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The Forsyth Barr &amp; Bayleys Towers on Wellington’s Golden Mile retail strip have been sold to private investment company Robt Jones Holdings (RJH) for NZ$50.5 million (A$39.67 million).
The acquisition consists of three buildings situated at 165-77 Lambton Quay – two 22-level office towers and ground floor podium building housing Wellington’s most well-known department store Kirkcaldie &amp; Stains.
Kirkcaldie &amp; Stains is one of New Zealand’s oldest businesses and is the country’s largest locally owned department store, occupying 6,617 square metres of space.
The combined office space in the two towers is more than 9,500 square metres.
The three properties bring in initial annual net income of NZ$4.4 million, equating to a yield of around 8.8%.
The sale campaign was led by CBRE’s Ryan Johnson, Brent McGregor and Mark Hansen, which attracted six offers from investment groups based in Wellington and Auckland.
RJH Wellington manager Sam Cooper says the purchase reflects the company’s positive attitude towards Wellington and the city’s future prospects.
“The recent, heavily published suggestion that Wellington is in danger of becoming an economic backwater struck us as silly in the extreme,” he says.
“It is certainly inconsistent with our own experience as the CBD’s largest building owner given the steady demand we encounter for quality office space.”
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Wellington's Forsyth Barr & Bayleys Towers sold for NZ$50.5 million

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The list of potential candidates to replace Matthew Quinn a Stockland chief executive has another new name with former Westpac retail banking executive Rob Coombe thrown into the mix.
Coombe is well known to Stockland director Carolyn Hewson who spent 10 years on the Westpac board.
Coombe recently gave a presentation to the Stockland board, according to a report in the Australian Financial Review.
Earlier this week it was reported that Stockland chairman Graham Bradley had met with <a target="_blank" href="/news">New York-based Australian investment banker Mark Steinert</a>, who has also been tipped as possibly filling Quinn’s shoes.
Coombe stepped down as head of Westpac’s retail and business banking division in November last year after a career spanning nearly thirty year’s at Westpac, in its various guises.
He was appointed chief executive of Westpac’s wealth management subsidiary BT in 2004 and in 2010, was appointed group executive retail and business banking at Westpac.
He would be a left-field appointment for Stockland given he has no direct experience in the property development market – Bradley though has stressed the Stockland board is looking beyond the property sector for candidates.
Previous names touted as possible replacements for Quinn include Australand managing director Bob Johnston, Westfield chief financial officer Peter Allen, Rod Leaver, CEO of Lend Lease Asia, former St George Bank CEO Paul Fegan, David Southon, co-founder and joint managing director of Charter Hall, veteran Macquarie banker Matthew Banks and the only internal candidate, John Schroder, current chief executive of commercial property at Stockland.
A spokesperson for Stockland told Property Observer earlier this week it has yet made a decision about who would replace Quinn and that the search for a replacement is ongoing.
Quinn is due to step down in February.
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Former Westpac executive Rob Coombe tipped as possible Stockland boss

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Property investors should avoid buying an apartment that does not come with a parking space, says investment adviser Monique Sasson Wakelin.
Sasson Wakelin says there are plenty of developers and estate agents “flogging carspaceless apartments” who are happy to tell would-be investors that it is a good idea to buy these sorts of properties.
“They talk about the paradigm shift away from car ownership and all those tenants happy to limit car use to the occasional hire vehicle for weekends away,” she says in a News Limited newspaper column.
But while there are some people who are happy not to own a car, they remain in the minority.
Wakelin says this is borne out in the 2011 census data, which shows that more than four-fifth (81%) of households own one or more cars.
Among those who live in apartments and flats, the figure is slightly lower at 75%.
Sasson Wakelin says her advice has remained steadfastly constant on this issue: “Don’t handicap your investment property by restricting the pool of potential tenants and future owners. A car park space is a must."
Delving further into the census data shows that 77% of Australian use a motorised vehicle to get to work and only 12% take public transport – the rest cycle, walk or work from home.
But Sasson Wakelin says investors being close to public transport is still important for an investment property.
She says being close to public transport is a “major plus” for investors because 1.7 million Australians work in the city or in the surrounding inner suburbs, making it “neither desirable nor feasible for everyone to drive to their place of work”.
Demand for property remains high in suburbs that have good public transport options because it means they can choose between their car and catching a bus, train, tram or ferry, says Sasson Wakelin.
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Don’t invest in apartments without a car park: Monique Sasson Wakelin

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The WA government is proposing changes to the Residential Tenancies Act that would require landlords to fit a single deadbolt lock on every front and back door as well as locks on all other external doors and windows.

Property Observer estimates it could cost landlords anything from $150 to hundreds of dollars to satisfy the proposed new requirement, depending on the number of doors and windows in a property.

The current guide to renting out property (prepared by WA’s consumer protection division) says for landlords to comply with the act, they “need only provide normal locks to external doors and ensure all opening windows can be secured by catches on the inside”.

The changes have been proposed by Finance Minister Simon O’Brien and are due to be introduced next year.

O’Brien says the changes are in response to feedback following a review of the act including from anti-domestic violence groups, who claimed deadbolts were needed for vulnerable women and to make easier for tenants to get home contents insurance.

However, the legislation has been slammed from within O’Brien’s own government, with Liberal backbencher Michael Sutherland writing to complain on behalf of his constituents about what he calls “petty regulations”.

"I am amazed that the government is getting down to this level of minutiae," Sutherland wrote, according to a report in the West Australian.

It has also been criticised by the Real Estate Institute of Western Australia (REIWA), which describes the requirements as placing unrealistic expectations upon owners and exceeding the security levels that the average home owner would have.

The REIWA says security concerns are rarely raised as part of the 10,000 tenancy enquiries it receives each year.

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WA landlords could be locked into deadbolt requirements for rental properties

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LandMark White Group chairman Stuart Gregory has given a gloomy assessment of the state of the commercial property market noting that accessing funding from lenders remains a key constraint.
“In a sense I could simply refer you to my address from last year. In this post-global financial crisis environment very little seems to have changed,” is how Gregory began his AGM address to shareholders this week.
Gregory says that while the residential valuation business continued to perform well, “the recurring theme continues to be the limited lending into the commercial and development markets, the markets that most affect our commercial valuation practice”.
LandMark White managed profits of $800,000 for the 2012 financial year to June 30, down 6.4% from $900,000 in the previous financial year.
Gregory says these results were achieved in “another very difficult year in the property industry”.
“The market remains patchy and for property valuations is dependent on the availability of funding and the appetite of financial institutions to lend into both commercial and residential markets,” said Gregory.
However, while residential lending remained “reasonably positive” he says the group “cannot anticipate with any certainty the banking industry’s support or otherwise of the commercial property market”.
LandMark White declared a dividend of 3¢ per share for the financial year.
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Funding constraints continue to hamper commercial property market: LandMark White chairman 

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Former LJ Hooker Pymble estate agent David Johnson has been disqualified from holding a real estate agents' licence for eight years.
He has also been disqualified from being involved in the management of a company for eight years following the completion of an investigation by the NSW Department of Fair Trading.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/lj-hooker-terminates-pymble-franchise-office/2011090151388">LJ Hooker terminated</a> the franchise agreement with its Pymble and Lindfield office franchisee, Johnson Prestige Realty Pty Ltd, due to a breach of the franchise agreement in September last year.
The office had been responsible for many prestige sales on Sydney’s north shore.
NSW government licensing service (GLS) records shows that David Michael Johnson of 987 Pacific Highway was disqualified on November 8 until November 8 2020.
His disqualification from being involved in the management of a company runs over the same period.
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Former LJ Hooker Pymble agent David Johnson banned for eight years

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A commercial investor has bought a corner commercial building in Redfern, Sydney, for $5.15 million, paying $1.25 million above the reserve at auction.
The tenanted property at 401-409 Cleveland Street on the corner of Crown Street and Cleveland Street was sold by Arissa Property Group director Frank Scarf on behalf of Gordon Salier, trustee of the deceased estate of the late Edmond Wardy.
The property had been in the family for 20 years.
Five bidders competed for the <a href="/news">Redfern </a>property in a “spirited” auction, according to Scarf.
It stands on an 809-square-metre site with an approximate gross floor area of 1,403 square metres.
The building brings in a current passing income of $312,000, which represents a passing yield of 6%.
The ground floor comprises a café, bakery, hair salon, Turkish restaurant and a large vacancy formally tenanted by Blockbuster video on the top floor.
The first floor is an open plan commercial space.
Also at the same auction, Arissa Property Group sold a level block of approximately 685 square metres at 74 Mitchell Road, <a href="/news">Alexandria</a>, 10 minutes from the CBD.
It sold under the hammer for $1.9 million to a private developer on behalf of the same trustee of deceased estate of late Edmond Wardy and has a current net income of $84,196 with a 4.4%.
“We’re seeing a lot of investor interest in the inner-city region, which is very promising for Sydney’s ongoing market growth,” says Scarf.
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Investor pays $1.25 million above the reserve for Redfern commercial building 

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A Sydney real estate agent who operated a business in Oatley while unlicensed has been ordered to pay fines and costs totalling more than $20,000, following a NSW Fair Trading investigation

Mike Damcevski from Earlwood was ordered to pay $2,833 in fines and costs, $10,800 in consumer compensation and $7,217 to the Property Services Compensation Fund by the Parramatta Local Court.

In addition to operating without a real estate licence, Damcevski also failed to account for rent collected on behalf of two property owners.

Damcevski held a real estate agent’s licence from April 2003 to April 2006 and from November 2006 to November 2007.

NSW Fair Trading Commissioner Rod Stowe said Fair Trading investigated Mike Damcevski’s conduct after being made aware through a consumer complaint that he was carrying on the business of a real estate agent without holding a real estate agent’s licence.

The investigation found Damcevski had undertaken unlicensed activities including the managing of rental properties, collection of rent money and the receipt of commissions in relation to that money.

Damcevski did not respond to NSW Fair Trading’s correspondence and failed to attend a voluntary interview with Fair Trading investigators to respond to the allegations against him.

He also failed to account for rent collected on behalf of two property owners. The properties were managed and the rent was collected by Damcevski, but he did not remit the net rent collected to the property owners, and consequently they suffered financial losses.

One owner made a claim on the Property Services Compensation Fund of NSW, and the claim of $7,217 was paid by the fund.

The second owner has been awarded compensation by the court, which ordered Damcevski to reimburse the property owner $10,800.

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Unlicensed Oatley agent fined $20,000 following NSW Fair Trading investigation

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There are a variety of far-flung outer Sydney suburbs that may appeal to buyers looking to escape the rat race, but still want to be within commuting distance of the city, according to the November property market report from valuers Herron Todd White.
Buying a lifestyle property in the outer suburbs offers the opportunity to make capital gains in the long term, but HTW warns that “short-term gains are very susceptible to market conditions of the time and new projects can have extended selling periods”.
Since the GFC prices for beachfront properties or those located close to the beach with water views have been the hardest hit
South of the city, HTW suggest buyers consider <a href="/news">Bundeena </a>in the Sutherland Shire, about 35 kilometres from the CBD and reached via a “long and winding road through the Royal National Park".
However, potential buyers are warned that commuting time to the city can double during periods of heavy rain, when the Audley Weir (which allows vehicle access across the Hacking River) is closed, forcing commuters to divert south and take a much longer alternative route along the Princes Highway.
“Housing options include weekend cottages, architect-designed residences and everything in between,” says HTW, with prices ranging from $500,000 for a basic cottage to $3 million for a large modern beachfront residence.
“Services include a small local retail strip, petrol station, bowling club, RSL club and primary school. A limited ferry service runs across Port Hacking to Cronulla for those who wish to commute via train to the CBD and other parts of Sydney.”
Local residents include young families and retirees as well as a location for a holiday house not too far from the centre of Sydney.
North of the city, HTW suggests the islands and beaches of Pittwater such as <a href="/news">Scotland Island</a>, <a href="/news">Lovett Bay</a>, <a href="/news">Elvina Bay </a>and <a href="/news">Morning Bay</a>, which can only be reached by ferry or private boat.
“Pittwater offers basic services with shopping, schools and medical facilities on the mainland only.
“Consequently buyer profile is varied and is generally young professionals or empty-nesters,” says HTW.
Property options are also varied and include small weekend cottages and family homes available from the mid -600,000 to $800,000, with asking prices in excess of $1.5 million for waterfront property with modern dwellings and a private jetty.
Another outer-suburban region picked by HTW is the Hawkesbury region, which offers small and large scale acreage properties, riverfront sites and residential blocks in small villages.
“This area is serviced via the regional centres of Richmond and Windsor which provide most, if not all of the necessary amenities.
“Public transport options are limited and this is seen as the biggest negative. There is a railway station at Richmond, but it is a single line and services are limited.”
HTW says this property market tends to follow the same market movements as the wider Sydney metropolitan areas.
“However acreage lifestyle property in areas such as Kurrajong and Pitt Town tend to be more susceptible to rapid market movements.
“This is also the case with property fronting the Hawkesbury River, with extended marketing periods experienced.
“Prices range from $300,000 for a basic residence up to $2 million for prestige acreage/riverfront property.”
HTW valuer Kieran Clair in his introduction to the November report, says outer suburbs are an attractive option for many buyers with most having “some ready transport links, general facilities and sometimes a more rural sense of community”.
“They are areas where your dollar, like your vehicle, travels a little further but if princess wants a pony and the master of the house needs some well-established trees to climb, the far flung locales are just the thing,” he says.
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Bundeena and Pittwater among far-flung Sydney suburbs offering city retreat, but at a cost: HTW

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Property investors are showing an increasing interest in investment properties priced under $300,000 in the NSW regional town of Tamworth, most famous for its country music festival held every January.
The increased activity is being spurred on by a combination of strong population growth, low vacancy rates and restricted supply of accommodation, according to a new report from PRDnationwide.
<a target="_blank" href="/news">Tamworth </a>is in the New England region of NSW about five hours (400 kilometres) north of Sydney, with its major economic drivers being manufacturing, health and community services, education, logistics, wholesale trades, and tourism and hospitality.
According to PRDnationwide research analyst Oded Reuveni-Etzioni Tamworth homes priced under $300,000 accounted for 64% of transactions over the six months to August 2012, compared with 54% of transactions for the same period in 2011.
Current Tamworth listings suggest gross yields in excess of 7% are achievable for properties priced well under $300,000
They include this <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-tamworth-111992003">three-bedroom house</a> (pictured below) on a big block on Churchill Street advertised through Richard Jackson of PRDnationwide Tamworth at $192,000. Jackson says the property can generate a rental of around $265 per week – a potential yield of 7.2%.
<img src="/images/stories/2012/11/tworth.jpg">
According to October Real Estate Institute of NSW vacancy rate figures, New England’s vacancy rate eased from 2.3% to 2.6% but is still down on the 3.4% vacancy rate recorded in March this year.
Reuveni-Etzioni says house activity has stabilised over the past 18 months, with 425 houses transacting in the August 2012 half year period.
“This level, while short of the August 2009 peak, represents a balanced market. Enquiries from upgraders and investors have increased in September and October even though first home buyers interest declined following the cessation of the $7,000 first-home owner grant.”
“Demand for properties toward to bottom end of the market originated from first-home buyers and investors. While first-time buyers’ activity has eased, investors are still active, looking for solid yields in the six to seven per cent range.”
Reuveni-Etzioni says median rents for a three-bedroom house in Tamworth, the most common form of accommodation in the region, have increased by 14% in the three years to September 2012, “highlighting a shortage in supply of medium-density accommodation, amid a growing demand.
“While yields for units normally exceed house yields, a lower yield in Tamworth’s case was the result of an increase in the median unit price,” he says.
“The August median unit price of $199,500 represented a 12 months growth of 5.3%, which eroded the yields for some properties but otherwise provided a positive return to investors in the form of capital growth," he says.
According to Dean Cummins, principal of PRDnationwide Tamworth, Tamworth City is a good investment option particularly at the cheaper end of the market.
“Also, employment in the region is sound, with lots of new people moving into the area and vacancy rates of less than 2%,” he says.
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Investor activity on the rise in Tamworth property market with yields of 7% possible

<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.

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Larry Schlesinger

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