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If Harry Triguboff were governor of the Reserve Bank, the cash rate would fall to 2.25%, a setting that the Meriton boss believes would encourage first-home buyers back into the market in a meaningful way.
In another yarn with Business Spectator’s Robert Gottliebsen, Triguboff said first-home buyers were not as responsive to interest rate cuts as they were in the past primarily because it is still cheaper to rent in places like the outer suburbs of Sydney than buy.
He believes a quarter percentage point shaved from the cash rate, as the RBA is anticipated to announce tomorrow at its December monetary policy meeting, or even a 50 basis point cut, would have little impact on the decisions of first-home buyers.
First-home buyers will only buy a property when they know it will leave them better off financially every month – when mortgage repayments are lower than rental payments.
Triguboff calls this an unprecedented attitude and one which is being felt by all developers and builders especially across the eastern seaboard and one which they did not expect.
Around a third of Melbourne residential land has been returned by building companies over the September, according to the latest report by the <a href="https://www.propertyobserver.com.au/land/one-in-three-melbourne-residential-lots-being-returned-to-developers-by-building-firms-report/2012112958179?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">National Land Survey Program</a> report carried jointly by Research Four and property consultants Charter Keck Cramer
Last week, <a href="https://www.propertyobserver.com.au/queensland/mirvac-refunding-all-off-the-plan-deposits-for-postponed-brisbane-and-townsville-residential-projects/2012112858163">Mirvac cancelled projects</a> and refunded deposits on projects in Brisbane and Townsville after very low off-the-plan sales.
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lschlesinger-FZcF9M3vE6

Rates need to fall a further 100 basis points to bring back first-home buyers: Harry Triguboff

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Fraser Property Australia’s flagship apartment block, QIII currently rising up above the WACA cricket ground in East Perth, is 76% sold out, with foreign buyers snapping up a third of the apartments off the plan.
<img src="/images/stories/2012/12/q3.jpg">
QIII forms part of Perth’s newest urban quarter at Queens Riverside on Adelaide Terrace and can clearly be seen rising up above the stands at the WACA during the television broadcast of the third test match between Australia and South Africa.
It will top out at 26 storeys when completed.
Frasers has sold 204 of the 267 Qlll apartments, with 56 foreign investors representing 29% of total sales.
The most recent buyers were Sally and Paul Bradley from Kalamunda, 25 kilometres east of Perth, who bought a dual-key apartment as an investment property.
There are 58 dual-key apartments in QIII, which are two one-bedroom apartments sharing a common foyer, on a single title, allowing the owner to occupy one dwelling while earning income from the other, or to let out both dwellings, achieving rental income greater than an equivalent single-occupancy apartment.
Fraser’s Queens Riverside development will accommodate 408 luxury apartments over three buildings and a 236 room all-suites hotel operated under the Frasers Hospitality brand when completed.
Prices at QIII start from $370,000 for a studio apartment, with dual-key apartments priced from $585,000 and two-bedroom units priced from $545,000.
QIII has been designed Perth architect Bruce Robinson, who was also responsible for the design of the historic, heritage-listed Raffles hotel redevelopment in Applecross.
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Frasers’ QIII apartment tower rising above WACA scores double century of sales, with foreign buyers prominent

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<img src="/images/stories/2012/12/silverneedle.jpg">
Allen Matis is executive vice president of property at SilverNeedle Hospitality, which is undertaking a multimillion-dollar refurbishment of the Chifley Brisbane in time for the G20 summit.
How long have you been in the industry?
<img style="margin: 5px; float: left;" src="/images/stories/2012/12/allenmatis.jpg">
Before starting with SilverNeedle Hospitality, I worked in the real estate development and investment industry in the United States and Asia for over 25 years. In that period I was fortunate enough to be a part of organisations like LaSalle Investment Managements (LIM), where I was responsible for a development portfolio representing an aggregate investment in excess of US$4 billion over more than 30 separate developments across Asia. It allowed me to work closely with LIM’s acquisition and asset management teams and lead on all matters related to the development from process including the review of prospective projects and partners, project planning, selection of designers and consultants, negotiations and award of contractors and suppliers, and oversight of each development’s execution.
Prior to joining LaSalle, I established Oriental Development Ltd in Shanghai, providing development management services for various real estate investors. I have also worked with project management and construction company, Bovis Lend Lease, from 1985 through 2002. Over a 10-year period as the greater China country manager with Bovis Lend Lease, I was responsible for over 100 projects with an aggregate construction value in excess of US$4 billion.  Today I provide leadership to the SilverNeedle Hospitality property team. 
 
What’s happening in the area you specialise in?
The real estate investment industry has suffered since the GFC. It is slowly coming out of the deep effects of the crisis, and we can now see some positive forward momentum starting to take place. There are good-quality assets available in the market and several good opportunities are available. In a climate like this investors need to be selective and know where to look for these assets.
Describe the most interesting property development or transaction you have been involved in.
 
I’ve been lucky enough to be a part of several exciting development projects and transactions in my career. Most recently, I’ve been involved the acquisition of Chifley Lennons in Brisbane, located in the heart of the Queen Street mall precinct.  We purchased the property for $57 million in September and have committed a further $35  million to rejuvenate the hotel and retail areas.  This is an important project for SilverNeedle Hospitality as it will be the platform for us to launch our flagship brand NEXT Hotels and Resorts.
 
What are the ingredients to being successful in your job?
 
A key ingredient that cannot be emphasised enough is common sense, a quality that often determines success in this field. I’m also a big believer in good old-fashioned hard work and honesty, there rarely is a substitute for the two. A straightforward approach also goes a long way.
What aspects of your role do you enjoy the most?
 
This role affords me to be part of the creation process. It allows me to see a passion turned into to reality. That’s what keeps me motivated and raring to go every morning.
Where would you invest a spare $750,000?
 
A personal residential project in Pho Quoc Island in Vietnam. The infrastructure is underway to support the fast growing tourism industry; it is poised to be the next "Phuket" in Asia.
Which football team do you support?
The Chicago Bears.
What’s your favourite app or techno gadget?
My electric guitar.
How do you use social media?
I don’t have the time or the inclination to dabble too much in social media.
LinkedIn profile: <a target="_blank" href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/allen-matis/13/a32/122">Allen.Matis</a>
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In profile: Allen Matis, head of property at SilverNeedle Hospitality

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Former Australian rugby league player and Storm Financial adviser Walter John (Wally) Fullerton-Smith of Carrara has been permanently banned by ASIC from providing any financial services after it found he had engaged in misleading and deceptive conduct and failed to comply with financial services laws.
This included breaching the 'client/planner' relationship by placing investment funds from an elderly couple aged in their 80s in a trust of which he was the trustee and one of the beneficiaries while knowing they stood to lose their entire investment.
Fullerton-Smith also did not pass on to his elderly clients $60,051 paid to him in error by the Commonwealth Bank as a settlement under the CBA Storm Resolution Scheme.
Fullerton-Smith, a former Queensland and Australian rugby league player of the 1980s and 1990s, was adviser with Storm Financial Ltd between May 2006 and June 2009 and is currently an authorised representative with AAA Financial Intelligence Ltd.
He played for the St George Dragons from 1987 and 1992, played 12 State of Origin games for Queensland and eight tests for Australia.
An ASIC investigation of Fullerton-Smith found that between November 20, 2007 and December 10, 2010 failed to comply with financial services laws.
ASIC found that he engaged in misleading or deceptive conduct or conduct likely to mislead or deceive when procuring the elderly couple’s units in an MLC MasterKey Unit Trust as security for the trust margin loan account.
“It was implied the investment would be safe. This was false and a misrepresentation of the risks," said ASIC.
"ASIC considers Mr Fullerton-Smith’s conduct to be very serious. He has not maintained the high standards expected of a provider of financial services in that he put his personal interests ahead of those of his clients and as a result caused them severe financial detriment," said ASIC commissioner Peter Kell.
Fullerton-Smith has the right to appeal to the Administrative Appeals Tribunal to seek a review of ASIC’s decision.
ASIC estimates the total loss suffered by all investors who borrowed monies from banks to invest through Storm to be approximately $830 million.
It has been investigating a range of issues relating to the affairs of Storm Financial Limited since December 2008.
In September, the <a href="https://www.propertyobserver.com.au/news/commonwealth-bank-settles-storm-financial-dispute-with-asic/2012091456585" target="_blank">Commonwealth Bank reached a resolution with ASIC</a> in relation to the Storm Financial matter, that will see the bank compensate investors around 55% of their losses.
ASIC 's case against the other banks involved in Storm Financial margin lending, Bank of Queensland and Macquarie Bank, is still ongoing.
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Former Storm Financial adviser and ex-rugby league player Wally Fullerton-Smith handed permanent ASIC ban

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Sentiment has turned strongly in favour of a December 4 RBA cash rate cut.
Of the 28 economists surveyed today by Bloomberg, 19 are tipping the RBA to cut the cash rate to 3% next week. This is up from <a target="_blank" href="/news">15 out of 26 </a>who tipped a rate cut last week and 12 out of 25 who tipped a rate cut two weeks ago.
This would equal the lowest cash rate setting, which was in place between April and September 2009.
The Commonwealth Bank continues to expect the RBA to leave the cash rate unchanged, but NAB has changed its forecast to a rate cut, joining ANZ and Westpac.
Westpac subsidiary St.George Bank is tipping the cash rate to remain on hold in December.
St.George Bank will have bragging rights over Westpac’s Bill Evans, should the RBA keep rates on hold.
Looking ahead to 2013, twenty out of 28 economists don’t expect a rate cut in the first quarter of 2013.
Monday will see some important data released which could have a bearing on the RBA’s decision.
The RP Data-Rismark house price index for November is released with economists forecasting a 1% fall in the median house price.
Retail figures will also be released for October with economists expecting a rise of 0.4% following an increase of 0.5% in September.
Just ahead of the announcement, building approval figures for October will be released with economists tipping a 1.6% drop in total dwelling units approved.
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Strong majority of economists tip December RBA cash rate cut: Bloomberg

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Perth and Sydney CBD office values are rising faster than in any other major capital city market, according to capital growth analysis of office assets held by listed property trusts (AREITS) by Goldman Sachs.
Perth (4.1%) appears to have been the strongest  office market for capital growth, followed by the Sydney CBD (2.6%) and the Brisbane CBD (2.4%) with offices in the Melbourne CBD (+2.4%) also showing above average growth.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/11/cagr.gif" title="Click to enlarge"><img src="/images/stories/2012/11/cagrthumb.gif"></a>
Outside of the major capital city CBD office market, capital growth is less in evidence, with office values in the non-CBD Brisbane market down 6.1% and Canberra office values down 1.3%, with both of these markets achieving negative capital growth on both a simple and weighted basis.
Growth office values was weak outside of the Sydney CBD with non-CBD values up just 0.5%
“One point we will make on this analysis is that Sydney and Melbourne are typically viewed as 'core[ markets by the A-REITs.
“Consequently they represent the greatest exposure for each REITs office portfolio in dollar value terms,” says Goldman Sachs analyst and report author Peter Zuk.
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A-REITs with Perth and Sydney office exposure well placed

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Housing credit provided by lenders to borrowers increased by just 0.3% over October, continuing a trend of record low mortgage growth, according to RBA figures.
This followed an increase of 0.4% over September to leave housing credit growth at 4.7% for the year to October – the lowest rate of growth for data going back to 1976.
Owner occupier lending rose just 0.3% to be up 4.3% for the year with investor lending activity slightly stronger, up 0.4% for the month and 5.4% for the year.
The lack of a pick-up in mortgage lending may provide further encouragement for the RBA to cut the cash rate on December 4.
CommSec says the weak lending figures add weight to a December rate cut.
"The Reserve Bank is likely to be disappointed by the latest round of data. There are not many reasons for encouragement and overall the data doesn’t highlight any significant shift in activity patterns across the economy," says Savanth Sebastian, economist at CommSec.
The central bank is likely to be more focussed on the global economy and the downside risks to global growth. At the Reserve Bank Board meeting next week, it is likely that the merits of another rate cut will be debated long and hard. We believe the Reserve Bank should be cutting rates by 25bps in a effort to spur activity and shore up domestic growth
Overall, Australian consumers and businesses continue to deleverage with total credit provided to the private sector by financial intermediaries rising by just 0.1% over October 2012, after rising by 0.3% September. Over the year to October, total credit rose by 3.8%.
Personal credit increased by 0.1% over October, after increasing by 0.3% to be down 0.7% for the year to October.
Business credit decreased by 0.3% over October, after increasing by 0.3% over September to be up 3.3% for the year to October.
Banks share of all lending stands at 92% with non-bank lenders accounting for 8% of loans advanced.
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Mortgage lending growth falls in October to remain at historical lows: RBA

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NAB has joined Westpac and ANZ by forecasting the Reserve Bank to cut the cash rate next week (December 4) to 3% and says there is potential for a further rate cut next year in May, but it could be as early as February.
The bank had previously forecast just one more rate cut in the current easing cycle in February.
“We now expect the next RBA rate cut of 25 basis points on December 4 but it is still line ball,” says NAB chief economist Alan Oster.
“In a sense, not much has changed but there has been enough evidence to tip our call over the edge.
“Data released over the past month have all but confirmed a weak GDP outcome for the September quarter and provide little evidence of any improvement into the December quarter.
“Not helping the economy is a still high Australian dollar, despite the recent softening in commodity prices, which is keeping on-going pressure on industries outside of mining. Softer commodity prices are raising concern about the near-term outlook for mining.”
"Much of the recent strength in the domestic economy has hinged on strong investment spending, led in particular by mining and supporting industries. While near-term capital expenditure appears to have improved modestly, official data suggest the outlook for investment has weakened again, with capital spending plans scaled back across the mining and non-mining economy," says Oster.
Oster also mentioned NAB's October Business survey, which reported the weakest business conditions since mid 2009.
"We now also see potential for a further cut next year, taking the cash rate to 2.75%, though the RBA is likely to hold off on a second cut until it has more information on the labour market, the Australian dollar and activity in both the domestic and international economies.
"At this stage we have tentatively put the further rate cut in May 2013 but if the local data continues to deteriorate it could come as early as February 2013."
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NAB changes interest rate cut call to December with one more in 2013

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Semi-rural suburbs like Baldivis and Ellenbrook on the Perth metropolitan periphery are providing first-home buyers with an opportunity to get a foot in the door, as the city's rental crisis deepens.
October rental vacancy figures released by SQM Research show a vacancy rate of just 0.6% in Perth, suggesting a chronic shortage of rental accommodation and fierce competition among tenants.
According to the November market report from valuers Herron Todd White, as a result of the ongoing pressure in the rental market and with rents in the Perth metro area up 14% over the past year, “many renters are weighing up the extra cost for owning their own home as against renting, as the differential between rental and mortgage repayments narrows”.
The November report has as its theme “Far-flung suburbs and their performance” and says properties in peripheral Perth suburbs “can provide good value for an owner-occupier seeking rural living”.
“Based on the current rental situation across the Perth metropolitan region, it is anticipated that many renters will make the move to home purchase and trade off the travel times and costs associated with living near the Perth periphery.
“As rental properties are in high demand at present, there is limited supply coming on to the market and the recent interest rate drop means Perth is beginning to look like a buyers’ market for the beginning of 2013," says the valuation firm.
However, Herron Todd White says periphery suburb buyers – primarily first home buyers – must trade off accessibility and mobility by for affordable homes in new developments.
“Peripheral suburbs are traditionally characterised by larger master planned communities conducive to these markets with schools and community centres within close proximity and appeal largely to young families.
“However, buyers need to weigh up this lifestyle with the prospect of low capital growth attributed to strong continual supply of land and lighter infrastructure and amenity surrounding the area,”
According to Herron Todd White, Baldivis, a semi-rural suburb 42 kilometres south of the Perth CBD is catered towards families, first-home buyers and commuters.
Based on Real Estate Institute of Western Australia (REIWA) statistics, the current median house  price for Baldivis is $429,000 with the suburb consisting predominately of free standing, single storey residential dwellings.
New house and land estates in <a href="/news">Baldivis </a>include Avalon managed by Terranovis, which is offering house-and-land packages on 600-square-metre blocks for under $400,000.
Herron Todd White also picks the “quiet, isolated” suburb of  <a href="/news">Ellenbrook </a>situated around 24 kilometres north east of Perth.
There are no major train lines connecting the suburb, but Herron Todd White points out that it has been designed and developed as a self-sustainable community, with each phase of development replicating a different “village” characteristic.
“Primarily, the suburb comprises detached, single-storey residential dwellings with pathways and cycle paths linking the suburb together.
“REIWA statistics indicate the current median house price in Ellenbrook is $387,000 with a strong number of first home buyers purchasing in the area.”
Ellenbrook is being developed by the LWP Property Group, with stage 8 in its Lexia development (pictured) recently released following strong sales.
Traditional home sites ranging in size from 392 square metres to 761 square metres are priced from $199,000, and cottage home sites ranging in size from 300 square metres to 320 square metres and priced from $170,000.
House prices start from $167,000 for a four-bedroom single-storey house.
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Perth first-home buyers look outwards to semi-rural Baldivis and Ellenbrook for affordable house-and-land options: HTW

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Yellow Brick Road has suspended mortgage broker Andrew Kaidbay over revelations that he lied to a NSW corruption hearing.
Up until yesterday Kaidbay operated out of the Yellow Brick Road Rose Bay office.
“Yellow Brick Road’s contracted relationship with Andrew Kaidbay has been suspended pending the outcome of the current enquiry," a spokesperson for Yellow Brick Road told Property Observer.
Kaidbay gave testimony to the NSW Independent Commission Against Corruption hearing investigating whether the family of Labor powerbroker Eddie Obeid gained tens of million of dollars in profits from insider information from former NSW mining minister Ian Macdonald over plans to open a mining area in the Bylong Valley
Kaidbay worked as a ''front'' for the Obeids to disguise their interests in various coal deals and through his former mortgage broking company, $1 Pty Ltd, won a lucrative coal licence, according to the Sydney Morning Herald.
In his evidence Kaidbay admitted that he was representing the interests of the Obeids, but this was not to disguise the family's involvement but “maintain their privacy”.
 
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Yellow Brick Road suspends Sydney mortgage broker Andrew Kaidbay

<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.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

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;

[smartcode_project:default project_id=150489 project_image_fid=371113]

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;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“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;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“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;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

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.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

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.

The appeal is relatively straightforward: flexibility.

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.

For apartment residents in particular, the system has become increasingly valuable.

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.

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.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

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.

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.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

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.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

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.

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.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

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.

Now, however, the convenience factor is driving mainstream usage.

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.

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.

The Parcel Locker model is also beginning to influence property development itself.

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.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

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.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

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.

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.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

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;

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;

Larry Schlesinger

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