A High Street, Armadale retail property has sold for $6.15 million to an apartment developer.

The developer paid a high land rate of $14,500 per sqm.

It is single storey at the front of the 425sqm site set in the heart of the popular strip. There is a two storey rear space.

Zoned Commercial 1, it has almost 14 metres frontage between Mercer and Huntingtower roads, within walking distance to Armadale Station.

It has been occupied by longstanding tenant Armadale Antique Centre at 1147-1151 High Street whose lease expires 31 July next year, returning $215,120 per annum plus GST.

It last sold at $650,000 in 1993, according to CoreLogic.

It was sold at a 2.7% yield through Fitzroys’ Chris Kombi and Chris James who received 14 expressions of interest from local and interstate investors, land-bankers, developers and owner-occupiers.

“High-end boutiques, discretionary retailers and specialist food purveyors have been attracted to the High Street’s affluent and established catchment, and new developments are serving to further activate the strip, attracting commercial and retail tenants, as well as downsizers wanting to stay in the locale,” Kombi said.

The strip has seen famed Sydney butcher Victor Churchill make its long-awaited Melbourne debut within the Alara development in the circa-1910 State Savings Bank building, which will introduce 19 high-end apartments in the immediate vicinity.

Further developments such as Chronicle, The Carlile, and at 969-975 High Street will also be built on High Street.

According to Fitzroys’ Walk the Strip report, High Street, Armadale retained single-digit retail vacancies in 2021.

“High Street, Armadale is widely recognised as one of Melbourne’s most successful retail strips, boasting some of Melbourne’s best shopping boutiques, a growing specialist food offering and quality cafés, wine bars and restaurants, and located within one of the city’s most prized catchments,” James said.

There was another High Street development site sale at $7.25 million in October.

The property was sold with a planning permit for a Ewert Leaf designed, four level luxury residential project, comprising 14 residences including eight x three bedroom apartments and six x two bedroom apartments.

The 872-874 High Street property had a combined 1126 square metres.

Fitzroys’ Chris Kombi and Chris James negotiated the sale

jchancellor-FAypfDUnLy

Armadale apartment development site sells for $6.15 million

A combined penthouse offering in Footscray was the top apartment sale in Melbourne last week.

The offering at 905 & 906/1 Moreland Street Footscray sold through Buxton Inner West at $2.55 million.

Tristan Tomasino and Matthew John sold the twin penthouses in one line in the complex designed by Peter McDonald Architects.

The five bedroom, five bathroom apartment comes with six car spaces.
 
Set on the 9th floor of the Riverside Apartments the dual penthouse is currently set up for one family with easy access to elite schools, universities and major arterial roads. 

Delta Property Group was the developer of The Riverside with the off the plan sales taking place in 2015.

It issued an expansive building residents' manual - http://www.theriverside.com.au/ResidentManualPt1.pdf

The city-fringe address is close to the Maribyrnong River Trails

$2.55 million Riverside Apartments Footscray penthouse tops Melbourne's weekly sales

A $10.71 million sale of a Darling Point apartment topped the week's sales.

It was a four bedrom, two bathroom apartment consolidation at 708 & 709/87-97 Yarranabbe Road.

The opening bid for the seventh floor offering was $7,500,000 with 48 subsequent bids from four bidders.

There were just the two bidders from around $10.4 million.

The apartment size had 260sqm space plus two car spaces in Yarranabbe Gardens.

It was offered to the market for the first time in over 27 years through BradfieldCleary. 

Buyers agent Rodney McLoughlin at TBAS® Buyers Agents noted the auction outcome reflected $43,714 price per square metre.

Some 77 apartments make up Yarranabbe Gardens, one of Sydney’s premiere modernist apartment blocks following its design by Hugo Stossel in 1958.

The design is organised around two monolithic east and west apartment wings all with harbour views, with original entry via a narrow bridge across a 6-storey void from a large carpark at street level. 

In 2018 Andrew Donaldson Architecture & Design (ADAD) was engaged to transform the entry and beautify the extensive street presence.

The next priciest apartment sale across Sydney last week was $5.25 million at Abbotsford.

The 6/3 Harbourview Crescent waterfront apartment came with 391sqm space including two car garaging in a security building with just six apartments.

CoreLogic put the Sydney apartment clearance rate at 60 percent from 358 results.

The national apartment success rate was 58 percent  from 749 results.

The Darling Point top seller auction saw an opening bid of $7.5 million


$10.7 million Darling Point auction tops weekly apartment sales list

The Sammut Group has been operating in the luxury residential apartment space in Sydney's Sutherland Shire region for the best part of three decades.

They made a name for themselves on the Gold Coast in 2021 with their near sell-out of their first project in Queensland, Coast, on the sought-after Garfield Terrace in Surfers Paradise.

Within weeks of lodging its development application earlier this year, it sold more than half of the 43 beachfront apartments.

"The kind of swift sale is unlike anything I have experienced in my 35 years in the industry," Sammut Group CEO and co-founder Allen Sammut said.

There were sight unseen, full-floor apartment purchasers from Sydney and Melbourne in recent weeks. The project is set for completion in late 2023.

Urban had a chat with Allen and his son Julian Sammut about how the market went in 2021, and what's next for 2022 and 2023.

JC: How have you viewed the performance of the off t​he plan market in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?

The property industry as a whole has been nothing like what Australia has experienced before, especially the eastern seaboard. Given that we are in the development business, our market lies within the ‘off th​e plan sales’ and over the past 12 months it has been incredibly strong. We are seeing a common trend of downsizers and families/couples migrating for the south or interstate and moving their life or looking for investment and holiday opportunities closer to the coastline. Although all the news highlights talk about the property boom, we believe that it is more so within the product you are producing that attracts the certain cliental within this current market.

We believe that come 2022-2023 there will be an even stronger push for people wanting to live on the eastern seaboard, with the boarders opening up and migration happening again, and the local community wanting to shift their way of living. This can act as a positive for the property industry with increasing demand but also as a negative, with the demand increase’s this can cause the wrong type of product to be produced and further impact the quality, prices and outcome of the current market trends.

[smartcode_project:default project_id=101672 project_image_fid=185690]

JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your clients?&nbsp;

The greatest trend is from the large homeowners wanting to move closer to the water but not give up their space and luxuries that they already have within their home. We believe we have really tapped into this market by providing our ‘Sammut’ product, targeted an expediential luxury offering for all purchases that still creates a spacious home within a residential project. We have done this by producing apartments with top quality finishes ranging from 100m2 up to 600m2 and 1100m2.

Allowing purchases to not compromise on any luxuries they had within their home, to live closer to the eastern seaboard, but still live as though they are on a holiday everyday within our offering.

[smartcode_project:default project_id=101672 project_image_fid=185691]

A concern we have seen within our clients is the trust they have with so many projects currently under development and difficulty with buyi​ng off the plan. We believe that well established brands should continue to create collateral and establish a trustworthy relationship with their clients so this doesn’t have an affect on the overall market, with a lot of stock available currently.&nbsp;

JC: Has urbanisation stalled amid the rush to the regions and what will it look like over the decade ahead?&nbsp;

We believe that urbanisation hasn’t stalled and there is still a rush, although we are seeing with the growing population in these areas, that the current community within are starting to make the same changes as the population moving in.&nbsp;

JC: How important do you view the push for sustainability practices in the apartment market, and what initiative has seized your interest or focus?&nbsp;

We believe that this is an incredibly important part of the apartment industry with so many projects being development at a nation level it is imperative that all development companies are looking into ways that they can be more sustainable while still producing their product.

The Nat Zero Carbon initiative has been one that has caught our company’s eye with multiple industry leaders already committing to this cause. With the help of our consultants and builders, we are further looking into ways that our developments can reduce their carbon footprint. Through the construction process and materials generated during the project builds, end of use within the building, looking into the buildings energy consumption and how this can best be generated i.e more solar.

Within weeks of lodging its development application earlier this year, it sold more than half of the 43 beachfront apartments.



"Swift sales for Coast apartments nothing like we've seen before": Five Minutes with Sammut Group's Allen and Julian Sammut

The Agency Port Phillip agent&nbsp;Michael Paproth says every prospective apartment buyer he is speaking&nbsp;to at the moment is interested in knowing what&nbsp;the star rating of the building is, or whether there is EV charging.

&quot;Most buyers don&rsquo;t have an EV but understand that they soon will have,&quot; Paproth says, with buyers&nbsp;planning well ahead with their off t​he plan purchases.

Urban recently caught up with Paproth to discuss the trends emerging in the apartment market.

JC: How have you viewed the performance of the of​f the plan market in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?

MP: The off t​he plan market has been incredibly resilient in 2021. To consider that we threw a pandemic and statewide lockdown and lock out at it shows that Melburnians &ndash; the local market &ndash; have an insatiable appetite for new, low maintenance living.

The strongest positive factors for this market ironically are the lack of approvals for new development that have slumped and are only showing very slight improvement in numbers which will mean a drastic lack of supply into 2023/24. Coupled with the eye watering construction costs due in part to material shortages to lack of apprenticeships the market will absolutely lap up what little availability there is. 
&nbsp; 
The negative factors that will influence the market are all centred around immigration to and migration out of the state. My hope is that Melbourne will once again be seen as the safest and most beautiful City in the world to come and work and study in. As we open back up to the international students and expats return home to avoid the European winter I think we can expect that demand for new and off th​e plan will be extremely strong.

If we miss this opportunity then the sector may struggle. 
&nbsp; 
JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your clients?

MP: The short term trend that I have great enthusiasm for is seeing buyers embrace what they didn&rsquo;t know they wanted. Melbourne developers have stepped it up in relation to amenity and now buyers are enjoying life in 6 star hotel like accommodation.&nbsp; 
&nbsp; 
The longer term trends are the home as the central hub of entertainment and for work. Work from home is a now a thing and employees are showing flexibility as the pandemic rolls as the risk of a infecting a team or entire office means the flexibility remains. That is translating into studies and spaces for that within residences. We are also seeing things like Chairmans Lounges at Saint Moritz or Vaults at Rondure House which are dedicated, on title work spaces. 
&nbsp;&nbsp; 
JC: Has urbanisation stalled amid the rush to the regions and what will it look like over the decade ahead?

MP:&nbsp;Over 2021 I have sold numerous apartments to families who are maintaining an apartment close to the City in the villages of South Melbourne, Collingwood Elwood &amp; Brighton whilst making the family home on the Peninsula, West coast or Macedon Ranges. That&rsquo;s why we have seen those markets rise to extraordinary levels also. So I sense that the urbanisation may have stalled and a line has been drawn. Buyers want the City for dining, study, work, sports and enterntainment and the regions to enjoy time with family and space to unwind. Covid has taught us that none of us are getting out of life alive so we have to enjoy it. 
&nbsp; 
The next decade I think the trend will only get stronger. I think we will see our regional communities grow and our loved holiday getaway spots become family home towns for traditional City dwellers. WFH is now a thing rather than a stopgap and the ease of commuting with the onset of autonomous driving and better rail and transport infrastructure will ensure that to commute is not only palatable but enjoyable. The City will be a thriving hub of work, education, entertainment and sports. 
&nbsp; 
JC: How important do you view the push for sustainability practices in the apartment market, and what initiative has seized your interest or focus?&nbsp; 
&nbsp; 
MP: I love what Gurner, Hip V Hype and Millieu in particular are doing with their focus on sustainability and industry leading strategies in the new developments market. We are now seeing individual activism in the sustainability space where I think we have worked out that marching in the streets and holding up traffic is really doing nothing in changing politicians minds to act on climate change. &nbsp;We are seeing market led change as buyers are consuming what leaders of the industry are now implementing.

I think we all want to be environme​ntally conscious and our developers are showing us how to do it! History will show that it wasn&rsquo;t government virtue signalling, but the entrepreneurs and developers who effected the most amount of change. 
&nbsp; 
Every (and I mean EVERY) buyer I speak with is asking what star rating is the building and is there EV charging? Most buyers don&rsquo;t have an EV but understand that they soon will have. This is again a situation where our visionary developers are building what we don&rsquo;t even know we need yet. It&#39;s market led. It&#39;s happening now.

"Most buyers don’t have an EV but understand that they soon will have," Paproth says, with buyers forward planning as to what the future holds

Energy rating and electric vehicle charging on the apartment wishlist: Five Minutes with The Agency's Michael Paproth

New protections will come for off the plan buyers in the ACT after new laws passed in the Legislative Assembly.

The Civil Law (Sale of Residential Property) Amendment Bill 2021 was legislated after complaints about off-the-plan contracts being unfairly rescinded.

Under the new legislation, developers will be able to rescind a contract only if the buyer consents or if there has been an order of the ACT Supreme Court.

The developer must give 28 days written notice to the buyer and must disclose why the contract should be revoked. 

If the buyer does not agree, the developer may seek an order from the Supreme Court sanctioning the recission.

The court will take into account the impact that the revoked contract has on both the buyer and seller. 

“The recent trend of developers rescinding contracts has led to great personal distress for some buyers, as well as undermining confidence in the off-the-plan property purchase market,” said ACT Attorney-General Shane Rattenbury.

He noted there had been "inappropriate opportunistic conduct” which had prompted protections for homebuyers from sunset and development delay clauses "in illegitimate and unjustifiable circumstances."

“The housing market is already stressful for buyers, and it is often first-home buyers who are looking at off-the-plan purchases. It was important to act swiftly to address these concerns and protect consumers from rescissions occurring in bad faith.”

“Developers will still be able to include sunset and development delay clauses in off-the-plan contracts, but they will only be able to use these clauses to rescind a contract if the buyer consents or if they’re permitted by an order of the ACT Supreme Court,” he said.

There are similar rules in other states.

Canberra off the plan buyers get contract rescission protections

Harry Triguboff has noted that soaring building material prices posed a risk to other construction companies.

His comments come against the backdrop of Queensland’s Privium Group, the ABD Group in Melbourne and the Hobart home builder Inside Out Construction.

However Mr Triguboff declined to make a prediction on whether more builders would hit the wall, when he spoke yesterday at The Australian Financial Review Property Summit.

“The building costs are going up a lot,” he noted, adding "subcontractors cannot guarantee the price.”

He noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time.

Mr Triguboff's company Meriton builds its own projects.

“It’s not a matter of the labour force asking for a 5 per cent increase or 3 per cent increase. Iron ore prices have come down, but the steel has gone up. And it’s going up by a lot, not by 2 per cent – [but by] 10-20 per cent. It’s going up a great deal.”

The debt free Meriton ended the financial year with about $3.17bn worth of investment properties on its balance sheet plus $207m worth of vendor finance loans it has supplied to buyers of its apartments.

Dexus CEO Darren Steinberg and Lendlease CEO Tony Lombardo also raised concerns about rising costs of steel and timber at the summit.

A resumption of immigration and end to lockdowns was crucial, the property executives told the summit.

Harry Triguboff noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time

Apartment building costs are on the rise: Meriton boss Harry Triguboff's warning

Australia&#39;s CBD&rsquo;s have tremendous advantages that will keep them relevant, with new key drivers to come post pandemic, according to Anthony Si, senior investment strategist for Citi.

&quot;Today&rsquo;s white-collar workers are living through a radical transformation of professional life, one economists say is already beginning to jump-start economic productivity by removing the commute to work, and providing workers with greater flexibility on how to manage work/life balance.

&quot;Flexible working arrangements are expected to continue beyond the pandemic, and it is accelerating innovation by pushing companies to invest in technologies and processes that allow for remote work access and collaboration.

&quot;In turn, this has weakened the gravitational pull of city centers, with new forcests now reshaping knowledge-based economies. Public transport journeys into cities are down, as are coffee shop sales, while demand for real estate in leafy suburbs is up,&quot; he noted.

But Si suggested CBD&rsquo;s have &quot;tremendous advantages&quot; that will keep them relevant, with new key drivers.

[smartcode_project:default project_id=2806 project_image_fid=175415]

For starters, CBD&rsquo;s are the focus of state infrastructure.

&quot;They are also often located in prime positions, making the available real estate attractive.

&quot;There is no risk of dormant sky scrapers slowly falling into a state of decay, but residential may play a greater role in defining the makeup of a CBD.

[smartcode_project:default project_id=2929 project_image_fid=137895]

This would create a period of transition, and yes, a number of business relying on the current status quo may fail, but they will be replaced by restaurant precincts, leisure areas and services more tailored to a mixed office/residential make-up.&quot;

He noted last year a study by Microsoft and Boston Consulting Group across 15 European countries found just 15 per cent of organisations had flexible working plans before the pandemic, but this had increased to 76% by year end, with more than 88 per cent of organisations expecting hybrid working to play a greater role going forward.

&quot;It may seem odd to be focusing on work related changes when discussing inner city property opportunities, but understanding how these forces will change the work force is vital to understanding where opportunities will emerge in CBD and inner-city residential housing.

[smartcode_project:default project_id=3459 project_image_fid=179458]

&quot;Inner City living will continue to exist but it will take time to understand how the demographics are changing and what type of person will be most attracted to changes that take place in CBD&rsquo;s and how that impacts inner city suburbs.

&quot;It is evident there is room for growth across all property markets,&quot; he said.

There is room for growth across all property markets, Anthony Si, senior investment strategist for Citi noted

The advantages Australia's CBD have: Citi

There are five reasons to expect a further slowing in the national average home price growth next year, which will follow by a peak in prices sometime in the second half of 2022, and then falling prices in 2023, according to Dr Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital.

"We remain of the view that we may be getting closer to the end of the 25-year bull market in property prices," he said.

He suggests firstly worsening affordability is constraining more buyers. Affordability has long been an issue in the Australian property market, he noted.

"While interest rates are still low the surge in house prices relative to wages has gone hand in hand with a surge in the level of debt relative to incomes. 

"That now means that it takes 8 years to save for a deposit in Sydney and 7 years in Melbourne.

"This is now squeezing out first home buyers yet again (which has seen their share of new housing finance fall from 25% to 18% since December) and increasingly existing owners looking to trade up are being squeezed out as well. 

"This is particularly an issue in Sydney and Melbourne and partly explains their slowing relative to other cities.

Secondly Oliver noted the supply/ demand balance is starting to improve. 

"Supply is on the rise again reflecting pent up selling, the end of lockdowns and high prices. 

"This could start to reverse the chronically low level of listings seen over the last 18 months. 

"More fundamentally strong levels of home building over the last two years following the unit building boom since 2015, combined with the absence of immigrants - which has resulted in a slump in underlying housing demand - have started to see the underlying supply/demand balance come under control," he noted. 

Thirdly Oliver noted rising interest rates will reduce the amount new borrowers can borrow and hence pay for dwellings. 

"Fixed mortgage rates are already on the rise (with several banks increasing them by 0.5% or more) and the RBA is expected to start raising the cash rate (and hence variable mortgage rates) from late next year. Rising interest rates are likely to be a big dampener. 

"The collapse in fixed rates to 2% or less played a big role in the recent boom. 

"Fixed mortgages have accounted for 50% or so of new loans recently, so are far more significant than they used to be in impacting new buyer demand (even though there is no impact on existing fixed borrowers until they roll off current terms which may become an issue next year)," he noted.

Fourthly Oliver noted macro prudential tightening is reducing the amount new borrowers can borrow and pay for homes. 

"So far APRA has told banks to increase the interest rate serviceability buffer they apply to borrowing rates in assessing borrowers from 2.5% to 3% and are now moving to require banks to hold more capital for higher risk loans. 

"The former will reduce the amount borrowers can borrow and the latter will raise the interest rate on or reduce the supply of higher risk loans. 

"Further tightening measures are possible."

Finally Oliver noted a rotation in consumer spending back towards services as reopening occurs (covid and the Omicron variant permitting) may reduce housing demand.

He noted there had been a "sharp loss of momentum since March" as a result of worsening affordability, rising supply, rising rates, macro prudential tightening and some eventual rotation in spending away from housing. 

"We expect a further slowing in home price gains to 5% in 2022, with prices likely to start falling from around September/October next year resulting in a 5 to 10% decline in prices in 2023," he said.



Oliver said the anticipated gradual recovery in immigration may take pressure off capital city prices.

Five reasons to expect a cooling in the property market: Shane Oliver

There was a significant downturn in building approvals during October with approvals dropping 12.9 per cent month on month, and 8.1 per cent year on year.

While detached dwellings recorded a 4.3 per cent monthly increase, the latest Australian Bureau of Statistics building approvals data showed a 37.5 per cent decrease in approvals in the more volatile apartment market.

New South Wales recorded the most severe drop, down 29.4 per cent, the biggest monthly decline in a decade.

By state, the number of dwelling approvals also fell South Australia (-8.1%), Western Australia (-2.7%), Victoria (-2.0%) and Tasmania (-1.8%). Queensland rose (2.2%), in seasonally adjusted terms.

Daniel Rossi, ABS Director of Construction Statistics, also noted the value of non-residential building fell 20.9 per cent, having fallen 10.4 per cent in September.

ANZ senior economist Adelaide Trimbell noted building approvals were &ldquo;past their peak across all states&rdquo;.

&ldquo;The magnitude of the 12.9 per cent drop was driven by a reversion in approvals in New South Wales, though it also reflects an ongoing moderation of approvals from Homebuilder highs nationally,&rdquo; she said.

&ldquo;Only Queensland saw a rise in monthly approvals,&quot; she said.

Commsec senior economist Ryan Felsman noted the fall was largely driven by a decline in higher-density apartment approvals.

&quot;Council approvals to build new dwellings have declined for six out of the past seven months due to the unwinding of HomeBuilder stimulus-related housing activity and Delta virus lockdown disruptions in Australia&rsquo;s south-east,&quot; he noted.

He noted the total residential building approvals decline of 12.9 per cent in October was the biggest fall since the national lockdown in May 2020.&nbsp;

&quot;The fall was largely driven by a decline in higher-density apartment approvals, which plunged by 36.1 per cent in October &ndash; the biggest fall in almost 4 years &ndash; reflecting an unwinding of approvals (down 49.6 per cent) for several large housing projects in Sydney after a surge in consents during September (up 116.8 per cent).&nbsp;

&quot;This saw overall NSW residential building approvals drop 29.4 per cent, the biggest monthly decline since September 2011.&quot;

The decline in the total number of dwellings approved in October was driven by a large fall in approvals for private sector dwellings - excluding houses - which fell 37.5 per cent.



Apartment building approvals decline in October: ABS

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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