Fully vaccinated Australian citizens and residents will be allowed to fly into New South Wales without quarantine from November 1, and this will have some positive implications for the housing market in Sydney, according to Pete Wargent, the co-founder of the national network of property buyer&rsquo;s agents BuyersBuyers.

&ldquo;While the immediate impact on the housing market will be limited, the impact will be noticeable in 2022,&quot; he said.

&quot;After a prolonged period of elevated rental vacancies in the CBD and its immediate surrounds, things will start to tighten up over 2022 as new arrivals fly in, and the rental market should strengthen from here, especially for short-stay lets&rdquo; Mr Wargent said.

&ldquo;Investors are coming back into the market now, so those with a borrowing capacity with around $1 million will undoubtedly be looking at units in Sydney over the year ahead, with plenty of opportunities to buy a property that will deliver a strong capital growth.

&ldquo;A word of caution: buyers need to ensure that they buy a high-quality property, with no significant issues, either in relation to the location of the property, or in relation to the specific property attributes&rdquo;

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&nbsp;&ldquo;While there&rsquo;s currently an outstanding demand for almost all properties, at a later point of time, under &lsquo;normal&rsquo; market conditions, the demand for B-grade properties will not be as strong as the demand for top-quality dwelling units.&nbsp;

&quot;Buyers should have a cool head and avoid decisions they might regret later,&rdquo; Mr Wargent said.

The Sydney re-opening move will ultimately force other states such as Victoria to advance their reopening roadmaps, but as first cab off the rank Sydney will be the first market to see an impact from international arrivals, noted Doron Peleg, CEO of RiskWise Property Research.

&ldquo;We expect the regulator APRA&rsquo;s moves to tighten lending to more leveraged borrowers combined with growing affordability challenges to see more buyers in Sydney looking at family-suitable units and other attached dwellings, as affordable alternatives to freestanding houses.&nbsp;

&quot;The price differential between houses and units in Sydney has never previously been so stretched, and the deposit gap will push more buyers towards units.&rdquo;

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&ldquo;Based on our research, the greater the price differences, the higher the likelihood that family-suitable units will deliver strong price increases, as these units deliver an excellent benefit, considering their average price&rdquo; Mr Peleg said.

RiskWise expects unit prices in the supply-constrained markets of Sydney appreciating materially over the coming year, with mortgage rates expected to stay very cheap for some time.

&quot;In particular, boutique developments with no facilities such as lifts, pool, or a gymnasium are likely to outperform due to strong demand by investors, downsizes, and well-off professionals who seek low-maintenance and comfortable dwellings. The high land value content in these locations and unit blocks tends to drive capital growth over time.&rdquo;

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&ldquo;The Sydney unit markets where we expect to see robust performance include those in the eastern suburbs, in the $1 million to $1.4 million price range, such as Vaucluse and Bellevue Hill.&nbsp;

&quot;Our research has also highlighted some sub $800,000 suburbs in the inner west, such as Strathfield and Summer Hill&rdquo;. 
&nbsp; 
&ldquo;There is also a range of suburbs on the north shore and in the northern beaches, which look attractive from a unit to house price ratio, including Mosman and Cremorne, and some of the other premium locations&rdquo; 
&nbsp; 
&ldquo;Median unit prices in the $1 million to $1.4 million price bracket, with a high land to asset ratio available on boutique unit block purchases, are relatively more accessible to the booming investor cohort&rdquo; Mr Peleg said.

The demand for B-grade properties will not be as strong as the demand for top-quality units, buyers agent Pete Wargent said.


jchancellor-FAypfDUnLy

The Sydney apartment markets that will show price growth: Pete Wargent

The strength of demand for house and land offerings is set to continue throughout 2022 and into 2023, according to the HIA chief economist, Tim Reardon.
 
The latest HIA-CoreLogic Residential Land Report advised the cost of residential land prices rose by 8.5 per cent.
 
“Land supply has been in tight supply for the past two decades," Reardon said.
 
“As land is a key component of housing, this increase in price has been a key driver of the rising cost of homes and the decline in housing affordability."

Reardon noted the shortage of building materials had caused delays to home building across the country and added 4 per cent to the cost of homebuilding in 2020/21, according to the ABS. 
 
“There is little state and Australian governments can do to improve global supply chains and improve the availability of building products, but they are in direct control of the volume of land available for home building.
 
“Ensuring there is an adequate supply of land to meet housing demand is a key responsibility of state and territory governments and one of the necessary steps to addressing the affordability challenge. There is no better time than now to increase the supply of available land and make a generational step toward improving housing affordability,” said Mr Reardon.
 
The number of vacant land sales has been easing over recent quarters due to a combination of less stimulus along with scarcity of supply, according to Tim Lawless, CoreLogic’s research director.

"The HomeBuilder grant saw demand for vacant land brought forward, with land sales surging through the second half of 2020.  

"However, the more recent trend has been a slowdown in land sales but a surge in detached housing construction as the nation moves into the early stages of what is likely to be an extended period of residential detached housing construction. 
 
“The sharp rise in vacant land prices over the year, together with rising construction costs, will place further upwards pressure on the cost of new housing.  

"The lift in land prices and residential construction costs along with the value of established housing rising rapidly, is set to add further pressure to housing affordability challenges that are becoming increasingly apparent across the country,” says Mr Lawless.
 

The number of vacant land sales has been easing over recent quarters

House and land supply issues to prompt continued price rises: HIA

A 558 sqm Box Hill development site has been listed for sale.

It is being marketed as having12 storey development potential (STCA).

It has 18 metres frontage to Rutland Road and rear laneway access via Ellingworth Parade. 

``The property presents a great opportunity for development within Box Hill’s major activity centre," Teska Carson agent Stephen Speck said.

He said Box Hill had experienced exceptional growth over the last decade.

``Box Hill has been arguably the busiest commercial development zone outside of Melbourne CBD and fringe for at least ten years and that growth looks very likely to continue as the city continues to experience strong population growth and demand for high rise apartment living,’’ Mr Speck said.

``The local community is very well resourced and continues to attract new residents and new business," he said.

The 558 square metre, Commercial 1 zoned site, will be sold subject to leases on two of the four units returning a current annual rental of $38,682 net.   



There is 12 storey development potential 

Box Hill apartment development site listed

Both house and unit rents rose at the same rate - 1.9% - over the September quarter, according to CoreLogic&rsquo;s quarterly Rental Review.

The national rental index increased 1.9% during the September quarter compared to a 2.1% rise in the June quarter.&nbsp;

National rental rates are 8.9% higher year-on-year, the highest annual growth in dwelling rents since July 2008.

CoreLogic&rsquo;s research director Tim Lawless said a desire for detached housing remained strong, but suggested further rental affordability deterioration was likely to see more renters looking towards higher density rental options.

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&ldquo;Renters are clearly looking for lower density housing options, with house rents rising at more than double the pace of units rents over the past year, however this trend is starting to narrow, with national house and unit rents rising at the same rate over the September quarter (1.9%),&rdquo; Mr Lawless said.

&ldquo;Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during COVID.&rdquo;

Mr Lawless noted the proportion of investors entering the market had begun to increase with investors accounting for 31% of mortgage demand in August.

Regional dwelling rents rose 2.2% over the September quarter compared to capital city dwelling rents, which increased 1.7% over the same period.&nbsp;

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Regional Australia&rsquo;s annual rate of rental growth of 12.5% in September 2021 is the highest annual figure on record, with CoreLogic rental index figures commencing in 2005.&nbsp;

The combined capital cities recorded annual rental growth of 7.5% over the same period, the highest annual growth rate for the combined capitals since January 2009.

The strongest quarterly rental growth was recorded in Brisbane (2.6%) and Sydney (2.3%), while Perth, which recorded a surge in rental growth earlier in 2021, saw rates increase 0.3% during the September quarter.&nbsp;

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Adelaide remains Australia&rsquo;s cheapest capital city for rentals, with typical dwelling rents of $440p/w compared to Canberra&rsquo;s rates, which are the most expensive in the country at $633p/w. Melbourne, is Australia&rsquo;s second more affordable rental market, with a typical dwelling costing $450p/w to rent, or just $9.30 a week more than it costs to rent in Adelaide.&nbsp;

&ldquo;Relative to household incomes, based on data to March, Melbourne was actually the most affordable capital city to rent, with households, on average, dedicating 26% of their gross annual household income to rent a dwelling compared with the national average of 28.7%,&rdquo; Mr Lawless said.

&ldquo;With Melbourne showing the largest exposure to overseas migration, at least historically, once international borders open we could see a more substantial boost to rental demand than other cities. If this is the case, we could see Melbourne once again recording a faster rate of rental growth.&rdquo;&nbsp;

National gross rental yields have fallen 48 basis points from 3.77% to 3.29% nationally in the past 12 months.&nbsp;

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Darwin has the country&rsquo;s highest gross rental yield at 6.17%, followed by Perth (4.33%), Adelaide (4.06%), Brisbane (3.93%), Canberra (3.92%) and Hobart (3.89%). Sydney (2.45%) and Melbourne (2.76%) have the lowest gross rental yields.

&ldquo;Data to March shows renters were spending an average of 28.7% of their household income on rental payments, which is slightly above the decade average of 28.1%,&rdquo;Lawless said.

&ldquo;Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.&rdquo;

For the first time CoreLogic&rsquo;s Rental Review includes a list of the top 30 most expensive and affordable rental suburbs for each capital city as well as all key rent and yield statistics. &nbsp;(1.9%),&rdquo; Mr Lawless said.

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&ldquo;Another factor that may be contributing to rental demand is that more renters are working from home, which could be driving a trend towards smaller rental households as tenants look to maximise their space and working environment during COVID.&rdquo;

Mr Lawless said private sector investors are the largest contributor of rental housing and up until January 2021 made up 23% of housing market activity. The proportion of investors entering the market has begun to increase with this buyer segment accounting for 31% of mortgage demand in August.

Regional dwelling rents rose 2.2% over the September quarter compared to capital city dwelling rents, which increased 1.7% over the same period. Regional Australia&rsquo;s annual rate of rental growth of 12.5% in September 2021 is the highest annual figure on record, with CoreLogic rental index figures commencing in 2005.&nbsp;

In comparison, the combined capital cities recorded annual rental growth of 7.5% over the same period, the highest annual growth rate for the combined capitals since January 2009.

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&ldquo;Demographic data is showing a clear trend towards regional population growth, driven by a combination of more people leaving cities for the regions, but also fewer people moving from the regional areas to the capitals,&rdquo; he said.

&ldquo;With regional housing rents rising 12.5% over the past year at a time when household incomes have hardly budged, it&rsquo;s likely that rental affordability is becoming a lot more challenging in some of the most popular regional markets.&rdquo;&nbsp;

The strongest quarterly rental growth was recorded in Brisbane (2.6%) and Sydney (2.3%), while Perth, which recorded a surge in rental growth earlier in 2021, saw rates increase 0.3% during the September quarter.&nbsp;

Adelaide remains Australia&rsquo;s cheapest capital city for rentals, with typical dwelling rents of $440p/w compared to Canberra&rsquo;s rates, which are the most expensive in the country at $633p/w. Melbourne, is Australia&rsquo;s second more affordable rental market, with a typical dwelling costing $450p/w to rent, or just $9.30 a week more than it costs to rent in Adelaide.&nbsp;

[smartcode_project:default project_id=2929 project_image_fid=137896]

&ldquo;Relative to household incomes, based on data to March, Melbourne was actually the most affordable capital city to rent, with households, on average, dedicating 26% of their gross annual household income to rent a dwelling compared with the national average of 28.7%,&rdquo; Mr Lawless said.

&ldquo;With Melbourne showing the largest exposure to overseas migration, at least historically, once international borders open we could see a more substantial boost to rental demand than other cities. If this is the case, we could see Melbourne once again recording a faster rate of rental growth.&rdquo;&nbsp;

Despite rising rental prices in the three months to September, dwelling values increased 4.8% in the same period, resulting in declining gross rental yields, a trend that has continued on a monthly basis over the past year. Gross rental yields have fallen 48 basis points from 3.77% to 3.29% nationally in the past 12 months.&nbsp;

Darwin has the country&rsquo;s highest gross rental yield at 6.17%, followed by Perth (4.33%), Adelaide (4.06%), Brisbane (3.93%), Canberra (3.92%) and Hobart (3.89%). Sydney (2.45%) and Melbourne (2.76%) have the lowest gross rental yields.

Although rental growth has eased quarter on quarter, Mr Lawless expects rents nationally to rise for the foreseeable future but with little increase in household incomes rental affordability will eventually become an issue.

&ldquo;Data to March shows renters were spending an average of 28.7% of their household income on rental payments, which is slightly above the decade average of 28.1%,&rdquo; he said.

&ldquo;Rental affordability has deteriorated further from there, which is likely to see more renters looking towards higher density rental options where renting tends to be more affordable.&rdquo;

Melbourne was the only capital city market to see a reduction in unit rents over the 12 months to September 2021

Investors eye rental rises as house and apartment rents jump 1.9% in September quarter: CoreLogic

The Meriton Apartments founder Harry Triguboff has called on local and state governments to enable developers to convert empty office buildings into apartments.

&ldquo;The value of our city has dropped. We have unusable real estate in the best position. Something has to be done quickly,&quot; Mr Triguboff said.

&ldquo;We have devalued the city by having empty offices we must act quickly if we are to use existing offices for apartments,&quot; he suggested.

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He warned councils must act as it was clear there would be fewer workers returning to work in cities.

&ldquo;We can&rsquo;t wait for three years for (council) approvals, they must be given within three months.

&ldquo;We must just have new rules which will allow the old offices and serviced apartments to be used. The urgency is to rebuild the city,&rdquo; he said.

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&ldquo;More and more want to work from home, and I think they will want to stay at home because they don&rsquo;t have to travel and owners don&rsquo;t have to pay money for offices.

&ldquo;I am afraid there will be a big amount of people who will not come back into the offices,&rdquo; he told The Australian.

Australia&rsquo;s largest unit developer noted as a result of the pandemic and the hit on tourism he planned to convert some of his 20 or so serviced apartment complexes into residential apartments.

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He suggested the hospitality industry was now too volatile in terms of room rates and occupancies given the pandemic.

Triguboff noted his serviced apartments were larger than normal ones which would make it easier to convert into apartments.&nbsp;

During the pandemic the government had leased seven of his serviced apartment blocks for quarantine purposes.

Harry Triguboff encourages government to enable office conversions as apartments  

NSW off-the-plan apartment buyers will have 10-year insurance against defects in their building.

The NSW Government is taking the step to better protect apartment buyers via the introduction of decennial liability insurance (DLI) into the Australian market.

Minister for Better Regulation and Innovation Kevin Anderson said the reform will explore the potential for insurers and developers to provide an insurance safety net for consumers that is currently lacking in the multi-unit high rise sector.

&ldquo;Establishing a market for DLI would will mean untrustworthy developers are weeded out, creating a stronger, more competitive market where consumers can purchase with confidence,&rdquo; he said.

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The NSW Government is currently considering whether property developers will be either invited or ordered to take out the new (DLI) for their apartment complexes.

&ldquo;DLI is a special type of insurance taken out by the developer to guarantee against major defects for up to 10 years, which is not currently available in Australia,&rdquo; Mr Anderson said. 
&nbsp; 
The aim is for buyers to have confidence and peace of mind over the buildings that are built in NSW, said Mr Anderson when announcing the proposal of the new scheme.&nbsp;

&ldquo;For too many years, we&rsquo;ve been seeing and hearing of people losing their hard-earned money on apartments, or their deposits, with developments that have defects or go broke or don&rsquo;t proceed,&rdquo; said Mr Anderson.

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&ldquo;But what we are seeing now is the insurance market coming into high rise on the back of the reforms in the industry. This is the end piece of all the work we&rsquo;ve been doing. It&rsquo;s very exciting as we&rsquo;re now going to see an uplift in people having confidence in the market and buying off the plan.&rdquo;

The NSW Government announced a specialist Ministerial Advisory Panel to advise on the introduction of decennial liability insurance (DLI) into the Australian market.

[smartcode_project:default project_id=7758 project_image_fid=150446]

The panel will be chaired by past Insurance Council of Australia president Gary Dransfield with other members including:

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Michael Bennett - General Manager, Property &amp; Construction Finance, Commonwealth Bank of Australia

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Albert Chan - Executive Director, Meriton Group

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Michael Corcoran - Co-founder and Executive Director, Solido Development Finance

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Chris Duggan &ndash; President, Strata Communities Association (NSW)

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Stefan Hicks &ndash; Founding Director, SHC Insurance Brokers,

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Chris Kelly - Construction Manager, Billbergia

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Darren Maher - Chief Underwriting Officer, IAG

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Steve Mann &ndash; Chief Executive Officer, Urban Development Institute of Australia NSW

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Corey Nugent - Senior Operations Manager, Insurance Council of Australia

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Fabrizio Pirelli - Chief Executive Officer, TOGA Development

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Jessica Rippon - Principal Solicitor, Construction Legal, representing the Owners Corporation Network

&middot; &nbsp; &nbsp; &nbsp; &nbsp;Nicholle Sparks - General Manager, Frasers Property Australia

&middot; &nbsp; &nbsp; &nbsp; &nbsp;David Tanevski - Managing Director, KWC Capital Partners, and Founding Director, Urban Taskforce 
&nbsp;

NSW off-the-plan apartment buyers will be offered 10-year insurance against defects in their building

NSW off the plan apartment buyers to be offered 10-year defects insurance 

A Fitzroy Street, St Kilda property has been listed for sale with the marketing advising it comes with substantial development upside, according to marketing agents, Teska Carson.

It is being sold with a planning permit for a five level residential project with 54 apartments designed by Cactus Architects.&nbsp;

Renzella Group has put the hotel and retail building on the market through Teska Carson with expectations of a price in the low to mid $20 million range.

The property currently comprises a three level commercial building including eight ground floor shops with Fitzroy Street frontage on level one, a 40 room, fully refurbished hotel, on levels one and two, and a substantial car park for up to 36 cars at the rear.&nbsp;

Zoned Commercial 1 the 1924 square metre site has 47 metre frontage at 63 to 73 Fitzroy Street.&nbsp;

Commercial 1 zoning allows a number of development outcomes, including hotel and short stay accommodation, co-living, residential, office or build-to-rent, Teska Carson&rsquo;s Luke Bisset said.

``This property offers an extremely rare opportunity for investors, owner-occupiers and developers to acquire an asset situated on one of Australia&rsquo;s best known retail strips and in one of the most iconic destinations.

``Fitzroy Street is home to a plethora of retail and entertainment destinations which attract both locals and international tourists in their thousands week in week out supported by excellent public transport facilities and road access.

``The opportunity to provide a first rate retail and residential property to such a market, whether that be via optimising the current rental potential or a partial or full redevelopment, is one which will have much appeal to a wide range of buyers,&rsquo;&rsquo; Mr Bisset said.

The property will be sold subject to several retail leases currently returning $217,000 per annum with a potential, fully let, retail income of $395,000. There are also 20 hotel rooms occupied on various lease terms currently returning $23,608 monthly with a potential fully let income of $564,192 bringing the total potential annual income to circa $960,000.

The property will be sold by expressions of interest closing November 10.

Listed initially in 2019, it last sold at $4 million in 2003.

The offering is two along from the well known Cushion Lounge site where GURNER has lodged $35 million plans to create what will be the first in a series of new concept hotels under the Club Maison brand.

GURNER paid $2.25 million for the 99 Fitzroy Street building.

It is being sold with a planning permit for a five level residential project with 54 apartments designed by Cactus Architects

Fitzroy Street, St Kilda apartment development site listed

Auctions have been growing in popularity in the smaller Australian capital cities, according to CoreLogic&rsquo;s Quarterly Auction Market Review for the three months to September 2021.

It shows 23,184 properties were taken to auction across the combined capital cities, down from 31,605 during the June quarter 2021.

But CoreLogic&rsquo;s head of research Eliza Owen said the quarter had shown auctions as a sales method was no longer exclusive to Sydney and Melbourne, growing in popularity in other Australian capital cities. 
&nbsp; 
There were 2,107 auctions scheduled in Brisbane in the September quarter, 28% above the 10-year quarterly average.&nbsp;

In Adelaide 1,732 auctions were scheduled for the three months to September, 48% above the 10-year average. 
&nbsp; 
Despite being in lockdown, Canberra had 1,073 auctions scheduled in the September quarter, a 44% increase above the previous 10-year average. 
&nbsp; 
&ldquo;Not only have volumes been higher across Brisbane and Adelaide, but clearance rates have been well above historic averages through the September quarter, which may cement auctions as a more popular sales method across these cities through future housing market upswings,&rdquo; Ms Owen said. 
&nbsp; 
&ldquo;One of the most powerful insights through the September quarter was the difference in market outcomes between Melbourne and Sydney.&nbsp;

&quot;It highlights the importance of physical inspection in instilling buyer confidence and supporting transaction activity.&nbsp;

&quot;Since physical inspections were reintroduced across Melbourne, the average final clearance rate has bounced back over 80%, which compares to an average of 48.3% in the four weeks prior.&rdquo; 
&nbsp; 
She said while Australia&rsquo;s current housing market upswing has been broad-based, consistent growth in housing values through the September quarter in Brisbane (5.9%), Adelaide (5.5%) and the ACT (6.9%) may have contributed to more auctions being held in these cities.

Sydney&#39;s Mosman saw the weekend&#39;s top apartment result when a three bedroom townhouse fetched $3,205,000 through Galetto Real Estate.

Built in 2004, it had been held in the same family for 16 years in a boutique complex of six. It last sold at $1,155,000 in 2005.

The three bedroom townhouse came with an 18 sqm courtyard.

The dual level townhouse spans 191 sqm space.

CoreLogic calculated a 72 percent success rate for the 590 apartments and townhouses listed for weekend auctions across the capital cities.

Sydney had the strongest weekend apartment auction market at 77 percent followed by Melbourne on 70 percent and Brisbane at 63 percent and Canberra at 62 percent.

Above average clearance rates through the September quarter may cement auctions as a more popular sales method, CoreLogic suggested

Auctions increasingly embraced by smaller capital city markets: CoreLogic

Surfers Paradise was the only suburb outside of Victoria &nbsp;to make the top 10 busiest locations for property settlements.

The data was for digital settlements between January and August this year on the PEXA Exchange.

With around 1400 settlements, Surfers Paradise sat in sixth place on the list which was headed by the Melbourne LGA with over 2500 settlements.

[smartcode_project:default project_id=95606 project_image_fid=171652]

Tarneit sat in second place followed by Trugannina, Clyde North and Pakenham.

The top 10 was rounded out by Craigieburn, Werribee, Point Cook and Wallert with some 1100 settlements.

Mike Gill, the head of research at PEXA noted, eight of the top 10 suburbs were located in Victorian growth corridors and likely reflected the impact of the Federal Government&rsquo;s HomeBuilder scheme which offered $25K grants.

[smartcode_project:default project_id=7974 project_image_fid=72337]

The scheme ended in March 2021.

Surfers Paradise lead the Queensland localities followed by Southport, Maroochydore, Buderim, Hope Island, Caboolture, Coomera, Pimpama, Robina and Helensvale.

NSW&#39;s busiest locations for settlements were Sydney, Schofields, Port Macquarie Orange, Dubbo, Leppington, Marsden Park, Austral and Blacktown.

[smartcode_project:default project_id=22034 project_image_fid=170355]

The top 10 suburbs analysis only includes property sales settled digitally via PEXA, so excludes any paper based settlements.&nbsp;

By August 2021, over 98% of sale settlements were lodged digitally in Victoria, NSW, and SA, with over 85% in WA and 65% in QLD.&nbsp;

Surfers Paradise ranks sixth most busiest property market across Australia: PEXA

All states, bar Queensland, experienced quarter-on-quarter declines in overall sale settlements, but volumes remained well ahead of the same period in 2020, according to the latest Property and Mortgage Insights (PMI) Report from PEXA Insights.&nbsp;

Having largely avoided extended COVID-19 lockdowns, the PMI Report shows that Queensland had more sale settlements in the September quarter than the traditional powerhouse states of New South Wales and Victoria.

Queensland recorded the most sale settlements of any state for the September 2021 quarter at over 59,410, up 3.4% on the Jun-21 quarter and 42.5% on the previous year.&nbsp;

[smartcode_project:default project_id=95606 project_image_fid=171648]

The locked down states of NSW and Victoria sat behind Queensland reaching 58,047 and 56,196 settlements respectively.

More than $42 billion worth of property was exchanged in Queensland in the quarter, up 93% year-on-year.

Greater Brisbane saw 62% growth year-on-year and Surfers Paradise came in sixth nationally for suburbs ranked by total number of sale settlements in the year to date.

[smartcode_project:default project_id=108278 project_image_fid=173592]

This growth comes amidst a softening of Australia&rsquo;s property market when compared to the June quarter, but there were still a healthy 210,000 sale settlements completed nationally (up 34% year-on-year).

The New South Wales property market was clamped by the extended COVID-19 restrictions, with 58,000 sale settlements (down 4% on the previous quarter, but up 29% year-on-year) worth more than $71 billion (up 80% year-on-year) processed.

These recent declines were even more evident in Greater Sydney where extended lockdown restrictions were implemented. 
[smartcode_project:default project_id=102309 project_image_fid=163982]

Victoria&rsquo;s property market recorded 56,000 sale settlements (down 5% on the previous quarter, but up 34% year-on-year) worth more than $50 billion (up 79% year-on-year).

Insights show that both Greater Melbourne and Regional Victoria also experienced a decline in sale settlements from the previous quarter, however, Mike Gill, the head of research at PEXA said, Greater Melbourne experienced the sharper drop likely due to the extended lockdown restrictions implemented across the region.

Both Western Australia and South Australia witnessed a quarter-on-quarter decline of sale settlements in the absence of lockdowns.

Western Australia recorded 23,000 sale settlements (down 4% on the previous quarter, but up 36% year-on-year) worth $13 billion (up 62% year-on-year) and South Australia recorded 14,000 sale settlements (down 8% on the previous quarter, but up 20% year-on-year) worth more than $7 billion (up 35% year-on-year). 
&nbsp;

The Queensland property market has been going from strength to strength, according to the latest quarterly report

Queensland residential market activity overtakes NSW and Victoria: PEXA

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

Joel Robinson

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

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

Sammut secures approval for debut Brisbane apartment development in Toowong

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

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Jonathan Chancellor

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