www.rwm.com.au/" target="_blank">Richardson Wrench Mosman and Neutral Bay</a> director<img src="/images/authors/fullbody/simeon-new-profile33444.png" alt="" style="float: right;">
The term 'bubble' is without a doubt the most misconstrued term today that clouds the Australian residential real estate markets.
All along I have said (as others too have said) that there is no such thing. What makes up this so called bubble? In short, nobody was able to explain what metrics determine this imaginary term used to paint the real estate markets.
When I go to Wikipedia and search "Real estate bubble": "A real estate bubble or property bubble (or housing bubble)that occurs periodically in local or global real estate markets. It can be identified through rapid increases in valuations of real property such as housing until they reach unsustainable levels and then decline."
The point that needs to be made is that bubbles happen much more frequently than booms and only after a significant boom do we then see property prices in a free-fall, given next we enter a recession.
The last boom Sydney experienced was back in the late 1980's where prices doubled and in some cases even trebled. That was then followed by "the recession we had to have" in the early 1990s.
Of course we have seen many bubbles since then for example: in 2004, 2007 and recently in 2012/13 although the present bubble is being driven by overseas investors and local investors. It also should be noted that this does not include your average households, although it is inferred that they, too, are playing a significant part in this 'bubble'.
They say "if you want to make a mountain out a molehill, add dirt" – and that's exactly what's happening in the Australian residential real estate markets. An over reliance of using median price indexes skews the results to create unrealistic market data interpretations, given top-end sales will always do this to median prices.
Sydney has approximately 700 suburbs and only when you break them down individually one quickly draws the conclusion: nothing happening here, move on.
Booms cause massive economic destruction (as history has shown) the only problem is that the vast majority of commentators were not around when Sydney experienced its last boom. Cue the confusion about bubbles.
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Exclusive: What are the signs of a property bubble? Property Observer asks the experts

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A 350 square metre office in Hawthorn will be leased to information technology company WhiteGold Solutions.
The office space at <a href="https://www.realcommercial.com.au/property-offices-vic-hawthorn-501029535" target="_blank">443 Auburn Road</a> is owned by a private investor, with the lease negotiated by JLL director of Office Leasing Michael Simonds and Leasing Executive Shane Keogh.
The fully fitted out office has a five year lease term. JLL also negotiated the lease for vacating BluePrint Group, who moved to larger premises at 192 Burwood Road, Hawthorn.
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WhiteGold Solutions finds home in Hawthorn

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NAME: Ben Pomroy<img src="/images/2014/11/26/punroy-nov-26-proifle.jpg" alt="" style="float: right;">
POSITION: Principal
COMPANY: Rothelowman
OFFICE LOCATION: Level 2, 171 William Street, Darlinghurst NSW 2010 
How long have you been in the industry?
16 years
What’s happening in the area you specialise in?
Historically disparate development types – residential apartments and neighbourhood retail developments are co-locating within single development sites, creating high intensity mixed-use developments in outer urban areas. These development types come from traditionally disparate funding and delivery models, so combining them brings a unique set of design and delivery challenges. Describe the most interesting commercial property you have worked on?
I have always been interested in adaptive reuse projects, working on several adaptions from small to large scale. A conversion I designed, of an old fish processing facility into residential apartments in the inner city, is a favourite. The old building opened up all kinds of unique and interesting challenges, from its triangular site plan that tapered down to a 800mm wide point, to using the tight proximity of surrounding neighbours to generate an architectural form. Needless to say, the conversion was positively received by the neighbours with the removal of processing waste from the area.
What are the ingredients to being successful in your job?
To take an idea from its early conception, through to construction demands the architect to be passionate advocate for the project throughout its life. This responsibility is a great opportunity that needs to be embraced by any architect to be successful.
What aspects of your role do you enjoy the most?
The moment working with a client when the idea comes together, the “aha” when the lines of the paper crystalise to form the future building.
Where would you invest a spare $750,000?
In property I would be looking at fringe areas to the Parramatta CBD for what are still good value sites. On the north side of Sydney, the Northern Beaches still has opportunities in this price range.
Which football team do you support?
My early years were in QLD, so the Brisbane Broncos.
What’s your favourite app or techno gadget?
Favourite app is Paper by 53.
How do you use social media?
Each media platform has its own specific use and audience. I like using Twitter as a place to research and test new design issues and agendas. Condensing an idea down to 140 characters hones an ability to clearly articulate design concepts to wider audiences than just other design professionals.
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In profile: Rothelowman principal, Ben Pomroy

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News Corp has paid US$30 million (A$35 million) for a 25% stake in the parent company of an Indian real estate website.
The PropTiger.com purchase expands News Corp's considerable real estate investments. Their portfolio includes a 61.6% stake in REA Group, the operator of realestate.com.au, Move, which operates the US based realtor.com, and South East Asian iProperty.
PropTiger.com offers both real estate listings and advisory services. About 10,000 Indian properties in 12 cities have been sold through the site since it launched in 2011. It has employees in eight cities.
News Corp now owns a quarter-stake in Elara, the digital venture's parent company.
News Corp chief executive Robert Thomson says the company is "extremely enthusiastic about the potential for PropTiger.com" as India "fulfills its digital destiny".
"PropTiger.com will provide analysis, information and insight so that Indians will be better informed when they make the most significant investment decision any family will make, buying a home," said Thomson in a statement.
PropTiger.com also partners with developers to market their properties to clients. The site claims they carry out "extensive due diligence and research on each of our developer partners to check for any irregular practices on their part".
"We make constant efforts to ensure that our clients are not being exposed to any kind of risks," the website states.
News Corp's senior vice president, Strategy, Raju Narisetti will join Elara's Singapore-based board.
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News Corp buys stake in Indian real estate website PropTiger.com

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The Victorian Greens are the only party that have committed to a review of the retirement housing sector in the next political term.
Ahead of this weekend's state election, the Consumer Action Law Centre has been lobbying political parties to commit to a review of the Retirement Villages Act 2010 and retirement housing sector more generally.
According to the Consumer Action Law Centre, the major parties are yet to promise any reform or review of retirement housing policy. Neither Victorian Labor nor Liberal have advertised any policies regarding retirement housing ahead of the election.
The Greens, however, have promised to launch a parliamentary inquiry into the housing retirement sector and act on subsequent recommendations.
They claim their actions will "ensure older people are not ripped off".
"The Greens will act on the recommendations of the inquiry to reform retirement housing legislation to ensure it reflects the diversity of retirement housing types and includes proper consumer protections, dispute resolution procedures, fair pricing, and consistent, simplified management standards and regulations across the sector", states the <a href="https://greens.org.au/vic" target="_blank">Victorian Greens website</a>.
The Consumer Action Law Centre claims current retirement housing practices include "overly complex contract terms and unfair fee structures".
Denise Boyd, director of Policy and Campaigns at Consumer Action, said: "We've heard from residents who'd chosen certain retirement accommodation because it offered stability for their later years. But, in fact, many contracts include deferred management fees of up to 40% of the total cost. Hiding the cost of accommodation in high fees to be paid upon departure is unfair – these costs can surprise family members or limit aged care options when leaving the retirement accommodation."
She also said the centre has seen contracts requiring residents to pay for capital improvements when they leave their rented retirement accommodation.
"Refreshing the properties is reasonable, but this is being used by village owners to charge departing residents upwards of $50,000 for entirely new kitchens and bathrooms," said Boyd.
"These are capital works, not refurbishment, and should be paid for by the owners, not residents."
According to Boyd, personal briefings with Liberal and Labor Party members did not result in any commitments to improve the sector after the election.
"This issue affects thousands of Victorian voters and we'd hoped all parties would make clear statements of intent to sort out this unacceptable and unfair situation," she said.
 
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Victorian Greens commit to retirement housing review ahead of state election

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Tasmania and Western Australia dominate <a href="https://www.sqmresearch.com.au/" target="_blank">SQM Research</a>'s list of the most discounted homes in the country.
Despite price cuts of up to 40% and months (for some, years) on the market, buyers just won't bite.
SQM Research's top 10 discounted homes:
<a href="https://www.realestate.com.au/property-house-tas-wattle+grove-116035107" target="_blank"><img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">78 Walters Road, Wattle Grove, Tasmania</a>
 <img src="/images/2014/11/26/1.jpg" alt="">
Vendors have cut the price guide for this property by 40%, making it the most discounted home in the country. There is a three bedroom, two bathroom house on the 10 acres, along with a separate two bedroom cottage.
Set over two titles, the Wattle Grove property was initially listed for $1.15 million, but now comes with a $685,000 price guidance after 279 days on the market.
<a href="https://www.domain.com.au/property/for-sale/rural/nsw/leppington/?adid=2011255071" target="_blank"><img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">61 Woolgen Park Road, Leppington, New South Wales</a>
 <img src="/images/2014/11/26/2.jpg" alt="">
The price of this 5.24 acre block has been cut from $1.55 million to $950,000, a 39% discount. Running parallel to Camden Valley Why, the property has a two bedroom cottage, currently rented for $300 per week by a horse owner. If the home eventually sells for its $950,000, the current rent would reflect a 1.6% yield.
It has been on the market for 148 days.
<a href="https://www.realestateview.com.au/Real-Estate/28a-malsbury-street-bicton/Property-Details-buy-residential-7962768" target="_blank"><img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">28a Malsbury Street, Bicton, Western Australia</a>
<img src="/images/2014/11/26/image3.jpg" alt=""> 
A two bedroom, one bathroom strata unit is on the market for $950,000, after a 37% price cut. The home celebrates its first anniversary on the market today –one year ago, it was listed at $1.5 million.
The vacant property is currently listed for rent at $480 per week. If tenanted and sold at its current advertised price, it would return a 2.6% yield.
<a href="https://www.realestate.com.au/property-house-tas-battery+point-108230936" target="_blank"><img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">1/23 Albuera Street, Battery Point, Tasmania</a>
<img src="/images/2014/07/09/6.jpg" alt="">
This luxury renovated apartment in Hobart is situated in the former Albuera Art School.
Vendors are seeking offers over $1,400,000. Its price has been cut by 36% – when it was first listed on the market, more than three years ago, it was listed for $2.2 million. The property has three double bedrooms, with polished timber floors throughout and pressed metal ceilings.
<a href="https://www.realestateview.com.au/Real-Estate/2-wellington-street-richmond/Property-Details-buy-residential-6093682" target="_blank"><img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">2 Wellington Street, Richmond, Tasmania</a>
<img src="/images/2014/07/09/2.jpg" alt="">
Vendors lopped a cool million off the asking price of this Tasmanian heritage property. It was originally listed at $2.8 million, with its price cut by 36% after 391 days on the market.
The historic property has a four bedroom, four bathroom main residence, with a formal living and dining area, sunroom and cellar.
There is also a self-contained cottage on the property, and vendors will consider selling the adjoining plot.
 
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<a href="https://www.realestate.com.au/property-house-sa-strathalbyn-107584093" target="_blank"><img src="/images/2014/07/04/yellow-six.jpg" alt="" style="float: left;">21 Cotton Court, Strathalbyn, South Australia</a>
<img src="/images/2014/04/30/strathalbyn.jpg">
This Strathalbyn home has seen a price cut of 35%. It was initially listed at $498,000, and currently has a $325,000 price guide. The house was listed 1198 days ago, making it the longest-listed house in the top 10.
The vendors purchased the c1900s house for $118,000 in 1995.
<a href="https://www.realestate.com.au/property-unit-wa-cottesloe-113421415" target="_blank"><img src="/images/2014/07/04/yellow-seven.jpg" alt="" style="float: left;">4/134 Marine Parade, Cottesloe, Western Australia</a>
<img src="/images/2014/11/26/cottesloe.jpg" alt="">
A three level home in Cottesloe has been on the market for 596 days – a bit over a year and a half. Its price has seen a 35% cut, from $2.75 million to $1.8 million.
The three bedroom, three bathroom unit has panoramic ocean views from its balcony.
<a href="https://www.realestateview.com.au/Real-Estate/76-tinderry-road-michelago/Property-Details-buy-residential-3186525" target="_blank"><img src="/images/2014/07/04/yellow-eight.jpg" alt="" style="float: left;">76 Tinderry Road, Michelago, New South Wales</a>
<img src="/images/2014/07/09/4.jpg" alt="">
This 710 hectare property was first listed in October 2011 at $1.9 million. Since then, its price has dropped by 34% to $1.25 million.
The original 1925-era home still stands on the rural property and requires significant renovations. Permanent water is supplied by the Michelago creek, with two dams on the land.
<a href="https://www.realestate.com.au/property-house-sa-belair-116283343" target="_blank"><img src="/images/2014/07/04/yellow-nine.jpg" alt="" style="float: left;">40 Hawker Avenue, Belair, South Australia</a>
<img src="/images/2014/11/26/belair.jpg" alt="">
This contemporary home was originally advertised at $1.69 million in March this year. Its price has since dropped by 32%, and the home is now listed at $1.69 - $1.79 million.
The house has re-entered the market due to a contract that fell through. It has four bedrooms, three living spaces, a 15 metre lap pool and a triple car garage.
<a href="https://www.realestateview.com.au/Real-Estate/2-stockdale-road-kewdale/Property-Details-buy-residential-7820108" target="_blank"><img src="/images/2014/07/04/yellow-ten.jpg" alt="" style="float: left;">2 Stockdale Road, Kewdale, Western Australia</a>
<img src="/images/2014/11/26/stockdale.jpg" alt="">
The third West Australian home on the top 10 list was originally put on the market three months ago. Since then, the price guidance on the three bedroom house has dropped 31%, from $870,000 to $600,000. It is set on a 685 square metre block.
The listing information, which says the price is "reduced for quick sale", notes the City of Belmont has indicated it will consider selling the adjoining 200 square metre plot.
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The 10 most heavily discounted homes in Australia

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

Joel Robinson

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

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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Jessie Richardson

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