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<p>A $28 million office block is proposed for 4-6 York Street, Sydney.</p>
<p>The proposal also includes additions and alterations to 341 George Street.</p>
<p>The 13 storey office building Candalepas Architects-designed proposal is an integrated development under the Heritage Act 1977 proposed by the Cheng family patriarch Tony Cheng, who runs NGI Investments.</p>
<p>The site of the former Bank of NSW Head Office, which cost $57 million in 2002, is historically significant as the location from 1853 to 1970 was the principal office of Australia's first and largest private bank.</p>
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<p>The building's official opening was held on Saturday 19 March 1932— the same day as the Sydney Harbour Bridge opened.</p>
<p>The building reflects the period of commercial optimism that preceded the Great Depression and with the prominent architectural firm of Robertson &amp; Marks who have worked on the building since its construction.</p>
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<p>341 George Street (below) is aesthetically significant as a substantially intact example of the Inter-War Commercial Palazzo style. It contains a richly detailed Banking Chamber, which is still in use as such (although reduced in scale), with original fittings, furniture and extensive finishes of marble, scagliola and pressed metal.</p>
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<p>The new building will be physically connected to the existing building at 341 George Street, and there will be access between most floors of the two buildings which will necessitate some alterations to the existing building.</p>
<p>The building at 341 George Street is of state heritage significance. The 4–6 York Street site is not heritage listed.</p>
<p>The allotment at 4–6 York Street and the building at 341 George Street are located on a city block bounded by George Street, Wynyard Street, York Street and Barrack Lane.</p>
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<p>Martin Place is directly opposite George Street to the east, and Wynyard Park is located to the north across Wynyard Street.</p>
<p>The site is significant for its landmark qualities and together with the adjoining former CBC Bank Head Office (343 George Street) it terminates the western vista of Martin Place and forms part of the significant precinct of historic public and private commercial buildings near the junction of Martin Place and George Streets. </p>
<p>The site was originally part of the military barracks and was sold into private ownership in 1850. By 1882 it appears to have been developed into part of Sydney’s growing commercial district. </p>
<p>The Bank of New South Wales, the oldest corporation of its kind in Australia, was founded in Sydney in 1817.</p>
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<p>The building remained the Head Office of the Bank of New South Wales until 1970, when the continued growth of the Bank has again made a larger head office building necessary.</p>
<p>After 117 years on the site the operation moved to a newly erected high-rise building, 60 Martin Place, on the corner of Macquarie Street.</p>
<p>In 2002, Westpac Banking Corp sold the site (341 George Street and 4–6 York Street) to NGI Investments.</p>
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<p>In October 2006, the Westpac Bank was temporarily closed to allow for the conservation and upgrading of its premises, which included the restoration of the original floor, walls, ceilings and screens on the ground and first floors. The bank reopened in April 2008.</p>
<p>Currently the Westpac Bank continues to occupy the basement, ground and mezzanine levels. </p>
<p>The allotment at 4–6 York Street has remained largely vacant since the bank acquired the land in 1934.</p>
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<p>It was in 1850 when two allotments of the old barracks site were purchased at the corner of Wynyard and George Streets by Felix Wilson, Donald Larnarch and Robert Campbell at a cost of 1410 pounds.</p>
<p>They were buying on behalf of the Bank of New South Wales in preparation for the building of a new head office.</p>
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<p>The further continual growth of the bank’s business, which was a result of the goldrushes in Victoria and New South Wales, necessitated still further space.</p>
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<p>The architectural plans were prepared by Robertson and Marks. </p>
<p>Early photographs show that the banking chamber had an attractive tiled floor and rich wood panelling. There were fluted columns with Corinthian capitals and a big clock in ornate wooden case on the southern wall. </p>
<p>Business continued to expand and just before the First World War 341 George Street once again began to feel cramped.</p>
<p>According to Board minutes in 1913 the Board was considering the erection of a new high-rise building on the site to exploit its prominent position and to take advantage of the 150-feet construction height limit.</p>
<p>It was at this time that the Bank purchased three adjoining sites on Wynyard Street, but such matters as further extension were forgotten in the events of 1914–1918.</p>
<p>In the course of the war no fewer than 40 per cent of the Bank’s male staff was enlisted in the services.</p>
<p>In May 1925, the Board resolved that a new head office should be built. It was also decided that an Australian architect should be employed and that the building be of similar style of architecture to that of the Equitable Buildings in Sydney and Melbourne. </p>
<p>The Commercial Banking Company of Sydney had then reached the final stages of the construction of its own Head Office, and the Bank of NSW Board resolved that the new building should be of the same height as its neighbour.</p>
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<p>In July 1925, the firm of Robertson &amp; Marks was again asked to supply plans.</p>
<p>In 1927 the Board resolved that the tender of Howie, Moffat &amp; Co. Ltd. for the erection of the premises for the sum of £551,379 be accepted.</p>
<p>The existing building at 341 George Street was erected in two stages to allow banking operations to continue. Demolition of the western section of the old premises commenced on 27 August 1927.</p>
<p>In 1934 the Bank purchased more land fronting Wynyard and York Streets (4–6 York Street). The building that had previously occupied the site had been demolished in the 1920s, but the Bank did not build on the area. Since then the allotment at 4–6 York Street has remained substantially undeveloped.</p>
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<p>The United States Consulate rented premises in the building from the 1930s to 1970. During World War II, U.S. General Douglas Macarthur used the Board Room for staff meetings. According to notes in the Westpac Archives it was also the scene of an occasional Court Martial.</p>
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<p>In 1949 the Bank entered a field which was previously under the monopoly of government owned institutions, savings bank operations which led to an expansion in the Bank’s operations and they began to fill more floors of the 341 George Street building.</p>
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<p>The earlier phase of occupation relating to the 1840s Military Barracks is likely to be significant.</p>
<p>It is known that the barracks were demolished and the salvageable building materials sold; however, there is still some potential for footings and occupation deposits to survive.</p>
<p>The archaeology of this site may have the potential to demonstrate information about the use of the barracks not otherwise documented.</p>
<p>Remains from this early period use of the site are therefore likely significant for both their historical values and their research values.</p>
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<p>It appears from the archival photography that the construction of the railway tunnels under the western part of the site involved drilling through the rock below the site and not excavation from above. Thus, there is potential for archaeological remains and deposits surviving on the western part of the study area. The proposed construction footprint on the new building will impact on potential Aboriginal and non- Aboriginal archaeology.</p>
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<p>GML Heritage was engaged by 6 York Street Pty Ltd to provide heritage and archaeological services in relation to the proposed construction of a new building on the mainly empty allotment at 4–6 York Street, Sydney.</p>
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<p>The report has been prepared by Anna Simanowsky, GML Senior Heritage Consultant. The archaeological assessment was prepared by Jodi Cameron, GML heritage consultant, archaeologist. </p>
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Former Westpac heritage-listed headquarters set for revitalised office complex on George Street

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<p>The building at 1033 High Street, Armadale comprising street level retail, commercial offices above on the first floor and a residential penthouse on the second level has sold to a local investor for $2,835,000.</p>
<p>Its been bought by a company directed by Anthony Brearley, the partner in the property and construction division at Mills Oakley Lawyers, and his wife, Sara.</p>
<p>It was sold by Robert Walls, the former AFL player and coach turned prominent media commentator. </p>
<p>The total current building rental income is $141,000 for the contemporary three level mixed use building with a street frontage of 4.77 metres.</p>
<p><a href="https://www.realcommercial.com.au/property-retail-vic-armadale-502400114" target="_blank">The ground floor retail space</a> is tenanted by Jaggad, the athletic designer clothes business created by Chris and Rebecca Judd until July. </p>
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<p>They occupy the space of 85 square metres under a lease with two further three year options at a current annual rental of $73,000 with annual rental increases fixed at 4%.</p>
<p>The first-floor office space with its own street level and staircase entry is tenanted by a medical services group at an annual rental of $36,000 under a recently negotiated five year plus five year option lease.</p>
<p>There is a residential lease for the high quality two bedroom, two bathroom penthouse above on the second level.</p>
<p>The property has a building area of 345 square metre plus 50 square metres of garaging but importantly the laneway at the rear also provides the secure garaging for two vehicles.</p>
<p><a href="http://grayjohnson.com.au/property/1033-high-street-armadale-2/" target="_blank">Gray Johnson selling agent Rory White</a> said that the property is among one of the best precincts of High Street just east of Kooyong Road.</p>
<p>Combined income stood at $141,800 per annum with three strong income streams. Its first floor office is leased to an established medical group.</p>
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Chris and Bec Judd's Jaggad get new landlord on High Street, Armadale

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<p>The pausing of new housing approvals in selected suburbs across Sydney by the NSW Planning Minister Anthony Roberts comes at a pivotal period in the construction boom phase.</p>
<p><span>Capturing understandable community concerns, Roberts said councils needed “to take a bit of a breath” to be able to play catch up with infrastructure.</span></p>
<p><span>But the intervention could reap havoc as property developers seek out alternate projects in less congested suburbs or pack up altogether. </span></p>
<p>Sydney’s crane construction count has already recently eased from its late 2017 peak.</p>
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<p>There are currently 346 cranes on the Sydney skyline, down from the 350 last October. Of these some 253 are residential cranes spread nicely across 103 suburbs.</p>
<p data-removed-style="letter-spacing:0.001em;">“Every single crane in the sky is more evidence of another home, another school, another hospital, another business in our capital,” NSW Treasurer Dominic Perrottet said.</p>
<p>Epping, Wolli Creek, Parramatta, Burwood, Mascot, Homebush, Lane Cove, Lewisham, Zetland, Leichhardt, Surry Hills sit among the recent top construction localities. </p>
<p>Currently Sydney has 51 percent of all cranes erected nationally, while Melbourne contributed 23 percent and Brisbane 10 percent, according to the latest edition of the Rider Levett Bucknall Crane index which highlights the vital continuing input of the construction sector within Australia’s economy.</p>
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<p>The current Sydney crane count saw fewer residential cranes, but this was offset as the non-residential sector of offices, hotels and retail projects grew.</p>
<p>The net loss of four cranes within Sydney was the first fall since the commencement of the index in 2012, which signals the emerging downturn in the off the plan apartment construction sites and the construction jobs they create.</p>
<p>Sydney saw 133 residential cranes removed after project completions over the past six months with 88 new additions.</p>
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<p><span>The CBD and surrounding suburbs have 34 (10 percent) of the installed cranes, the eastern suburbs have 11 (3 percent), the north has 98 (28 percent), the south has 88 (25 percent), the west has 109 (32 percent) and the Wollongong region had 6 (2 percent).</span></p>
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<p>While residential construction has begun eased, infrastructure investment by the NSW government has increased, which has resulted in continued, high demand for jobs.</p>
<p>All those tradies in high visibility vests are what's underpinning NSW's economic progress which has seen well over 300,000 extra jobs over the past three years.</p>
<p>The late afternoon line of tradie utes I saw heading in and out of Warriewood on Sydney's northern beaches on a recent visit emphasised their importance to me.</p>
<p>Half had been building new homes in emerging house and land estates, while the others were coming back to their recently purchased homes from project sites elsewhere in Sydney.</p>
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<p data-removed-style="letter-spacing:0.001em;">“Every single crane in the sky is more evidence of another home, another school, another hospital, another business in our capital,” NSW Treasurer Dominic Perrottet recently said.</p>
<p>But halt the new housing rollout and it will extenuate the slowing of the highly cyclical residential sector, already impacted by the emerging credit squeeze arising from official regulatory decisions and the finance industry royal commission. </p>
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Sydney has over half the cranes in the sky nationally, but numbers easing

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<p>RateMyAgent, which was formed four years ago, is set to float on the ASX.</p>
<p>Its new share issue at 25¢ per share values the company at $92 million.</p>
<p>The RateMyAgent business charges estate agents, who market their services to prospective vendors, a monthly subscription plus one-off fees.</p>
<p>It is one of numerous property agent matching websites including LocalAgentFinder and OpenAgent, which claims to be the number 1 agent comparison site.</p>
<p>Its prospectus warms if an existing, well established online residential real estate services provider, were to offer an agent review and rating feature, it could materially affect RMA’s ability to grow its revenues and profitability.</p>
<p>It has a current annual revenue run rate of $5.6 million with costs at $6.6 million, according to the prospectus.</p>
<p>It made a first half net profit after tax of $220,000 in 2018, after research and development income of $1.3 million.</p>
<p>The prospectus states its future revenue growth was expected from increased market penetration in Australia and New Zealand and the United States.<br><br>Rate My Agent says 27,000 agents have signed up to the service.</p>
<p>It says it covers 77 per cent of active agents in Australia with 30 per cent of those paying monthly subscriptions that start at $39 a month.</p>
<p>It notes a property downturn resulting in lower agent advertising on the site could hit the business bottom line.</p>
<p>During the year to March 2018, RMA’s database showed that vendors and buyers posted over 173,000 reviews (14,000 reviews a month) on 121,000 properties sold.</p>
<p>This equates to a review for around one in every three residential properties sold in Australia, RMA said.</p>
<p>Of the vendors who posted an agent review, 24% said they used RMA to help select their agent.</p>
<p>Nine months after its 2014 launch, the site advised it had some 8000 agents as members, with 500 paying to advertise their businesses on the site which at the time had more than 25,000 client reviews, with 1100 new reviews being posted each week.</p>
<p>Its existing shareholders, which include chief executive Mark Armstrong, will own 87.4 per cent of the company after the Bell Potter float.</p>
<p>The main shareholders are only letting go of 12.6 per cent of the company. </p>
<div>Its largest shareholder, David Williams' boutique advisory Kidder Williams will get a success fee valued, with cash and shares, at around $800,000 for the planned listing on June 29.</div>
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<p>RateMyAgent, which allows home owners to search online and compare real estate agents, has recently been caught up in controversy over underquoting estate agents in Melbourne.</p>
<p>Earlier this year its chief executive Mark Armstrong defended its "agent of the year."</p>
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<p>The RMA business has attracted well-known investors including Dean Smorgon and Catch Of The Day founder Gabby Leibovich, who participated in a $5 million fundraising two years ago.</p>
<p>The company made a full year loss in 2017 of $2.9 million, on sales of $2.5 million.<br>The latest profit of $224,000 was thanks to a its R&amp;D grants.</p>
<p>It also noted that it might have to pay back some or all of $2 million in R&amp;D tax incentives since 2015.</p>
<p>“There is a risk that the some or all of the R&amp;D tax incentives received to date could be required to be repaid (plus interest and penalties) in the event that audits of the claims are conducted and it is determined that the requirements of Division 355 of the Income Tax Assessment Act (1997) have not been met in full or in part,” it said in the prospectus.</p>
<p>The company has increased sales, rising from $873,000 in the first half of 2017 to $2.8 million in 2018, but the prospectus advises given its only recently commenced operations in Australia in 2013 (transitioning to the paid subscriber model in 2014), in the US in 2017 and in New Zealand in 2018, that there are uncertainties surrounding the rate of growth and prospects of the business.</p>
<p>"RMA’s products and services are in the early stages of development and its is not yet cash flow positive.</p>
<p>"RMA’s limited financial and operating track record is not sufficient to provide any certainty or assurance that the Company can or will achieve the growth and other objectives set out in this Prospectus.</p>
<p>"An investment is, therefore, speculative and the directors are of the view that an investment should be regarded as high risk," the prospectus said.</p>
<p>Rival property agent matching service LocalAgentFinder secured a $5.5 million capital raising round last year and a further $5.5 million this year. LocalAgentFinder recruited former iSelect chief Mat McCann as its CEO to prepare for a possible IPO this year.</p>
<p>It recently announced a partnership with Commonwealth Bank.</p>
<p>“LocalAgentFinder’s platform will give customers an independent comparison and is a good example of Commonwealth Bank partnering with experts to provide more value for our customers to help them realise their property goals,” Carrie Fox, Commonwealth Bank general manager, said in a statement.</p>
<p>In 2016 the head of the Real Estate Institute of NSW, John Cunningham suggested issues surrounding recommendations meant agents should be wary using comparisons sites.</p>
<p>Last year the head of the Real Estate Institute of WA, Hayden Groves said the market disruptors, including localagentfinder.com.au, openagent.com and Purple Bricks, "offered poor value to consumers."</p>
<p>"As the President of the Real Estate Institute of WA, people will expect me to say that, but if these intermediaries were upfront about what they actually offer I could be more accepting.</p>
<p>"However, they market themselves as one thing and do another.</p>
<p>"Localagentfinder and others like them claim to provide a service that finds the consumer the best agent, but that is just fantasy," Groves said.</p>
<p>OpenAgent was founded by former McKinsey &amp; Company analysts Zoe Pointon and Marta Higuera in 2013.</p>
<p>OpenAgent's capital raising had totalled $20 million by 2016.</p>
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Rate My Agent seeks to raise $12 million ahead of June float 

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<p>Prominent Sydney hotelier Justin Hemmes has been included in this year's Rich List.</p>
<p>Hemmes and his family have amassed a $951 million fortune via the ownership of 70 pubs, hotels, restaurants and venues in and around Sydney, including The Ivy on George Street in the heart of the CBD. No reason for their recent absence from the list was readily offered.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="172998" data-gtm-vis-first-on-screen-7770372_137="172998" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">He joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names. The family retains property dating back to 1972 when it bought the Angel Hotel for $500,000 on Pitt Street, Sydney.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="172998" data-gtm-vis-first-on-screen-7770372_137="172998" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Hemmes just misses being among the record 76 billionaires on the Financial Review Rich List.</p>
<p>They include billionaire Meriton's Harry Triguboff.</p>
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<p>Most of the property names on the list are in the booming residential sector.</p>
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<div>The 45-year-old Hemmes is among 12 new names in the 2018 edition which will be published tomorrow.</div>
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<p data-gtm-vis-recent-on-screen-7770372_137="217155" data-gtm-vis-first-on-screen-7770372_137="217156" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Hemmes' late father John and mother Merivale jointly appeared on the BRW Rich List in 1984 with a net wealth of $12 million, the first edition of the list in its current form.</p>
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<p>Thirty-five years ago, BRW Magazine compiled the first annual list of the 200 richest people in Australia, a year after the first BRW 100 was printed in 1983.</p>
<p>Last year, the list became the Financial Review Rich List. There are 15 names on this year's list that where in the 1984 edition.</p>
<p>John and Merivale Hemmes' 1984 Rich List entry attributes their wealth to their John and Merivale clothing chain that was started after John moved to Australia in 1952. He then met, and married, Merivale, a milliner.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="241988" data-gtm-vis-first-on-screen-7770372_137="241988" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">They set up a clothing chain, one of Australia's leading fashion chains in the 1960s and 1970s, the cash flow from which they bought property holdings.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="241988" data-gtm-vis-first-on-screen-7770372_137="241988" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Apparently John and Merivale Hemmes had once been evicted from a rented property in central Sydney and swore they would never pay rent again.</p>
<p>The Hemmes family properties include the Establishment Hotel on George Street, which cost $9 million to buy in 1998 and the CBD Hotel on York Street, which John Hemmes bought in 1993 for $3.1 million. </p>
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<p>Those two properties are worth at least 50 times more, the Rich List suggests, and along with The Ivy, where a 55-storey-hotel is now planned, form the foundation of Justin Hemmes and his family's wealth.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="250996" data-gtm-vis-first-on-screen-7770372_137="250996" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">In recent years the empire has expanded to include the Coogee Pavilion, Enmore's Queen Victoria Hotel and The Newport.</p>
<p>Sydney's beachfront Collaroy Hotel was bought by the Merivale group in an off-market sale, with market chatter putting the deal at around $21 million.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="250996" data-gtm-vis-first-on-screen-7770372_137="250996" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The Centennial Hotel in Sydney's eastern suburbs was a recent purchase.</p>
<p>Hemmes also recently spent nearly $9 million on a commercial kitchen to service his growing portfolio.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="250996" data-gtm-vis-first-on-screen-7770372_137="250996" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">He has also spent millions on personal properties including on the NSW south coast town.</p>
<p>His home is the heritage harbourside Vaucluse manor house, The Hermitage.</p>
<p>The Hermitage, one of the earliest mansions in Sydney's east, is of the Victorian Rustic Gothic style, built in an era when the curtains were drawn. </p>
<p>It was bought in 1975 paying $500,000 in a 1970s credit squeeze fire sale when it was sold by Dick Baker following the 1974 collapse of his company Mainline.</p>
<p>It was in 2011 when Justin Hemmes, the chief executive officer of the Merivale hospitality group, moved back into his family home.</p>
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Hemmes hotelier family return to Rich List 

<html><body>
<p>Airbnb is a priority issue on the new Melbourne Lord Mayor's agenda, although Sally Capp concedes it is a State Government task. </p>
<p>She told 3MMM's Hot Breakfast today that Airbnb apartments were "putting a huge impost on residents in the same building."</p>
<p>She noted a concentration in several locations especially around the Melbourne CBD in popular tourist precincts.</p>
<p>"We need to balance that with residents interests," she said.</p>
<p>"It is actually a state legislation issue.</p>
<p>"There's a lot security issues, damage and noise issues.... general interruption and wear and tear on the building, and a lot of uncertainty around safety.</p>
<p>"At the moment we don't see to have the balance right between the responsibility of owners of those Airbnb and the residents who end up wearing it."</p>
<p>Breakfast broadcaster Eddie McGuire suggested some Melbourne apartment buildings were basically becoming de facto hotels, except without the services of a hotel.</p>
<p>"It is not a level playing field because the hotels are complying with all the regulations, paying their staff and safety," Capp noted.</p>
<p>"We want to keep welcoming people to visit our city but this is about wanting to get the balance right," she said. </p>
<p>No specifics were mentioned, but there is growing unrest about the Airbnb hotel style operations in the Eq. Tower</p>
<p>Set at 127-141 A'Beckett Street, the high rise building was completed since May 2017, with a high student residency and more recently Expedia, Booking.com and Airbnb clients.</p>
<p>But many guests have complain there's no reception, no 24/7 service or assistance. </p>
<p>"Was weird to collect the keys from a man at a corner store," one guest reviewed in the early days of its operation.</p>
<p>"This is not a hotel," another said adding: "Rooms are basically Airbnb on a commercial scale. Without a reception, you can either pick up your keys at a local 711 or they will clip them outside for lock box collection."</p>
<p>"We had to pick up our keys at a convenience store a block away," another recent guest confirmed.</p>
<p>"No reception or concierge," another guest advised.</p>
<p>" We had to collect the room keys at a convenience store located very inconveniently at a far end corner," one advised.</p>
<p>"There is no reception .... the phone number we had to ring was in China so no reply.</p>
<p>"Had to wait outside complex for 45 minutes until someone in Australia contacted us after 6 phone calls and contact with bookings.com," a guest complained.</p>
<p>Keys are often left in a secure box on the street for collection.</p>
<p><span>The 2016 Victorian Owners Corporation Amendment Bill which seeks to regulate short term accomodation in residential apartment blocks is still before Victoria's Upper House.</span></p>
<p>Global contractor Multiplex completed its construction of ICD Property’s high-rise in May 2017.</p>
<p>Designed by Elenberg Fraser, Eq Tower comprises a total of 633 apartments in one, two and three bedroom configurations.</p>
<p>The 63-level complex offers residential facilities including a 25 metre outdoor swimming pool and BBQ area, indoor gym, sauna, spa, private dining rooms, karaoke suites, cinema, games room and lounges.</p>
<p>Graham Cottam, regional managing director of Brookfield Multiplex Victoria, noted they faced construction challenges including the building changing shape between levels 24 and 36, harsh weather conditions, and building damper tanks on the roof to counterbalance building sway.</p>
<p>Multiplex used techniques such as the installation of a façade curtain wall from behind protection screens to improve site safety and the installation of a centralised VRV air conditioning system, enabling all condenser units to be removed from balconies.</p>
<p>Eq. Tower’s design also includes a range of ESD features such as photovoltaic solar panels, rainwater harvesting, water efficient fixtures and appliances and double glazing throughout.</p>
<p>It was marketed as having karaoke facilities and a mahjong, poker and billiards room.</p>
<p>Michael Mai, managing director of ICD Property, said that the tower would have a strong sense of community in integrated vertical living.</p>
<p>“Elenberg Fraser has succeeded in bringing this vision to life and so we present Eq. Tower as the future of Melbourne living where residents can enjoy just as many experiences within their own apartment building as outside of it,” he said.</p>
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Melbourne's Eq. Tower set to be caught in Airbnb crackdown

<html><body>
<p>Designer Collette Dinnigan is selling her first ever Sydney store.</p>
<p>It was 1992 when, in her mid-20s living above the shop, she moved into the William Street, Paddington premises.</p>
<p>She launched her lingerie collection which was soon being exported to the likes of Barneys New York and Harvey Nichols in London.</p>
<p>Dinnigan bought the boutique space for $625,000 in 1998, vacating it when she relocated to Queen Street, which closed in 2014 as she sought new adventures outside of the fashion world in property with her husband Bradley Cocks.</p>
<p>Dinnigan's shop has a $1.7 million guide for its July 7 auction through BresicWhitney agent Ivan Bresic.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/23/dinnigan2.jpg" alt=""></p>
<div>"Yes it is a very emotional decision and certainly marks the end of an era," Dinnigan said.</div>
<div> </div>
<div>"William Street was good to me and gave me the exposure I needed in the Australian market to build my brand.</div>
<div> </div>
<div>“It’s such a fantastic area for local artisans and up-and-coming designers and bespoke retailers.</div>
<div> </div>
<div>"I still drive in from the Southern Highlands and make Alimentari (the continental deli) at the bottom of William Street my first stop!"</div>
<div>
<br>"Interiors and home is what excites me at the moment and I am having lots of fun doing projects in both Australia and Italy.</div>
<div> </div>
<div>"Although it’s taking a little longer than anticipated Bradley and I hope to launch 'Dinnigan Cocks — Bespoke Homes' later in the year."</div>
<p>Since she departed the 33 William Street space, the store's occupants have included Bailey Nelson.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/23/dinnigan3.jpg" alt=""></p>
<p>The fashion street's most recent arrival was fashion designer Jasmine Yarborough, the fiancé of breakfast television co-host Karl Stefanovic.</p>
<p>Yarborough rents a space at 76 William Street for her Mara &amp; Mine collection which she launched with best friend Tamara Ingham.</p>
<p>The shop they rent has been a long-term investment for the owners, who have held the shop since 1992.</p>
<p>There have been several recent sales including an original mixed-use Victorian terrace at 70 William Street for $1.55 million. It had a $1.4 million buyers guide.</p>
<p>Another commercial space at 80 William Street fetched $1.9 million, up on its $1.7 million trade in 2016.</p>
<p>Dinnigan's main focus now is on launching Bespoke Homes, the luxury rental platform she's developing with her husband, hotel and tourism entrepreneur and  Bradley Cocks.</p>
<p>They've already gathered a number of properties, including a 400 year old farmhouse in Italy.</p>
<p> </p>
<p> </p>
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Fashion designer Collette Dinnigan to sell flagship Paddo store

<html><body>
<div>
<p>Jonathan Hallinan hasn't quit Melbourne apartment development market after-all.</p>
<p>He has bought a small Southbank site, just months after securing a gullible Australian Financial Review headline that he was quitting because it was all too hard.</p>
<p>He now claims huge rental demand for apartments in his $300 million Shadow Play tower on Southbank had convinced him there was strong appetite for new development.</p>
</div>
<div>The demand for rental accommodation was "the strongest I have seen in my 24 years," he said.</div>
<div> </div>
<div>Investors were achieving rents of $670 to $680 a week for a two-bedroom, two-bathroom apartment, a 15 per cent increase on the $600 average rent for the area.</div>
<div> </div>
<div>"There is no sense at all that the market is over-supplied."</div>
<div> </div>
<div>"The good rental returns on offer is making the apartment market appealing to local investors.</div>
<div> </div>
<div class="cq-article-content-media section">"I plan to return to residential development next year doing smaller 100 to 200 unit developments targeted at the local investor," Hallinan told the Financial Review.<br><div>
<p data-gtm-vis-first-on-screen-7770372_137="20332" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">"Then in the next cycle – two years from now – I plan to relaunch the big 300 to 500 unit projects, that others won't do," he added.</p>
</div>
<div>The newspaper said Hallinan had an "exuberance."</div>
<div> </div>
<div>He has secured 54 Clarke Street, a 597 square metre site wedged between two apartment towers – Habitat at 58 Clarke Street, and The Bank, at 283 City Road - for $8.9 million from local owners who had it listed for the past year through Lemon Baxter.</div>
<div> </div>
<div>It reportedly almost sold this time last year at $9 million, according to The Age columnist Marc Pallisco.</div>
<div> </div>
<div>"I am pulling out of the residential space," Jonathan Hallinan told the AFR in January.</div>
<div> </div>
<div>"Policy makers have repeatedly hit our industry with several regulatory changes, which are now compounding to result in what is likely to be a devastating effect on housing supply and affordability in the long term," he had previously blogged.</div>
<div>
<div>
<p>"It would appear that our policy makers, who evidently believe that their actions are alleviating the pressures of an over-heated housing market, are, with great success, crippling the very industry that has the power to ease the housing affordability crisis."<br><br>Hallinan listed the recent adverse changes:</p>
</div>
<div>
<p>1. Introduction of APRA regulations on banks and financial lenders which resulted in changes to investment lending, reducing the borrowing power of investors.</p>
<p>2. Removal of the stamp-duty concession from off-the-plan purchasers for investors</p>
<p>3. Introduction of plot ratios to the Melbourne planning scheme, hugely lessening the number of dwellings that could be built on a development site.</p>
<p>4. Implementation of apartment design guidelines, forcing developers to build fewer larger and more expensive apartments.</p>
<p>5. Limitations on foreign purchasers to not more than 50% ownership in a given apartment project</p>
<p>6. 7% foreign surcharge on all offshore purchasers</p>
<p>7. Enforcement of minimum $5,000 FIRB application fees</p>
<p>8. Increase of 5.5% stamp duty fees on foreign purchasers</p>
<p>9. Enforcement of absentee surcharges on purchasers with properties vacant for six months or more</p>
<p>10. Proposed introduction of a new tax on the four banks as part of the 2017 Budget.</p>
<p>Jonathan Hallinan founded BPM in 1995 securing early success with luxury townhouses in Melbourne’s bayside areas.</p>
<p>At its peak BPM had more than 2,600 apartments across 16 projects under development with a combined value in excess of $1.4 billion.</p>
</div>
<div class="cq-article-content-paras section">
<p> </p>
</div>
</div>
<div class="cq-article-content-media section"> </div>
<p> </p>
</div>
</body></html>

Shadow Play's Jonathan Hallinan now exuberant, rather than exiting the Melbourne apartment development scene

<html><body>
<div>
<p>The high cost of online Google advertising has been highlighted by auditors Grant Thornton amid the latest financial report on the ASX-listed, BuyMyplace (BMP).</p>
<p>The DIY selling platform has reported a $2.8 million loss in its recent half-year results, noting currently only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."</p>
<p>It is still aiming for breakeven which is expected to be achieved at 350 listings per month, with an average order value currently sitting within $800 to $900.</p>
<p>BMP spent $870,000 on advertising and marketing, some 68 per cent up on the prior period, and more than half of its $1.5 million revenue.</p>
<p>In its independent auditors' review, Grant Thornton noted the company's latest net loss, up from $1.7 million in the prior period, indicated that "a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern".</p>
</div>
<div>BMP, founded in 2007, was listed on the ASX in 2016.</div>
<div> </div>
<div>Helping home sellers sell their homes without an estate agent for as little as $700, BMP has sold more than 5000 homes since 2009 worth $2.7 billion. It stood at 2800 home in early 2016 on its backdoor ASX listing.</div>
<div> </div>
<div>It claims 77 percent of the properties sell within 90 days.</div>
<div> </div>
<div>BMP, which has a market cap of $9.4 million, has had to rely on Google Ads and Google Keywords to promote its services to consumers.</div>
<div>
<p data-gtm-vis-first-on-screen-7770372_137="18196" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The newly appointed BMP CEO Colin Keating told The Australian Financial Review it was "not unusual" for micro cap companies at BMP's stage of growth to have concerns pointed out by its auditors.</p>
<p data-gtm-vis-first-on-screen-7770372_137="18196" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">But he said BMP remained highly viable, and that since taking over as CEO in November last year, a significant review had seen BMP address the increased cost of Google advertising.</p>
<p data-gtm-vis-first-on-screen-7770372_137="18196" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Keating took over from Paul Heath who led the company during its IPO in early 2016 which envisaged the possibility of 8000 annual property listings, $10 million annual revenue and $3 million EBITDA by 2019.</p>
<p data-gtm-vis-first-on-screen-7770372_137="18196" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The recent shareholder update advised BMP’s focus on promoting the brand through marketing had "led to a leading position in the market, ultimately resulting in an increase of web traffic and number of listings."</p>
<div title="Page 2">
<p>BMP enjoys $1 million working capital facility provided by KM Custodians which owns around 10 percent of the company's shares.</p>
<p>Currently the facility is drawn to $500,000.</p>
<p>It indicated net cash burn for the quarter of $880,000 was slightly higher than the previous quarter.</p>
<p>"The increased burn was directly associated with technology initiatives that have already delivered efficiencies in the operations platform.</p>
<p>"These efficiencies were reflected in a reduction of inbound tickets from existing DIY vendors thus providing a more effective customer experience in conjunction with establishing operating margin levers and scalability."</p>
<p>BMP recently undertook an extensive search of potential digital marketing agencies to replace the incumbent provider.</p>
<p>"This search highlighted several areas of opportunity in terms of optimizing the marketing spend and driving enhanced growth from a new digital marketing strategy," shareholders were advised.</p>
<p>The new digital marketing agency partner commenced with BMP earlier this month facing the challenge of the slow down in residential property listings across the Australian real estate sector, along with increased competition from other disruptors.</p>
<p>The former CEO Peter Butterss recently tendered his resignation as a director of the company with lawyer, Stephen Moulton joining the BMP board.</p>
<p>Property Observer understands BMP is currently in a number of discussions with potential merger partners and acquisition targets.</p>
<p>Discussions have taken place with five targets which could see to $16 million potential additional revenue in year one.</p>
<p>The shares are currently trading at 14 cents having hit a 2016 peak of 50 cents.</p>
<p> </p>
</div>
</div>
</body></html>

Escalating online Google advertising cost hits BuyMyplace selling platform profit results

<html><body>
<p>There were 669 auctions held in Sydney returning a preliminary auction clearance rate of 60.8 per cent, according to CoreLogic,compared to 57.5 per cent across 787 last week, and 74 per cent across 1,075 auctions one year ago.</p>
<p>Sydney's top sale was $4.86 million in Fairlight. The <a id="LPlnk188840" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-apartment-nsw-fairlight-128147582" target="_blank" rel="noopener noreferrer">58/1 Lauderdale Avenue apartment offering</a> (above) through Stone Real Estate agent Adam Moore was for the first time since construction three decades ago.</p>
<p>The four bedroom, four bathroom penthouse came with 436 sqm space. The price guide for the harbourfont home was $4 million to $4.4 million.</p>
<p>It last sold at $735,000 in 1987.</p>
<p>There were 2,089 homes taken to auction nationally across the combined capital cities, returning a preliminary auction clearance rate of 60.3 per cent.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/5/21/capitals_may21.jpg" target="_blank">to enlarge.</a></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/5/21/capitals_may21.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/21/capitals_may21.jpg" alt=""></a></p>
<p>Last week, 2,279 auctions were held and the final clearance rate dropped to 58.2 per cent, the lowest clearance rate seen since December 2015.</p>
<p>Over the same week last year, auction volumes were higher with 2,824 homes going under the hammer across the combined capital cities, returning a clearance rate of 73.1 per cent.</p>
<div title="Page 1">
<div>
<p>In Melbourne, Australia’s largest auctionmarket, a preliminary auction clearance rate of 64.2 per cent was recorded across 1,028 auctions this weekend, up from 59.8 per cent across 1,099 auctions last week, the lowest clearance rate the city has seen since Easter 2014.</p>
<p>One year ago, the clearance rate was a stronger 77.9 per cent across 1,326 auctions..</p>
</div>
<div>
<p>Melbourne's top sale was in Malvern East.</p>
</div>
</div>
<p>Kilburn, the five bedroom, four bathroom home on 920 sqm at <a id="LPlnk440955" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/56-kerferd-street-malvern-east-vic/property-details-buy-residential-11799951/" target="_blank" rel="noopener noreferrer">56 Kerferd Street</a> (below), fetched $6.11 million through Thomson agent John Chartres.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/21/kilburn.jpg" alt=""></p>
<p>It was marketed as showcasing "a remarkable sense of refined luxury throughout three brilliantly conceived levels."</p>
<p>Its price guidance was $5.5 million to $6.05 million, with it announced on the market at $6.025 million.</p>
<p>There were two bidders.</p>
<p>It last sold in 2003 at $1,375,000.</p>
<p>Melbourne's cheapest sale was a retirement villa at Frankston. The <a id="LPlnk878112" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/10-4-6-foot-street-frankston-vic/property-details-buy-residential-11805063/" target="_blank" rel="noopener noreferrer">10/4-6 Foot Street offering</a> (below) fetched $288,000. There had been $275,000 to $300,000 price guidance on the late 1990s two bedroom single storey unit. It last sold at $169,000 in 2007.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/21/foot%20st.jpg" alt=""></p>
<div title="Page 1">
<p>Across the smaller auction markets, preliminary results show that Canberra was again the best performing with a 66.2 per cent success rate across 79 auctions.</p>
<p>Its top seller was at Red Hill where $1.58 million was paid for <a id="LPlnk558662" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-act-red+hill-128155210" target="_blank" rel="noopener noreferrer">3 Golden Grove</a>, an early 1960s four bedroom, two bathroom brick home. It was offered for the first time in over 50 years.</p>
<p>The nation's cheapest auction result was $273,000 through Ray White for 17 Ashvale Street, Kingston, a three bedroom Brisbane home needing a renovation situated on a flat 607 sqm parcel.</p>
</div>
<p>It last sold at $259,000 in 2016 and at $230,000 in 2013.</p>
<p>Brisbane's top sale was at Paddington. It was an unrenovated 1912 Queenslander on 1000 sqm that sold through Place agent Andrew Degn who the Courier Mail advised had eight buyers register to bid on <a id="LPlnk56250" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-qld-paddington-128163226" target="_blank" rel="noopener noreferrer">77 Tooth Avenue, Paddington</a>. It sold for $1.92 million, having been in the family for over 100 years. </p>
<p>There was also a newly renovated 1930s Queenslander at <a id="LPlnk670208" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-qld-bardon-128213294" target="_blank" rel="noopener noreferrer">25 Runic Street</a> that fetched $1.75 million through Degn.</p>
<p>It last traded at $625,000 in 2011.</p>
<p>There was a $2.6 million sale at Hollywell on the Gold Coast when a deceased estate went to auction.</p>
<p>"This property was handpicked from the initial subdivision plans 40 years ago," the marketing for <a id="LPlnk563326" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-qld-hollywell-128092498" target="_blank" rel="noopener noreferrer">2 Sapphire Street</a> advised.</p>
<p>It came with 1058 sqm Broadwater frontage.</p>
</body></html>

Fairlight penthouse tops Sydney weekend auction results

<p><a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.</p>

<p>VIP buyers are now being engaged, with a full public sales launch coming later this year.</p>

<p>Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;</p>

<p>[smartcode_project:default project_id=150489 project_image_fid=371113]</p>

<p>The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;</p>

<p>CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;</p>

<p>“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;</p>

<p>[smartcode_project:default project_id=150489 project_image_fid=371114]</p>

<p>“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;</p>

<p>The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;</p>

<p>Construction is scheduled to commence in September 2026.</p>

<p>[smartcode_project_cta:default project_id=150489]</p>


Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

<p>Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.</p>

<p>Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.</p>

<p>What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.</p>

<p>The appeal is relatively straightforward: flexibility.</p>

<p>Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.</p>

<p>For apartment residents in particular, the system has become increasingly valuable.</p>

<p>Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.</p>

<p>Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.</p>

<p>That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.</p>

<p>Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.</p>

<p>The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.</p>

<p>Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.</p>

<p>Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.</p>

<p>The timing of that expansion aligns with broader changes in Australian shopping behaviour.</p>

<p>The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.</p>

<p>That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.</p>

<p>Parcel Locker systems have increasingly been viewed as part of the long-term solution.</p>

<p>The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.</p>

<p>Now, however, the convenience factor is driving mainstream usage.</p>

<p>For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.</p>

<p>The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.</p>

<p>The Parcel Locker model is also beginning to influence property development itself.</p>

<p>Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.</p>

<p>For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.</p>

<p>That reflects a wider evolution in how residential buildings are designed.</p>

<p>Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.</p>

<p>Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.</p>

<p>What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.</p>

<p>And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.</p>


How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

<p>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.</p>

<p>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;</p>

<p>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;</p>

<p>“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;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>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;</p>

<p>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;</p>

<p>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.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>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.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“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;</p>

<p>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.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>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;</p>

<p>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;</p>

<p>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”.</p>

<p>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;</p>


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

<p><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.</p>

<p>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.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“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.”</p>

<p><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" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“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.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“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.”</p>

<p>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.</p>

<p>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.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>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.</p>

<p>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.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.”</p>

<p>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.</p>

<p>“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.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“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.</p>

<p>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.</p>

<p>&nbsp;</p>


Jonathan Chancellor

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